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A'?.,dGS. ANA ~.bAN ~A~~OCIh ~10N QF FORT _PIERCE
FIRST FEDERAL S _ ,
• MORTGAGE MODIFICATION, RELEASE
AND ASSUMPTION AGREEMENT 493422 yti'
Loan No. 23068917 Name':. R DALE ERNSBERGER AND
-VICTOR AMBWOSINt1
i+` -
THIS AGREEMENT is made this 17th day of July _
1.980 , by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF-ART PIERCE,~~ereinafter called the "Association",-and
A - N R ~ U TS
erea~t~• ca "Owner (s)
~~W'T T~ E S S E T H _
WHEREAS,~•the Association owns and holds. the original pro-
missory note and mortgage executed on ~ March 13th 1980 •
evidencing a principal indebtedness on said date of $ 15,000.00
which•mortgage is recorded in Official Record Book 327 page
1508 of the public records of ST: LUCIE - County,
Flo
tea; 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- -
l 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 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
~i the aforesaid promissory note and mortgage and any modifica-
7 ~ 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 July 17th 19 80 ,
is FOOIITEEN THOUSAND NINE HUNDRED TWENTY ?HREE AND NOl100----------------
14.923.00------) and that the interest rate on said indebted-
ness shall be 13.75 per cent per annum, beginning on
Jul 17th l9 80 and that commencing on ~in~~St 10. ,
19-80 the Owner s) shall pay said principal and interest
in consecutive monthly installments of ONE HUNDRED NINETY SFVFN AND
- 25lL00------------------ and a like sum on the
1Qth .ay o each mont therea ter 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 rrri ~ lnth ,
1995 -
~ 2. .The undersigned Owner(s) hereby agrees that the afore-
said•indebtedness stated in Paragraph 1 above is due according
to the tenas 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(sj was the original maker
_ _ thereon. In addition, the.Owner(s) agrees to personally pez-
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
! Obligorts) on the subject loan, approves the credit of same and
c
8
~ 335 PEE 615