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FIRST FEDERAL SAV~~~os AND LOAN ASSoCiA~,~N of FORT PIERCE
D1ORTGAGE MODIFICATION, RELEASE
AND.ASSliMPTION AGREEMENT
Loan No . 23042532 _ Name :EDWARD T. FEARNS AND
MARIE R. FEARNS, HIS WIFE ~
, _
THIS AGREEMENT is made thisl~___ day of ~gIL ,
' ~ 3 s ' 19~_, by and between FIRST FEDERAL SA~~INGS AND LOAN ASSOCIATION
,~_,~OF FORT PIERCE, hereinafter called the "Association", and _
EDWARD T. FEARNS AND MARIE R. FEARNS, HIS WIFE
hereinafter called "Owner(s)".
~ . _
_ ~rg V?' I T N E S S E T H_
T•~°~ Z~'HEREAS,-the Association owns and holds the original pro-
missory note and mortgage executed on DECEMBER 1st _ 1g 78 ,
evidencing a principal indebtedness on said date of $ 46,404.00 ,
~ ; which. mortgage is recorded in Official Record Book 299 , page
~;i i,•~~ ~ 917 of the public records of ST. LUCIE County,
s, '~T, Florida; and -
- .
j~~-IEREAS, said mortgage provides that the Association may
declare all of the sums secured by said mortgage to be im,-~edi-
- 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
A'HEREAS, title to s-aid 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 pa}able on the sums secured by said mortgage shall be at
a rate requested by the Association;
NOiC, 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 assumes
j and agrees to pay the indebtedness represented by and due on
~ the aforesaid promissory note and mortgage and any m ~~f!~'
tion or correction thereof in accordance with the terms t?~ereof
and as modified herein. It is agreed that the unpaid principal
balance of said indebtedness as of APRIL 14th 1980
is FORTY SIX THOUSAND ONE H~N1 DREp EIGHTEEN AND 13/180--------------------
(5 46,118.13-----•---) • and -.that the interest x-ate on said indebted-
ness shall be -1~.5 per cent_per annum, beginning on
_April 14th_ _ 1980 and that corra;encing on _May 10th ,
19_SO_- the Owner(s) shall pay•said principal and interest
in consecutive :nonthl}• installments of FIVE HUNDRED THIRTY ONE AND 07/100
-----------------------(S 531.07-----------) and a like sum on the
day of teach month thereafter until the entire indebted-
ness evidenced by the aforesaid note and mortgage, as codified
herein, is fully paid; except that any remaining indebtedness,
if not sooner paid, shall be due and payable on February 10th ,
xax 2008
2. The undersigned Owner(s) hereby agrees that the afore-
-said indebtedness stated in Paragraph l above is due according
to the terr*~s 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 Owrier(s) was the original maker
thereon. In addition, the Owner(s) agrees to personally per-
F 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 0~-ner(s) as the new
Obligor(s) on the subject loan, approves the credit of same and
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