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FIRST FEDERAL SA. iNGS AND``-LOAN A'~~xlh, ioN of FORT PIERCE
MORTGAGE MODIFICATION, RELEASE 4~~ ~
AND ASSUMPTION AGREEMENT ~ t
Loan No. 23047317 Name : Lee R. McDaniel and
Jaquetta L. McDaniel:,- hi~r,~j fe
THIS AGREEMENT is made this 15th day of August ,
19 80 , by and between FIRST FEDERAL,_,EAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and
LEE R. MC DANIEL AND JAQUETTA L. MC DANIEL, his wife ,
hereina-
er ca led Owner(s)".
W I T N E S ~v IE+,~~
_
WHEREAS, the Association owns and holds the original pro-
missory note and mortgage executed on ,
evidencing a principal indebtedness on said to o ~~QO.00
which mortgage is recorded in Official Record Book 303 Page
of the public records of ST. LUCIE County,
F on a; and .
WItEREAS, 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 ohtain 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:
3
1. The undersigned Owner(s) hereby expressly assumes
'I 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
if balance of said indebtedness as of ~,,,susfi 15th 19 80
is -I{~IENTY SIX THOUSANn SIXTY ON AND 1~/10(~------
($__25061.13------) and that the interest rate on said indebted-
ness shall be X2.0 per cent per annum, beginning on
~ s 5th 19 80 and that commencing on September 10,
,19 80 the Owner s) shall pay said principal and interest
in consecutive monthly installments. of Two hundred seventy five and
-231.100---------------- (S 275.23----------~ and a like sum on the
10th ay o each month thereafter until the entire indebted-
ness 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 j~ayable on March 10th
I9X 2005 '
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) a~~rces to personally per-
' form and to fully abide by all the terms and conditions set
forth in said note and mortgage and this agreement.
I 3. The Association recognizes the Owner(s) as the new
Obligor(s) on the subject loan, approves the credit of same and
9~~K PdGF
12/10/79