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• THIS INSTRUMENT PREPARED 8Y; 4~9~i~
Citizens Federal Savings b Loan Association
of St. Lucie County
1600 S. Federal Highway, Ft. Pierce, FL 33450
C. R. McDonald, Jr., General Counse l ~ $S
~,5.
MODIFICATION RELEASE AND ASSUMPTION AGREEMENT
LOAN ~ - 2207434 NAME James P. Makielski, Jr.b
Debra G. Makielski
This Agreement is made this ~ ~ day of 19 8Q by and between
Citizens Federal Savings and Loan Association of St. Lucie County, hereinafter called
"Association" and James P. Makielski, Jr. and Debra G._Makielski~ his wife ,
hereinafter called "Owner(s)."
WHEREAS the Association owns and holds the original promissory note and
mortgage executed on the 24th day of August 19 79. evidencing a principal
indebtedness on said date of $ 44,000.00 which mortgage is recorded in Official
Records Book 315 Page 1919 of the Public Records of St. Lucie County,
Florida, and -
WHEREAS said mortgage provides that the Association may declare all sums
secured by said mortgage to be immediately due and payable upon the sale, transfer
or conveyance of said property-or any part thereof without the written consent of the
Association, and
WHEREAS title to said property is being transferred and conveyed to the
Owner(s) who wishes to obtain the Association's consent to said transfer and agreement
that the credit of the Owner(s) is satisfactory to the Association and that the
interes-t 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 consideration, it is hereby agreed that the aforesaid
documents be modified as follows:
1. The undersigned Owner(s) hereby expressly assumes and agrees to pay the-
indebtedness represented by and due on the. aforesaid promissory note and mortgage and
any r.~odification or correction thereof in accordance with the terms thereof as -
mi~dified herein. It is agreed that the unpaid principal balance of said indebtedness
as of 19,0 .is Forty-three Thousand Ei4ht Hundred Ninety eight and 31/100---
4 l3_~l and that the interest rate on said indebtedness shall be 13.Op~ aer
annum. beginning on May 15, 19 8o and that commencing on May 15-__-~•
19$0 the Owner(s) shall pay said principal and interest in consecutive monthly instal!-
rrents of h 'x and 29/100----------------------------'Dollars
(s 486.29 and a like sum on the 15th day of each month thereafter, until thE~ entire
indebtedness evidenced by the afores.3id note and mortgage as modified herein is fully
~~aid, except that any remaining indebtedness, if not sooner paid, shall be due and paya-
bl a on the 15th day of October r. 200,•
2. The undersigned Owner(s) hereby agrees that the aforesaid indebtedness -
stated in Paragraph 1 above is due according to the terms and conditions of the afore-
said note and mortgage and any modification thereof without defense or offset- and '
further agree to be liable for said indebtedness as fully and to the same extent as if
the Owner(s) t•~as the original maker thereon. In addition, the Owner(s) agrees to
b personally perform and to fully abide by all the terms and conditions set forth in said
note and mortgage and this agreement.
i
3. The Association recognizes the New Obligor(s) as the Obligor(s) on the
subject loan. approves the credit of same, and hereby releases the Original Obligor(s)
from further obligation or liability under-the mortgage or note referred to above.
4. Except as specifically designated herein, nothing here shall constitute
a change or amendment to the aforementioned promissory note and mortgage the provisions
~ of r~hich are specifically reaffirmed by the new Obligor(s).
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