HomeMy WebLinkAbout2245 FIRST FEDERAL SA1?~wGS AND LOAN ASSGCIA~~,~N ~F FORT PIERCE
• MORTGAGE MODIFICATION, RELEASE ~~y
AND ASSUMPTION AGREEMENT ~~'!~`~9 i~
Loan No. 23058348 Name : ~IOHN J KOLLKER AND
:t
• ~
MARIE C KOLLKER. his wife ~
THIS AGREEMENT is made this 21St day of ~jy , 3y
19 80 , by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION 10
OF FORT PIERCE, hereinafter called the "Association"•, and _ r.
y
JOHN J KOI L ER AND MARIE C KIlLLKFR,_HIS WIFE }
hereinafter called "Owner(s)".
W_I T_N_E_S_S E_T_H_
and holds the on final ro-
WHEREAS, the Association owns 9 P
missory note and mortgage executed on December 18th 79 .
evidencing a principal indebtedness on said ate of ,
which mortgage is recorded in Official Record Book 322 page
of the public records of ST. LUCIE County,
Florida; and
~ t
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 s
interest therein is sold or transferred without Association's r
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 mortgage shall be at i
a rate requested by the Association;
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 '
f 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 21st 1880 ~ `
is FORTY SIX THOUSAND EIGHT HUNDRED EIGHT AND 45/100----------------------- -
(S 4,808.45-------~ and that the interest rate on said indebted-
ness shall be 13.50_ per cent per annum, .beginning on
~y ?lot 1980 and that- commencing on June 10th ,
19 80 the O~mer(s) shall pay said principal and interest
in consecutive monthly installments of FIVE HUNDRED THIRTY EIGHT AND
74/100----------------($ 538.74----------) 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,
i f not sooner paid , sha 11 be due and payable on ~ August 10th
-2. ,The undersigned Owner(s) hereby agrees that the afore- '
sai3 indebtedness stated in Paragraph 1 above is due according
to the terms and conditions of the aforesaid note and mortgage t
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 Owner(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
~ - - nR~l P~aE~42
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