HomeMy WebLinkAbout0280 FIRST FEDERAL SA ..~JGS aND LOAN ASSOC. ~ f ION QF FORT _PIERCE -
MORTGAGE MODrIFICAT3~0~1 R$LEAS~,
A,NO ASSUMPTION • ~AGi~EMLNT~I~"~ ~ ~ U
Loan No. 23063991 Name : 'Char 1 es E. Newman and
. 4~~i3~~ -Cathy G. Newman , his wife
THIS AGREEMENT is made. this ~ 7th day of July ,
1'9~, by and between FIRST FEDERAL. SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association","and
. NEWMAN AND CATHY G. NEWMAN, HIS WIFE ,
hereina ter 'ca a Owner (s
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 ~ October 30th ~ 1 g I9 ,
evidencing a principal indebtedness on said
date o S 40,000.00
which. mortgage is recorded in Official Record Book 319 page
~ of the .public records of St. Lucie County,
F o~ia~a; and
WHEREAS, said mortgage provides that the Association may
declare all of the sums secured by said mortgage to be immedi-
~s ately due and payable if all or any part of the property or any
o interest therein is sold or transferred without Association's
written consent; and
''r ~ 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;
! NOW, -THEREFORE,- in consideration- of the covenan-ts and
• promises contained herein-and for other good and valuable con-
siderations, it is hereby agreed that_.the ~~4 ~„ai~d documents
be modified as follows : ~ •
Z
1. The undersigned Owner(s) hereby expressly assumes -
and agrees to pay the indebtedness represented by and due on
I'~ the aforesaid promissory not~'and mortgage and any modifica-
I tion or correction thereof in accordance with the terns thereof
j and as modified herein. It is agreed that the unpaid principal
balance of said indebtedness as of - Jul 7th 1980=
is TN RTY NINE THOUSAND NINE HUNDRED FIFT pNp q f100---- -
(S 39 956 43-------) -and tat the interest rate . on said indebted-
` Hess sh be 11.75 per cent per annum, beginning on
'19 80 and that commencin on
9 ,.~ul y 10th -
19"80 , the Owner s) shall pay said principal and interest
in consecutive monthly installments of FOUR HUNDRED FIVE AND 30/100---
-----------------------(5405.30------------) an alike hum on the
10` y o -each mont therea ter until the entire indebted-
ness evidenced by the aforesaid note and mortgage, as modified
~ hereia, is fully paid; except that any remaining indebtedness,
if not, sooner paid, shad be due and payable on January 10th - ~ -
_lc~lx 2009 - _ . _ , .
2. The undersigned Owner(s) hereby agrees that the afore-
s said'irdebtedness stated in Paragraph .l above-is due according
to .the terms and conditions of the aforesaid note and wortgage
and any codification thereof without defense or offset and
' further agrees to be liable for said indebtedness as fully and
- to the sass extent a~ if the Qwnez~a) was the original maker ~'s
thezeoa. In addition,_thg_Ovner(s) agrees to personally per-
fors and to fully abide by all the tenas and conditions set
forth in said note and mortgage and this agreement:-
3. The Association recognizes the Owner (s) = as the new
f Obligor(s~ on the subject loan, approves the credit of same and
. OR ~ e PAGE ~ ,
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