HomeMy WebLinkAbout1645 ~-r
FIRST FEDERAL SA1~NuS AND lOAN ASSOCIA~i ~unl OF FORT PIERCE
MORTGAGE MODIFICATION, RELEASE Q ~11s
AND ASSUMPTION AGREEMENT ~
i
Loan No. 23059197 Name :
• 63 ys'
• Barbara F. Scarmuzzi, his wife
THIS AGREEMENT is made this 9th day of _ April % ~
19 80, by and between FIRST FEDERAL SAVINGS AND LOAN~ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and _
JOSEPH A. SCARMUZZ"I. AND BARBARA F. SCARNKIZZI i HIS NIFE
hereinafter called "Owner(s)".
W I T N E S S E T H i
iti'HEREAS, the Association owns and holds the original pro-
missory note and mortgage executed on Augus~16th 19 79 .
evidencing a principal indebtedness on said date of $ 42,300.00 ,
which mortgage is recorded in Official Record Book 31r~_, page
268 of the public records of St. Lucie County,
Florida; and
WHEREAS, said mortgage provides that the Association may
declare all of the slims 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 t
written consent; and
WHEREAS, title to said property is being transferred and
r
conve}•ed 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 t
a rate requested by the P.ssociatioh;
' NOk, 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 April 9th 1980
' is FORTY TWO THOUSAND TWO HUNDRED T4IENTY_TWO AND 45/100------------------
` (S 4_2,222.45------- ) and that the interest rate on said indebted- -
' Hess shall be 14.75 per cent per annum, beginning on
-April 9tlt 19 g0 and that commencing on .April 10th ,
. ? 19R~__ _ the Owner(s) shall pay said principal and interest
in cor:secutive rionthly installr:ents of FIVE HUtIDRED TWENTY SIX AND 96/100
526..96----------) and a like sum on the
~10th_-day of each month t,~reafter until the entire indebted-
: Hess evicerced by the afo-esaid note and mortgage, as modified
Herein, is fully paid; except that any remaining indebtedness,
i f not sooner paid , sha 11 be due and pa}. able on Septe~er 10th ,
2. The undersigned Owner(s) hereby agrees that the afore-
• said indebtedness stated .in Paragraph 1 above is due according
to the terr.,s and conditions of the aforesaid note and mortgage f
s and any modification thereof without defense or offset and
• further agrees to be liable for said indebtedness as fully and
to the came extent as if the Owner(s) was the original ~r~aker
thereon. Ia addition, the Owner(s) agrees to personally per-
i fo-.m and to fully abide by all the terms and conditions set
forth in said note and mortgage and this agreement.
"
3. The Association recogr.:zes the Owner(s) as the new
Obligor(s) on the subject loan, appro:~es the credit of same and
~~cc~~ ,
_ B0~(JexJ PAGE~~
's ~
s