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' 481088
t1RST FEDERAL ~NGS AND LOAN ASSG~.~H i ION qF:~ SORT :~I~~~E
MORTGAGE MODIFICATION, RELEASE
AND ASSUMPTION AGREEMENT
Loan No. 23041799 Name = mes A. ;$oth ' and
_ - ~ -
- _ Brerda~ Roth; h~`5'ii'~f~~
. THIS AGREEMENT is made this lst ~ ~ day of Apri 1 . •
19 $0 , by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF
~•ORT PIERCE, hereiTia€te~c called the "Association" , and
- - - - -JAMES -A.~`R07N TH; NTS WIFE
hereinafter ca led "Owner s)"._ S
N
- W l N E S S E fi H 29
WHEREAS,=the Association owns and holds the original pro-
missory note and mortgage executed on ,
evidencing a principal indebtedness on said date of 14,000.00
which mortgage is recorded-in Official Record Book 299. , page
- 25 of the. public records of St. Lucie County,
Flora a; and -
WHEREAS, said mortgage provides that the Association may
declare all of the sums secured by said mortgage to be immedi-
ately due and payable if alI or any pa-rt of the property or any .
interest therein is sold or transferred without Association's
written consent; and
WHEREAS, title to said property is being transferred and
conveyed to the Owner(s) who wishes to ahtain Association's con-
sent to said transfer and agreement that the credit of the
Owner(s) is satisfactory to the Association and that the interest
rate payable on the -sums secured by said mortgage shall be at~
a rate requested by the Association;
NOW, THEREFORE, 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 modified as follows : -
1. The undersigned Owner(s) hereby expressly assumes -
~ and agrees to pay the indebtedness represented by and due on
j j 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 principal
~ balance of said indebtedness as of Apri 1 ~ 1 19 80 ,
is SHTRTFFN THn11SANn F(111R HIINI]RFfI FTCHTY=FO IR 90LLARS~ AND 24/100----------
13.484.23-------) and that the interest rate on- said indebted-
Hess shall ~e i2,75 -per cent per annum, beginning on
'1 g and that commencing on Apri 1 10
1980 the Owner s)-shall pay said principal and interest
in consecutive monthly installments of _One Hundred Seventy Three Dol 1 ars
an (S 173.24----------) and a like sum on the
10th ay o each month therea ter until the entire indebted-
ness evidenced by-the aforesaid note and mortgage, as modified
herein, is fully paid; except that any. remaining indebtedness,
. if not sooner paid, sha~.1 be. due and payable _ on December 10 -
. 19.93. - ~ - - _ - _ . _
F
2. The undersigned Owner(s) hereby agrees that the afore- -
said-indebtedness stated in Paragraph 1 above is due according F
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_add3tion,,,th~_Owner(s) agrees to personally per=
form and~to fully-abide by all the terms and conditions set -
foith'in`said note. and mortgage and this agreement.-~ -
- ~ ~ 3. The Association -recognizes the Owner (s) as •the new
Obligor(s) on the subject loan, approves the credit of same and
_ -
- ,
800
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