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TkIS INSTRUMENT PREPARED By; 4~ /
Citizens Federal Savings b Loan Association '4~9
of St. Lucie County '
1600 S. Federal Nighway, Ft. Pierce, FL 33450
C. R. McDonald, Jr., General Counsel
MODIFICATION RELEASE AND ASSUKPTION AGREEMENT
LOAN ~ 22034902 NAME Charles H. Williams
Louise I, Williams
This Agreement is made this -r day of 19 8Q by and between
Citizens Federal Savings and Loan Association of St. Lucie County, hereinafter called
"Association" and Charles H. Williams and Louise 1. Williams, his wife ,
hereinafter called "Owner(s)." ~
WHEREAS the Association owns and holds the original promissory note and
mortgage executed on the 28thday of June , 1979, evidencing a principal i
indebtedness on said date of $ 36 000.00 which mortgage is recorded in Official
Records Book 1~ Page 2211~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 F
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
interest rate payable on the sums secured by said mortgage shall be at a rate requested ~
by the Association. ~ ~ ~,-e
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:
I. 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
j any modification or correction thereof in accordance with the terms thereof as !
~ modified herein. It is aqreed that the unpaid principal balance of said indebtedness ~
~ as of -March 21, 19 80, is Third-Five Thousand Eight Hundred Eightr~-E~ht and 06/100-~
~ 3,,888.06 and that the interest rate on said indebtedness shall be ~ (
' i
` annum, beginning on June 1 19 80, and that commencing on June -T-
19 80, the Owner(s) shall pay said principal and interest in consecutive monthly install-
ments of Four Hundred Fift -Nine and 00/100-------------------'--------"Dollars
459.00 and a like sum on the >st day of each month thereafter, until the entire
4 indebtedness evidenced by the aforesaid note and mortgage asmodified herein is fully
paid, except that any remaining indebtedness, if not sooner paid, shall be due and paya-
bie on the lstday of August ,2009 g
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~ 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-
f said note and mortgage and any modification thereof withoutdefense or offset and
further agree 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 perform 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 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 which are specifically reaffirmed by the new Obligor(s).
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