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HomeMy WebLinkAbout1293 FIRST FEDERAL SAS .~~GS AND LOAN ASSOCI.. ~ ION Q~ ~RT _P . , MORTGAGE MODIFICATION, RELEASE AND ASSUMPTION AGREEMENT ~9S'~18 Loan No. 23065632 Name: SAMUEL ALAIMO and 9~ LO ~~~•~JO~ERHINE ALAIMO, his wife THIS AGREEMENT is made this ~ 1st day of August 19~, by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE, hereinafter called the "Association", and • ~ SAMUEL ALAIMO AND JOSEPHI~~E ALAIMO, his wife ~ , hereinafter 'called "Owner (s " . W I T N E S S E T H W~REAS,~~the Association owns and holds the original pro- missory note and mortgage executed on December 11th _ 1g79 evidencing a principal indebtedness on saa~d date of $.¢~,.,A00.00 which-mortgage is recorded in Official Record Book 322 page 327 of the. public records of St. Lucie County, Flora 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 W'HEREAS, 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 i be modified as follows : _ - 1. The undersi ned Owner . g (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 balance of said indebtedness as of August _ lst ~g80= , is SIXTY SIX THOUSAND THREE HUNDRED FORT~f 46/100----- and that the interest rate on said indebted- ness~sh 2 be 13.0 per cent per annum, beginning on ust 1st ~~g 0 and that commencing on August 10th 1980 the Owner s)-shall pay said principal and interest in consecutive monthly installments of SFVFN HUNDRED THIRTY SIX AND 67/100 736.67-----------) and alike hum on the y o each wont therea ter-until the entire indebted- Hess evidenced by the aforesaid note and mortgage, as modified herein, is folly paid; except that any remaining indebtedness, if not sooner paid, shaY.l be due and payable on ~braa~y- }Oth~ , _ - ~X 2009 . • - 3 2. The undersigned Owner(s) hereby agrees that the afore- said 'indebtedness stated in Paragraph .l above .is due accordieg to the terms and conditions of the aforesaid -note and mortgage ; and any codification 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 Ise .was-- the ~ original .maker" ~ - - thereon.. In addition,_the_Ownerts) agrees.to•personally per- ; fors and to folly abide by all the tenas and conditions set - forth is said note cad 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 BOOK P1lOf J~.t7~ , ~ ~ ~ I T ~ . ~ x~ .