HomeMy WebLinkAbout1108 FIRST FEDERAL SAVI~' 'S AND LOAN ASSOCIAT
. N QF FORT PIERCE ~ ,
MORTGAGE MOD~IFICATI ON , RELEASE ~8 8 7 ~3
ANO ASSUMPTION AGREEMENT ` X
JOHN D. MC ENTEE, ti
Loan No. 23038795 Name
' a single adult
THIS AGREEMENT is made this 29th day of May •
1'9 ~ , by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association",and
hereina ter ca led "Owner(s ,
W I T N E 5 S E T H
WHEREAS,--the Association owns and holds the original pro-
missory note and mortgage executed on October 16th _ 19 78
evidencing a principal indebtedness on said date of S 18.300.00
which. mortgage is recorded in Official Record Book 296 , page
of the public records of ST. IUCIE County,
Flora a; and
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 .
interest therein is 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 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 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 dyey0ia
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 May 29th ]9.80
is SEVENTEEN THOUSAND EIGHT HUNDRED TWEL• 221100---------------------
; t$ 17 812.22-------) and that the interest rate on said indebted-
; Hess sha 1 be 12.00 per cent per annum, beginning on
~ 29th s_~~ 0 and that commencing on June 10th ,
~ -l~dY
~ ]9'80 the Owner s) shall pay said principal and interest
r
in consecutive, monthly installments of TWO HUNDRED AND 10/100--------
E t5200.10 and a ike sum on the
10th ay o eac month t erea ter until the entire indebted-
~ Hess 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 November 10th
2. The undersigned Owner(s) hereby agrees that the afore-
said•inaebtedness 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 oz offset and -
furthez agrees to be liable for said indebtedness as fully and
to the same extent as if the Ownex(s~ was the original maker
_ thereon. In addition, the Owner(s) agrees to personally pez-
- form and to fully abide by all the tends and conditions set
•forth in said note and mortgage and this agreement.
- 3. The Association recognizes the Ownerts) as the new d
Obligozts) on the subject loan, approves the credit of saa?e an
. y ~ o~~~ I
.T 3 l
t