HomeMy WebLinkAbout1575 •
RCE ~ ~ ~
FIRST FEDERAL _ . .,JGS AND LOAN ASSG..~~ .ION QF FORT PIE _
_ ,
483x72 MORTGAGE MOLLIFICATION , RELEASE
AND ASSUMPTION AGREEMENT I
Loan No. 23062761 Name: WADS B. HARRELL AND lY
_
. _ DIANE L. HARRELL, .HIS WIFE
THIS AGREEMENT is made this ~ 5th _ _ day of March
1~9 80,.by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION -
OF FORT PIERCE, hereinafter called the "Association", and
WADE 6.- HARRELL AND DIANE L. HARRELL, HIS WIFE ,
hereina ter ca -led "Owner (s
W I T H E S SETH '
~ ' WHEREAS,~the Association owns and holds the original pro-
n missory note and mortgage executed on October 4th 79 ,
~ evidencing a principal indebtedness on sai date of 41 200.00
o which. mortgage is recorded-in Official Record Book 318 page
~ 2035 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 -
a rate requested 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 assumes -
i and agrees to pay the indebtedness represented ~iy end 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
balance of said indebtedness as of March 5th ~g80
is FORTY ONE-THOUSAND ONE HUNDRED SEVENTY
41.171.74 ) and that the interest rate on said indebted-
ness shall be 12,75 per cent per annum, beginning on
March 5th ~g and that commencing on March 10th
]9~~0 the Owner s)-shall pay said principal and interest
in consecutive monthly installments of .FOUR HUNDRED FORTY EIGHT AND
------------------(S 448.77 ) and a like sum on .the
lath ay o 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 no_ t_ sooner paid, shall be _due and payable on (`(TOBER 10th
~S(X ~ 2008 _ _ . - _ _
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 additfon,,,thg_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
•
' ~ - ~ Bfi~lK~~c7 PAGE1574 ~