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HomeMy WebLinkAbout0947 • ~8~`724 ~ FIRST FEDERAL SAYi~v~S AND .LOAN ASSOGIA~i ~~n1 OF FORT .PIERCE- MORTGAGE MODIFICATION, RELEASE ~ AND ASSUMP'PION AGREEMENT 5~ - - S ~ . Loan No. 23035601 Name : TERRY GUIDEBECK AND MARGARET GUIDEBECK, HIS WIFE. THIS AGREEMENT is made this _29th day of FEBRUARY , 19 80, by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE, hereinafter called the "Association", and TERRY GUIDEBECK AND MARGARET GUIDEBECK, HIS WIFE , hereinafter called "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 August 14th 1978 evidencing a principal indebtedness on said date of $38,0.00 , which mortgage is recorded in Official Record Book 292 page 2876 of the public records of ST. LUCIE County, Florida; and y~~ ~~TI-IEREAS, said mortgage provides that the Association may ~~declare all of the sums secured by said mortcage to be immedi- .~~'~ately due and payable if all or any part of the property or any - ,`interest therein i_s 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 mortcage shall be at ` a rate requested by the P.ssociation; NOin1, 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 and agrees to pay the indebtedness represented by and 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 FEBRUARY 29th 1980 is THIRTY SEVEN THOUSAND SIX HUNDRED TEN' A~~D 68/1 37;610.68 ) and that the interest rate on said indebted- ness shall be X3.75 per cent per annum, beginning on February 29th 1980 and that commencing on March 10th , 1,9 gp the Owners) shall pay said principal and interest in consecutive monthly installments of FOUR HUNDRED FORTY SIX.ANO 44/100 ----------------------fS446.44 ) and a like sum on the 10th day of 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 not sooner paid, shall be due and payable on October ~lOth xax 2ooa - 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 } *o the same=~'4ctent as if the Owner (s) was the original maker thereon . "T`ti' mad it ion , 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 x(330 P~ 941 t.? a ~,r .