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MORTGAGE MODIFICATION, RELEASE '
AND ASSUMPTION AGREEMENT 4~g'~?52
Loan No. 23037540 _ Name : HUTCNINSON ISLAND LIMITED INC.
THIS AGREEMENT is made this _ 27th day of May
19~(Z, by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinaf ter called the "Association", and
_ HUTCHINSON ISLAND LIMITED, INC. , A QELAMARE CORPbRAT10N AUjHORI tE~
hereinafter called "Owner (s)".'~~R N S 1 N THE TATE Oi'
FAA.
W I T N E S S E T H
WHEREAS, the Association owns and holds the original pro-
missory rote and mortgage executed on ~ 197$ •
evidencing a principal indebtedness on said ate of 5113.200.00
which. mortgage is recorded in Official Record Book 29q page
of the public records of ST. LUCIE County,
Florida; 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,_sa~3~d 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~ta.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
'.i,~n 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 play 27th 1980 ,
is ONE HUNDRED NINE THOUSAND TWO HUNDRED SEVEN ANp 02/100------------
9.217.02______) and that the interest rate on said indebted-
ness_shall be 13.0 per cent per annum, beginning on
May 27, 19 g and that commencing on June 10th
~ g 80 the Owner s) shall pay said principal and interest
in consecutive monthly installments of One thousand seven hundred twenty
( (5.1.129.07_________) and a like sum on the
ay o 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,
if not. sooner aid shall be due and a able on -
P P Y December 10th ,
19 RR
2. The undersigned Owner(s) hereby agrees that the afore-
said~indebtedness 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 or~off set 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 pez-
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
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