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FIRST FEDERAL SAl .,JGS ~N~1-l.OA ~S~SOCI... ION 4F FORT _PI ,
MORTGAGE MODIFICATION, RELEASE
A
AND ASSUMPTION AGREEMENT
Loan No. 23063082 Name : GEORGE W. KUSE AND ~ i
_ -THERESA A. KUSE, his wife
THIS AGREEMENT is made this ~ _ 18th day of duly •
1'9 80• , by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and
_-GEORGE W. KUSE AND THERESA A. _KUSE, NIS WIFE ~
hereina ter 'ca led "Owner (s) " .
• W I T N E S S E T H
i~REAS,==the Association owns and holds the original pro-
missory note and mortgage executed on ~ }
evidencing a principal indebtedness on said date of $32, 00.00
which. mortgage is recorded' in Official Record Book 318 page ~
2326 of the public records of - St. Lucie County,
F~~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
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-
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 -
j ~ f and agrees to pay the indebtedness ~cepresented by and due on
the aforesaid promissory note and ,mp~~,~age and an~r modifica-
~ ~ tion or correction thereof in aecbrdaf,ce with the terms thereof
and as modified herein. it is agreed that_ the•unpaid'principal
balance of said indebtedness as of ~ 1g g~-
~ is .THIRTY TWO THOUSAND FIVE HUNDRED EIGHTY EI T AND 2 /1
(S and that .the interest rate on said indebted-
ness sha be 11.75 per cent per annum, beginning on
1980 , and that commencing on August 10, ,
~ ,19~ 80 , the Owner s) shall .pay said principal and interest
in consecutive monthly installments of THRFF HLINDRFD THIRTY AND 33/100
(5330.33- and a like hum on the
_ 10th ay o each wont therea ter until the entire indebted-
, Hess evidenced by the aforesaid note and mortgage, as modified
herein, is ful-ly paid; except that any remaining indebtedness,
~ if not sooner paid, shad be .due and payable on December 10th "
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2. The undersigned Owners) hereby agrees that the afore-
~ said•fndebtedness stated in Paragraph .l aboge is due according
~ to the terms and conditions of the aforesaid note and nwrtgage
and any aodif ication thereof wf thout .defense or off set and -
further agrees to be liable for said indebtedness as fully and
• to the same extent a: if the Owner(s) was the. original maker- -
_ thereon. In ~add3tion,_th~.Owner(s) agrees to personally per-
' fors and to fully abide by all the terms and conditions set
forth ip said note and mortgage and this agreement.•~
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3. The Association recognizes the Owner(s) as the new
Obligor(s) on the subject loan, approves, the credit of same and
- X335 P~F1074
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