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FIRST FEDERAL SA, ~~VGS ANA LOAN AS~SOCI~,~ION QF FORT _RIERCE
MORTGAGE MODIFICATION, RELEASE
• AND ASSUMPTION AGREEMENT
Loan No. Name : Orestes, C, Petrides
23,Q44405 -r S
June R. Petrides
THIS AGREEMENT is made this 11th day of July • '
19_x, by -and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF-FORT PIERCE, hereinafter called the "Association", and
Or~stee C - P rides his wife
hereinafter ca led "Owner(s)".
W I T N E S S E T ll
WHEREAS,~•the Association owns and holds the original pro-
missory note and mortgagee executed_ on ~anuarx 5 - 19 79
evidencing a principal indebtedness on said date of 542.000.00
which-mortgage is recorded in Official Record Book 301 page
523 of the public records of St. Lucie County, -
F~or
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 .
~n interest therein is sold or transferred without Association's -
N written consent; and -
. ca
rrr WHEREAS, title to said property is being transferred and
conveyed to the Owner(s) who wishes to obtain Association's con-
f 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 : -
1. The undersigned Cfwt?er(s)`hereby expressly assumes -
and agrees to pay the ~nc~ebtedness represented by and due on
the aforesaid promissory note and mortgage and. any modifica-
f
` tion or correction thereof in accordance with the terms thereof
~ and as modified herein. It~is~a9reed that the unpaid principal
balance of said indebtedness as of July I1 19.._80_
is warty One Thousand Six Hundred Five and-77J100-------------------------
~ (S41 ,605.77--------} and that the interest rate on said indebted- -
Hess shall be 11.7~per cent per annum, beginning on
1g and that commencing on gust 10 -
1g-~ - the Owner s) shall pay said principal and interest
in consecutive monthly installments of Four Hundred Twenty four and
4 251100---------------- (S 424.25-----------) and a like sum on the
10th day 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,
s if not- sooner paid, shall be due and payable on February 10, _ ,
~ •..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 -
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
aoo~~5 PaGE 64 ~
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