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FIRST FEDERAL SA. ~NGS , t4 ~q?SSOC_i~ itION QF FOR1 _PiERCE
~~CT
MORTGAGE MOD'IFI TION, RELEASE '
AND ASSUMPTION AGREEMENT
Loan No. 23037540 Name : HUTCHINSON ISLAND LIMITED, INC.
a De aware orpora on au orized
to transact business in the state of
, , on da
THIS AGREEMENT is made this 27th day of`•^ 'Mdy • _ ,
19.8, by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and
HUTCHINSON ISLAND LIMIT D INC. A Delaware Cor oration authorized to transact business
hereinafter called "Owner (s)". ~n a state o Florida
W I T N E S S E T H
WHEREAS,--the Association owns and holds the original pro-
missory note and mortgage executed on September 16th - ~~g78 ,
evidencing a principal indebtedness on said date of $ 113,200.00 ,
which mortgage is recorded in Official Record Book page
1326 of the public records of ST. LUCIE 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 request~c~`1~ ~~~'ie 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 due on
the aforesaid promissory note and mortgage and any modifica-
i 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 27th 19 gp
is ONE HUNDRED NINE THOUSAND TWO HUNDRED- 021100------------
($_109,217.02------) and that the interest rate on said indebted-
ness shall be 13.0 per cent per annum, beginning on
Ma 27th 1g 0 and. that commencing on June 10th
~ ]_ggp the Owner s) shall pay said principal and interest
in consecutive monthly installments of ONE THOUSAND FOUR HUNDRED SEVENTEEN
AND 65/100-------- ---f$-1~,417.65---------) and a like hum on the
~ 10th 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 no_t, sooner paid, shall be due and payable on December 10th ,
19 88 . - -
.
~ 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 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
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