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• f~RST FEDERAL SA', .CGS AND LOAN ASSOCI ION QF FORT -PIERCE r
MORTGAGE MODIFICATION, RELEASE
AND ASSUMPTION AGREEMENT 493949 o i
Loan No. ?~c151037 Name: Heinz J Staude
•
i
THIS AGREEMENT is made this ~
n2 a day of 1~1v • ?
19 80, by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION -
OF FORT PIERCE, hereinafter called the "Association", and
hereinafter called "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
evidencing a principal indebtedness on said ate .0 49~~on_nn
which mortgage is recorded-in Official Record Book 316 , page !
~g~_ of the public records of St -i _ _ County,
Florida; 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 _
'''::I ~
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
Z ! be modified . as follows :
1. The undersigned Owner(s) 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 in accordance with the terms thereof
and-as modified herein. It is agreed that the unpaid principal
f
E balance of said indebtedness as of 19 80
is Forfiy Nine Thousand Three Hundred Thirty T ree and 48 1
~ (549,333.4-______) .and that the interest rate on said indebted-
Hess shall be 12.0 per cent per annum, beginning on
Jul 22nd ~19 and that commencing on august 10
80 ~ the Owner s) shall pay said principal and interest
in consecutive monthly installments of Five Hundred TEn and 85/100---
( S 510.85-----------) and a 1 ike sum ofi the
10.t~ ay o each mont thereafter until the entire indebted-
ness evidenced by the aforesaid note and mortgage, as modified
herein, is fully paid; except that any remaining indebtedness,
6 1 if not, sooner paid, shall be due and payable on Se2•tember 10 ,
A~1( 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 r
forth in said note and mortgage and this agreement.
3. T~ ;~?ssott~~ati~dn ~•recognizes the Owner (s) as the new
f Obligor(s) on the subject loan, approves the credit-of~same-and
t ~ .l c.
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