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N 0 ~ FORT PIERCE ~
FIRST FEDERAL SAV~wGS AND lOAN ASSOClA F
MORTGAGE MODIFICATION,. RELEASE 451
ANn ASSCIMPTION AGREEMENT
Loan No . 23033044 Name : CLYDE R. SIPE AND 3.9 ~
'3
NKIRIEL R SIPE,. HIS WIFE
THIS AGREEMENT is made this 19~- day of _ Mpg(,
19 80 , by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION ~
OF FORT PIERCE, hereinafter called the "Association", and _
CLYDE R, SIPE AND MURIEL R. SIPE HIS WIFE
hereinafter ca led "Owner (s
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W I T N E S S E T H t
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WHEREAS, the Association owns and holds the original pro-
missory note and mortgage executed on ~ ~
evidencing a principal indebtedness on sai date of $ 23,000.00
which mortgage is recorded in Official Record Book 289 page.
. 1918 of, the public records of ST. LUCIE County,
Florida; and
<<*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
I written consent; and
Lv"~IEREAS, title to said property is being transferred and
_ ~ conveyed to the Owner(s) who wishes to obtain Association's con- ~
o sent to said transfer and agreement that the credit of-the (
;Owner(s) is satisfactory to the Association and that the interest
m ,rate payable on .the sums secured by said mortgage shall be at
a rate requested by the~P.ssociation;
rtr
NOH', THEREFORE, in consideration of the covenants and
_ ;;,°~promises contained herein and for other good and valuable con-
`e siderations, it is hereby .agreed that the aforesaid documents
1 be modified as follows:
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I 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
Z ~ balance of said- indebtedness as of MARCH 19th 19 80
i s TWENTY TWO THOUSAND FIVE HUNDRED NINE
(S 22,598.99______a and that the interest rate on said indebted-
~ ness shall be 13.75 per cent per annum, beginning on
March 19th 19 80 and that comr.?encing on _ Apri l IOth
19~n the Owner s) shall .pay: said principal and interest i
. in consecutive monthly installments of TWO HUNDRED SIXTY NINE AND 93/100
269.93 ) and a 1 ike sum on the '
~Oth_ day of each month thereafter until the entire indebted-
ness evidenced by the aforesaid note an_d mortgage, as ~rodified
herein, is fully paid; except that any remaining indebtedness,
if not sooner paid, shall be due and payable on July 10th- .
2003_
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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~~~o6r~c~ac~e (
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.
3. The Association recognizes the Owner(s) as the new
Obligor(s) on the subject loan, approves the credit of same and
f
~ , I r" 600 ~X~~ t~GE~~
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