HomeMy WebLinkAbout0964 FIRST FEDERAL SAVi~vGS AND LOAN ASSOCIA~ ~JN OF FORT PIERCE AA
MUR'I'GP.GE MODIFICATION, RELEASE '1 /
AND ASSUMPTION AGREEMENT 4yQ168 ~1,-.~
Loan No. 23060518 Name : INLAND FRUIT COMPANY ~ L
THIS AGREEMENT is made this 15th day of JUNE ,
19 $0, by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and _ _ ~ u_-
INLAND FRUIT COMPANY ~ ~ L~
ner~inafter called "Owner (s)". ~ ~ -
_ - ~ ~ l
h I T N E S S E T H_
h'HEREAS, the Association owns and holds the original pro-
missory note and mortgage executed on September 16th 19 79 . .
evidencing a principal indebtedness on said date of $44.000.00
which mortgage is recorded in Official Record Book 316 , page
212 of the public records of St. Lucie County,
Florida; and _
h'HEREAS, 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 i
_ written consent; and
h~HEREAS, title to said property is being transferred and
con~eved to the Owner(s) who 1ni-Sties 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
zatA payable on the sums secured by said mortgage shall be at
a rate requested by the Association;
hOk, THEREFORE, in consideratior, of the covenants and
promises contained herein and for other good and valuable con-
siderations, it is hereby agreed that the aforesaid documents
be nodified 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 June 15th 19 80 ,
is FORTY THREE THOUSAND EIC~IT HUNDRED SIXTY TWO AND 02/100-----------------
(S 43,862.02-------) and that the interest rate on said indebted-
E ness shall be 12.0 per cent per annum, beginning on
June 15th 1980 and that coru:~encing on July 10th
Ig 80 the Owner(s) shall pay said principal and interest
n consecutive monthly installr,~ents of FOUR HUNDRED FIFTY FOUR AND 22/.100
~ 454.22----------) and a like sum on the
x 10th day of each month tt,eieafter until the entire indebted-
~ ness evidenced by the aforesaid note and mortgage, as modified
}erein, is fully paid; except that any remaining indebtedness,
i f not sooner paid , sha 11 be duP and payable on September 10th ,
~I~X 2008
2. The undersigned Or?°ner(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 addition, the Owner(s) ayrees to personally per-
' form and to fully abide by all the terms and conditions set
Earth 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
~ ,+i
t~ ReeE+ved S in PayelMlt Of Ta~wr
41 - •f, Clasc ..C.. muno~M P~rMnM PIIwM1r.
.°....:.,nt To Ch~pt~r'~1,1ibAM~Of 1 !
~O~D~ p,,~,~, : E , t . c l~OQER l~OITwAS +
- - , - - ~ I - V c'ae~k'ti~aR Court !t LAMM~ 00. ~ ~