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FIRST FEDERAL SAVINGS AND LOAN ASSO~iA~ i0N OF' f~~T PIEI~~
MORTGAGE MODIFICATION, RELEASE ~p
AND ASStJMP'I'ION AGREEDii NT So' .
Loan No. 23034935 Name: ELLI~TT, Qt)BERT R. AND
SHT_RLEY his wife
THIS AGREEMENT is made this day of Februar
19$x, by and between FIRST FEDERAL~INGS AND LOAr ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and _
ROBERT R. ELLIOTT AND SHIRLEY K. ELLIOTT, his wife - _
hereinafter called "Owner(s)".
in' I T N E S S E T H
t4HEREAS, the As~oci~t~'-on owns and holds the original pro- -
~;issory note and mortgage executed on Au ust 1st 19 78 ,
evidencing a principal indebtedness on said date o $ 34,000.00 ,
which mortgage is recorded in Official Record Book ~ page
__1843 of the public records of ST. LUCIE County,
Florida; and
Z~'HEREAS, said mortgage provides that the Association may
declare all of the sums secured by said mortgage to be immedi-
ately due and payable if all or any part of the property or any
interest therein is sold or transferred without Association's
written consent; and
W1~EREAS, title to said property is being transferred-and
conveyed to the Owner(s) who wishes to obtain Fssociation's con-
sent to said transfer and agreement that the credit of the -
Owner(s) is-satisfactory to the P.ssociation and that the interest
rate payable on the sums secured by said mortgage shall be at
- a rate recuested by the Association;
NOk, THEREFOP.E, in consideration of the covenants and
promises contained herein and for other good and valuable con-
. siderations, it is hereby agreed that the aforesaid documents
be :r~odfied as follows:
1. The undersigned Owner(s) hereby expressly assumes
and agrees to pay the_ndebtedness represented by and due on
the aforesaid promissory note and mortgage and any modifica-
tion or correction thereof in accordance with the terms thereof
i _
and as modified herein. It is agreed that the unpaid'orincinal
balance of said indebtedness as of February_ 25th 1g 80
- - is THIRTY THREE THOUSAND FIVE HU_ NDRED FOU~BSII
(S 3~.504.gg_______) and what the interest rate on said indebted-
I Hess shall be 12,75 per cent per annum, beginning on
T~bruar~t_ 25th 19 80 , and that commencing on. Llarch 10th
19 g,0 the Owner(s) shall pay said principal and interest
in consecutive monthly installments of Three hundred seventy four and
~ 81/100------------------(S 374.81----------) and a like sum on the
- -1Dth day of each month thereafter until the entire indebted-
Hess evidenced by the aforesaid note and mortgage, as modified
herein, is fully paid; except that any remaining indebtedness,
if not sooner paid, shall be due and payable on AuQUSt 10th
~~X 2003
2. The undersigned Owner(s) hereby agrees that the afore-
said indebtedness stated in Paragraph 1 above is due according
to the terms and conditions of the aforesaid note and mortgage
and any modification thereof without defense or offset and
further agrees to be liable for said indebtedness as fully and-
to the same extent as if the Owner(s)`was the original maker
- thereon. In addition, the Owner(s) ayrees to personally per-
form and to fully abide by all the terms and conditions set
forth in said note and mortgage and this agreement.
v
a
) 3. The Association recognizes the Owner(s) as the new
Obligor(s) on the subject loan, approves the credit of same and
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