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FIRST FEDERAL SA1?~r~GS AND LOAN ASSGCIA'! ~~N OF FORT PIERCE
MORTGAGE MODIFICATION, RELEASE ~ ~
AND ASSUMPTION AGREEMENT
Loan No. 23029943 Name : WTLLIAM T. VEAL AND ~
.~erKl YN M~VEAL. NIS WIFE
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THIS AGREEMENT is made this 31St day of MdrCh ,
19 $O , by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and _
WILLIAM T. PEAL AND JACKLYN M, VEAL, HTS WIFE _ ,
hereinafter called "Owner(s)".
W I T N E S S E T H
tti'HEREAS, the Association owns and holds the original pro- -
missory note and mortgage executed on ~ 6th 19 78 ,
evidencing a principal indebtedness on said date of $ 65,600.00
which. mortgage is recorded in Official Record Book 286 page
1392 of the public records of ST. LUCIE County,
Florida; and -
~v'HEREAS, said mortgage provides that the Association may
declare all of the sums secured by said mortgage to be inanedi-
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 reques~ed 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 assures
and agrees to pay the indebtedness represented_by and due or. _
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 March 31st 1980
is SIXTY FOUR THOUSAND FOUR HUNDRED THIRTY AND 0
(S 64,430.90------ ) and that the interest rate on said indebted-
Hess shall be 13.75 per cent per annum, beginning on
March 31st 1980 and that commencing on April 10th
Igo the Owner s) shall pay said principal and interest
in consecutive monthly installments of SEVEN HUNDRED SEVENTY ANDS/100
($770.3 and a like sum on the
day of each month thereafter until the entire indebted-
ness evidenced by the aforesaid note and mortgage, as modified
herein, is fully paid; except that any re.naining indebtedness,
if not sooner paid, shall be due and payable on May 10th
~4x 2003 -
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2. The undersigned Owner(s)-hereby agrees that the afore-
. said indebtedness stated in Paragraph 1 above is due accor$ing
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.
3. The "l?~o~~tion recognizes the Owner (s) as the new
Obligor(s) on the subject loan, approves the credit of same and
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