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' _48118'7 .
FIRST FEDERAL SAVINGS AND ~.0~4~1 ~?SSO~~ti, ioN QF FORT ~i~tE •
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. MORTGAGE MODIFICATION, RELEASE ~ ~ _
AND ASSUMPTION AGREEMENT
Loan No. 23044819 Name: FRANK POMZIO
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CHARLOTTE PONZIO} -his wife ~
THIS AGREEMENT is made this 13th ~ tlay of MARCH - , p~
1.9 gam( by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION ~ - -
OF FORT PIERCE, hereinafter called the ^Association", and
" ' ~ FRA1~K PONZIO AND CHARLOTTE PONZIO, HIS WIFE ,
hereinafter called ^Owner(s)^._
_ W I T N E S S E T H
WHEREAS,-=the Association owns and holds the original gro- '
missory note and mortgage executed on lanuarx 9th 1979
evidencing a principal indebtedness on said date of $ 40,500.00
which- mortgage is recorded - in Official Record Book 301 , • page
907 of the public records of ST. LUCIE County,
-F-lore 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 all or any part 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 obtain 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: - 4
1. The undersigned Owner(s) hereby expressly assumes
and agrees to pay the indebtedness represented by and due on
the aforesaid promissory note and mortgage and any modifica- -
tion or correction thereof in accordance with the terms thereof
and as modified herein.- It is agreed that the unpaid principal
balance of said indebtedness as of _rya,r~h 13th , 19~ -
~ is FORTY THOUSAND TWO HUNDRED FOURTEEN AN
4 2 4.00-------~ and_ that the interest rate on said indebted-
ness sha 1 be 14.0 per cent per annum, beginning on
- h 13thT 19$0 and that commencpping on Apri 1 10th
- 19.80 the Owyer s) -shall pay sFO R HUDNREDpSEVENTYdN~t~~~st
in consecutive monthl installments of
NO/100----------------(S 479.00---------- ) and a like sum on the _
10th day o each month thereafter 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'11 be due and payable on :January 10th
~X- 2008 - - - - - - .
' 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,~th~_Owner(s) agrees to personally per- -
form and:to fully abide by all the terms and conditions set -
fort2~ 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
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