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FIRST FEDERAL SAVINGS AND LOAN A~SSOCIAYIbN QF FORT PIERCE
MORTGAGE MODIFICATION, RELEASE
AND ASSUMPTION AGREEMENT
Loan No i X3038803 Name : JOHN D. Mf ENTCE
/ ~
THIS AGREEMENT is made this _ 18th day of Auq~ sit _ ,
19 80 , by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE=, hereinafter called the "Association", and '
' ~ JOHN `~1~IC ~ EATEF ,~Ii~~LE ADULT _ ,
hereinafter cal ~ Wri r(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 October 16th 78
evidencing a principal indebtedness on sal ate of 18,300.00,
which mortgage is recorded in Official Record Book 296 page
687 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 slid mortgagc? 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;ttp~~sa?,i~~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
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 18th 1980
is SEVENTEEN THOUSAND SEVEN HUNDRED TWENTY THREE D
1 and that the interest rate on said indebted-
ness shall be 12,p per cent per annum, beginning on
Au ust 18th 19 0 and that commencing on September 10,
~9] 80 ~ the Owner s) shall pay said principal and interest
in consecutive monthly installments of ONE HUNDRED NINTY NINE AND 85/100
( $ 199.85----------) and a 1 ike sum on the '
10th ay o each month therea ter 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 payable on November 10th ,
19 gg
2. The undersigned Owner(s) hereby agrees that the afore-
5 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) ayrees to personally per-
form and to fully abide by all the'•terms and conditions set
forth in said note and 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
p~e~e~~ ,
800XJJ / PAGE t~
12/10/79 ;