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FIRST FEDERAL SA1?.~JGS AND LOAN ASSOCi.. ~ ION QF FORT _PIERCE
• MORTGAGE MODIFICATION, SE v
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- ~ AND ASSUMPTION AG EIS
Loan No. 23069196 Name: Smith, John T. and
- math Suzanne his wife
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THIS AGREEMENT is made this 15th day of Jul ,
1'9 $Q, by and between FIRST FEDERAL SAVINGS AND LOAN AS OCIATION
OF FORT PIERCE, hereinafter called-the "Association", and ~ +
JOHN T. SMITH AND SUZANNE SMITH, HIS MIFE
hereinafter 'cal led "Owner (s) " .
W I T H E S S E T H
- WHEREAS,~=the Association owns and holds the original pro-
missory note and mortgage executed- on March 21st 1980 .
evidencing a principal indebtedness on said date of $30,000.00
! which- mortgage is recorded in Official Record Book 328 page
~,.;-r 566 of the -public records of ST. LUCIE County,
f = • ' Fla ; 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
s written consent; and a
_ 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; i
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: t,:'~-` ~
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i 1. The undersigned Ownerts) 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 t in • accoz~dance -with the terms thereof
and as modified herein. It i5 agreed that the unpaid principal
~ balance of said indebtedness as of - 1g
is TWENTY NINE THOUSAND NINE HUNDRED EIGHT ANp pg/
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(S- 29 985 08-------) and that the interest rate on
said indebted-
ness sha 1 be 13.25 per cent per annum, beginning on
5 h -19 80 , and that commencing on ~uQUSt 10th ,
1980 the Owner s) shall pay said principal and interest
~ in consecutive monthly installments of THREE HUNDRED THIRTY EIGHT AND
671100---------------- (S 338.67----------) and a like ~ua? on the
lOth_ _ay o eachmonth therea ter until the entire indebted-
ness evidenced by the aforesaid note and mortgage, as modified
herein, is fully paid; except that any remaining indebtedness,
i1~X
o200sooner.paid, shall be due and payable on ~y 10th
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2. The undersigned Owner(s) hereby agrees that the afore-
safd'indebtedness stated in Paragraph 1 above is due according
to the terms and Conditions of the aforesaid note and mortgage
and any sodf f ication thereof without defense or offset and
further agrees to be liable for -said indebtedness as fully and
• to the ease extent as if the Owner~a) wac the-original maker
_ thereon. In adaition,_the-Owner(s) agrees to personally per-
fora ana to fully abide by all the terms- and conditions set - . ~
.forth in said note and mortgage and this agreement.
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3. The Association recognizes the Owner(s) as the new
Obligoz(s) on the subject loan, approves the credit of same and
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