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FIRST FEDERAL SA, ~NGS AND ~L~AN ~?~~OCI,,
~
!ON QF SORT _PIERCE
MORTGAGE MODIFICATION, RELEASE ~
AND ASSUMPTION AGREEMENT y`•~ ~
Loan No. 23043308 Name . James D. Kline acid
Gwendolyn W. Kline, his wife_
THIS AGREEMENT is made this 27th day of June
19 80 by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and
~AN~S D•-KLINE AND GWENDOLYN W. KLINE, HIS WIFE
hereinafter called "Owner(s)".
W I T N E S S E T H
. WHEREAS,~~the Association owns and holds the original pro- s
missory note and mortgage executed on December 14th ~ 19 78 .
evidencing a principal indebtedness on said date of _cp~ p_pp ,
which mortgage is recorded in Official Record Book 300 page
of the public records of ST, LUCIE County r
Florida; and
j 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
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WHEREAS, title to said property is being transferred and `
! conveyed to the Owner(s) who wishes to obtain Association's con-
sent to.seid~transfer and agreement that the credit of the
Owner Cs) is satisfactory to-the Association and that the interest
rate payable on the sums secured by said mortgage shall be at t
a rate requested by the Association;
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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 {
'i be modified as follows:
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1. The undersigned Owner(s) hereby expressly assumes
and agrees to pay .the indebtedness ;represented by and due on
Il the aforesaid promissory note and mortgage and any modifica-
j tion or correction thereof in accordance with the terms thereof
I and as modified herein. It is agreed that the unpaid principal '
balance of said indebtedness as of 19 80
is THIRTY ONE THOUSAND TWO HUNDRED SEVENT g6~1_QO--------+-------
~ 31,,, 71 96-------) and that the interest rate on said indebted-
; Hess shall be 11.75 per cent per annum, beginning on
June 27th 19 80 and that commencing on July 10th ,
80 ~ , the Owner s) shall pay said principal and interest
In consecutive monthly installments of THRFF Nl1NnRF~ FiCNTEEN AND
y------------ (5318._38-----------) and a like sum on the
10th a o each month thereafter 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 March tOth ,
~ ](~t ~ 2008 - -
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 -
4 forth in said note and mortgage ana this agreement.
3. The Association recognizes the Owner(s) as the new
~ Obligor(s) on the subject loan, approves the credit of same and
f
6COK~~ PdGE `tOV
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