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• 484393
FIRST FEDERAL SAVINGS AND IRAN ASSOCIA ~ ~~N OF i+ORT PIERCE ~ o
MORTGAGE MODIFICATION, RELEASE '
' AND ASSUMPTION AGREEMENT
Loan No . 23036567 Name : ARTHUR KROEGER AND ~ ~ p
ELFRIEDE KROEGER, his wife Hv
THIS AGREEMENT is made this 15th day of A°r;~__~~
1980 , by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and _
A F ,
hereinafter ca led "Owner(s)".
W I T N E S S E T H,
WHEREAS, the Association owns and holds the original pro- -
missory note and mortgage executed on A„uqust 29 19 78 .
evidencing a principal indebtedness on said date of $~.9.000.OQ_. '
which. mortgage is recorded in Official Record Book 293 , page
1686 of the public records of ST. LUCIE County, ~
Flor
aid and
i
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 ~~ishes to obtain. Association's con-
J 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; ;
N04J, 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 s
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 modifica- j
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 A ril 15th 19 80
V is TWENTY EIGHT THOUSAND FIVE HUNDRED F-I 04/100--------------
~ - (S~g„r,~D4-------)- and that the interest rate on said indebted-
ness shall be _ 13.5 per cent per annum, beginning on
t April 15th 19 80 and that commencing on May 10th
19 80 the Owner s) shall pay said principal and interest
in consecutive monthly installments of THREE HUNDRED THIRTY FIVE AND 51/100-
335.51__________) and a like sum on the
~ 10th day of each month thereafter until the entire indebted-
Hess evicenced by the aforesaid note and mortgage, as modified
herein, is_fully paid; except that any remaining indebtedness,
i f not sooner paid , sha 11 be due and payable on September 10th ,
~~C 2003
~ 2. The undersigned Owner(s) hereby agrees that the afore-
E -
f 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 Oh-ner(s) was the original maker '
thereon. In addition, the 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
~ SIR PIGf
• BOOKJt)lJ
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