HomeMy WebLinkAbout2870 r
• •
-
FIRST fEDERAI SAV~~vGS AND LQAN ASSOCIA'i,~N OF FORT PIERCE
~J-
MORTGAGE MODIFICATION, RELEASE
AND ASSUMPTION AGREEMENT
6G ~
Loan No. 307944_ Name : THOMAS F. AIDALA AND
~j~O.O
- -'4~~ ADELINE V~AIDAIA:r_His WTFE
THIS AGREEMENT is made this 28th day of MARCH
19~, by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and _
hereina ter ca ed "Owners
- - k
I
W I T N E S S E T H
WHEREAS, the Association owns and holds the original pro-
. missory note and mortgage executed on MpR~~~~19 80 i
evidencing a principal indebtedness on said- ate o
which. mortgage is recorded in Official Record Book gt~ page
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 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,
t `.a rate requested by the Association; -
i
.NOW, THEREFORE, in consideration of the covenants and
a ~`I promises contained herein and for other good and valuable con-
siderations, it is hereby agreed that the aforesaid documents
_ be modif ied as follows
. ~i
i 1. The undersigned Owner (s; hereby expressly assumes
and agrees to pay the indebtedness represented by dnd: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 i- balance of said indebtedness as of 1~{arCh 28th 19 80
_ is FIFTY THOUSAtID SIX HUNDRED FORTY SEVEN AND 05/100----------------------
~ 5Q,647.05-------) and that the interest rate on said indebted-
: mess shall be 12..75 per cent per annum, beginning on
1980 , .and that commencing on April 10th ,
lg the Owner s) shall pay said principal and interest
~iri-8onsecutive monthly installments of FIVE HUNDRED FIFTY THREE AND
( $ ) and a 1 ike sum on the -
. ~2/10Q-------- X53.02----
_ day o each month thereafter until the entire indebted-
ness evidenced by the aforesaid note and mortgage, as modified
herein, is fully paid; except t-hat any remaining indebtedness, i
i f not sooner paid , sha 11 be due and payable on August 10th ,
_ 1~ 900R ~ ~
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) agrees 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
ti