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THIS INSTRUMENT PREPARED 8Y;
Citizens Federsl Savings 6 loan Association
of St. Lucie County {
1600 S. Federal Highway, Ft. Pierce, FL 33450
C. R. McDonald, Jr., General Counsel ~
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MODIFICATION RELEASE ANO ASSUMPTION AGREEMENT i
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LOAN N 22030702 NAME Robert L. Silverman
This Agreement is made this ,Zyrh day of ,8-p,Q~L 1980, by and between ;
.Citizens Federal Savings and Loan Association of St. Lucie County, hereinafter called
"Association" and Robert L. Silverman
hereinafter called "Owner(s)."
WHEREAS the Association owns and holds the original promissory note and
mortgage executed on the 15th day of February ~ 1980, evidencing a principal
indebtedness on said date o~~S 2~00.0~0 w ich mortgage is recorded in Official
Records Book 464 , Page 1429 of the Public Records of Martin 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
o that the credit of the Owner(s) is satisfactory to the Association and that the
1 interest rate payable on the sums secured by said mortgage shall be at a rate requested
'1 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 modification or correction thereof in accordance with the terms thereof as
modified herein. It is agreed that the unpaid principal balance of said indebtedness
as of Aril 16, 1980, is Twenty-Three Thousand, Seven Hundred Forty-Six and 06/100-- ~
($23,7 .0 and that the interest rate on said indebtedness shall be per ~
annum, beginning on June 1 1980, and that commencing on June 1 ,
19 80, the Owner(s) shall pay said principal and interest in consecutive monthly install-
ments of Two Hundred Sixty-Nine and 49/100-------------------------------Dollars
(S 269.49 and a like sum on the st day o each month thereafter, until the entire
indebtedness evidenced by the aforesaid note and mortgage as modified herein is fully s
paid, except that any remaining indebtedness, if not sooner paid, shall be due and paya- - 1
ble on the 1st day of April ,2009
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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-
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) 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. ~
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4. Except as specifically designated herein, nothing here shall constitute ~ #
a change or amendment to the aforementioned promissory note and rrbrtgage the provisions
of which are specifically reaffirmed by the new Obligor(s).
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