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• IR T EDERAL SAY~~~~S AND LOAN ASSOCIAI,~N OF FORT PIERCE .
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MORTGAGE MODIFICATION, RELEASE
AND ASSUMPTION AGREEMENT
Loan No. 23033325 Name:
4~?,,i~ ~ Leslie 6. Mays gyp:
THIS AGREEMENT is made this 31St day of Marsh
19 80, by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION -
OF FORT PIERCE, hereinafter called the "Association", and
Charles R Mavs and Leslie B Mlay~} hie wife
hereinafter called Owner(s)".
W I T N E S S E T H
WHEREAS, the Association oM•ns and holds the original pro-
missory note and mortgage executed on nctnl,ar 9 1978
-evidencing a principal indebtedness on said date of $ ,
which mortgage is recorded in Official Record Book 29 page
2981 of the public records of St. Lucie County,
Florida; 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
t:HEREAS, 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
un rate payable on the sums secured by said mortgage shall be at
r- ja rate requested by the Association;
~ 1
= co NOW, THEREFORE, in consideration of the covenants and
rrr ipromises•contained herein and for other good .and valuable con-
siderations, it is hereby agreed that the aforesaid documents
,~;•~•i__i be modified as follows:
1-
1. The undersigned Owner(s) hereby expressly assumes
j - ~ and aorees to -pay the indebtedness` repr'esente'd by and due on
the aforesaid promissory note and mortgage and any nodifi~a-
tion or correction thereof in accordance with the terms thereof
and as modified herein. it is agreed that the unpaid principal
D~ ! .balance of said indebtedness as of 19
is Forty Thousand Four.Hundred Fifty Three an 13 1
~ ($4Q,453.13--------~- and that the interest rate on said indebted-
- ~ Hess shall be y~ Z5 per cent per annum, beginning on
= March 31 19 80 , and that commencing on April 10
19 80 the Owner(s) shall pay said principal and interest
in consecutive monthly installments of Four Hundred Eighty One dollars
and 20/100------------- 481.20---------~ and a like sum on the
10th 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 remaining indebtedness,
if not sooner paid, shall be due and payable on December 10 -
lIl9X 2003
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) ayrees to personally per-
- form and ~g ~k~~..X~,abide by all the terms and conditions set •
• ~o~~~h,,~n.~~.i,~,,~pte 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
- aaa~ ~~7~
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