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MORTGAGE MODIFICATION, RELEASE
AND ASSUMPTION AGREEMENT !4~~
Loan No. 23033697 _ Name : Burton Dencker n 7
_ ~~I I`"
Joseahine Dencker
THIS AGREEMENT is made this 6th day of June ,
19 80, by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and
~ BURTON OENCKER AND JOSEPHINE DENCKER, his wife ,
~n hereinafter ca led "Owner(s)".
~ -
W I T N E S S E T H
~ ~ WFIEREAS, --the Association owns and holds the original pro- "
_ missory note and mortgage executed on Jul 1 78 .
` evidencing a principal indebtedness on said date of 39, 00.00 ,
which. mortgage is recorded in Official Record Book 292 page
625 of the public records of St. Lucie County,
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o- 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
t- 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;
~iOW, 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 :
- s•
1. The undersigned Owner(s) h~re~y 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 June 6th- ~g80 ~
is THIRTY EIGHT THOUSAND FOUR HUNDRED SEVENTY FOUR AND 37/100------------
' (S 3$.474.37------- ) and tt?at the interest rate on said indebte -
Hess sha 1 be 11.75 per cent per annum, beginning on
June 6th i 0 , and that commencing on June 10th
,19 80 ~ the Owner s) shall pay said principal and interest
in consecutive monthly installments of Four Hundred three and 06/100----
( S 403.06---------- ) and a ike sum on the
10th ay o each mont 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 paid, shall be due and payable on August 10th
Y9 2003 - _ _
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 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 adaition,_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
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