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.THIS INSTRUMENT PREPAREO.dY; _ _
Citizens Federal Savings t Loan Association 9~~6
of St. Luc i. County
1600 S. Federal Highway, Ft. Pierce, FL 33450
C. R. McDonald, Jr., General Counsel ~ q0
MODIFICATION RELEASE AND ASSUMPTION AGREEMENT
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LOAN t 220;1015 - NAME James E. Burrell and
Lois L. Burrell
This Agreaaent is made this day of 1980. by and between
Citizens Federal Savings and Loan Association of St. Lucie County, hereinafter called.
-"Association" and dames E. Burrell and Lvis•L. Burrell, his wife ,
hereinafter called "Owner(s)." .
WHEREAS the A;sociation owns and holds the original pr issory note and
mortgage executed on the ~~thday of March 1979, idencing a principal
indebtedness on said date of ~ 8 800.00 ich mortgage is,rccorded in Official
Records Book -305 Page 120, o 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
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 byVsaid mortgage shall be at a rate requested
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 March 1 19 80, is Thirt -Ei ht Thousand Five Hundred Fift -Two and 71/100---
; (S 38.552.71 an that the interest rate on said indebtedness shall be 13.0 per
annum, beginning on June 1, 1980, and that commencing on June , _
19 8a the Owner(s) shall pay said principal and interest in consecutive monthly install-
i ments of Four Hundred Twenty Seven and 83/100---------------------------------Dollars
(S 427.83 ) and a like sum on the 1st day o each month thereafter, until the entire
I indebtedness 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 paya-
bl a on the 1 s t day of • Apr i 1 , 2009.. -
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 end
• 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 ablde.•by ail•the terms and conditions set forth in said
note and mortgage and this agreement.
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_ 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 -
s of which are specifically reaffirmed by the new Obligor(s).
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