HomeMy WebLinkAbout0033 . FIRST FEDERAL Sati ..JGS '~N~ LOAN3~SSOCIt..~ION QF. FORT _PIERCE -
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MORTGAGE MODIFICATION, RELEASE ~I
AND ASSUMPTION AGREEMENT 496'7'7'4
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Loan No. 23054677 Name: Melvin B. Skaggs Jr. 5
-c~ en:,p~we Skaggs Sgt
THIS AGREEMENT is made this 15th day of August
lg 80, by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and w
1 8 Ska s Jr and S. Annette Ska s, his wife
herein~f.~er C~ led 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 M t - 1 q?79 '
evidencing a principal indebtedness on sai date of S38,900.00 ,
which.nwrtgage is recorded in Official Record Book 309 page
of the public records of St. Lucie County,
FF-~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 folloM•s :
l; 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
-balance of said indebtedness as of Au ust 15th ]gam- ,
is thirty Eight Thousand Eight Hundred Forty 16110
~ 38 840.16-------} and that the interest rate on said ~ indebted-
Hess sha 1 be .0 per cent per annum, beginning on
5th 19 80 and that commencing on September 10th
E ]9.80 , the Owner s) shall pay said. principal and interest
in consecutive monthly installments of Four Hundred One and 50J100----
------------------------(S 401.50-----------j and a like hum on the
,-,10th ay o eac month thereafter until the entire indebted- ~
Hess evidenced by the aforesaid note and mortgage, as awdified
herein, is fully paid; except that any remaining indebtedness,
if not, sooner paid, sha'11 be due and payable on Apri 1 •10 ,
2009
~ 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 aialification thereof without defense or offset and
~ ~ further agrees to be liable for said indebtedness as fully and
• to t?~e sa,~¦e extent as if the Owner is1 was the • original maker '
thereon. In ad8ition,_the•Ovner(s) agrees to personally per-
• ~ for, and to fully abide by all the terms and conditions set -
forth ip said note and mortgage and this agreement.~~
3. The Association recognizes the OWnerts) as the new
Obligor(s) on the subject loan, approves the credit of same and
80~ PdGE ~e
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