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FIRST. FEDERAL SAS ~NGS AHD LOAN A'S50pA. rJH OF FORT PIER(
MORTGAGE MODIFICATION, RELEASE
AND ASSUMPTION AGREEMENT
Loan No. 23049123 Name: 6rian J. McLane and
~q'74iS 6onita M. Mc6ann
- THIS AGREEMENT is made this 18~ day of ~~st~ •
19 $O, by and between FIRST FEDERAL SAVINGS AND IRAN ASSOCIATION
OF FORT PIERCE, hereinafter called the 'Association', and
annTa w ~r_ his wife •
- ~ here
natter-ca ed Owner (s
iil I T N E S SET H
WHEREAS, the Association owns and holds the original pro-
missory note and mortgage executed on liar^ch 27th _ l9 79 •
evidencing a principal indebtedness on said ate o 40•~31J0_00 ,
which mortgage is recorded in Official Record Book page
2789 of the public records of ST. LUCIE County,
F orida; and
WHEREAS, said mortgage provides that the Association say
declare all of the sums secured by said mortgage to be i~edi-
ately due and payable if all or any part of the property or any
interest therein is sold or transfg~red_ti+ithout Association's
written consent; and ' ~
WHEREAS, title to said Ixraperty is being transferred and
conveyed to the Owner(s) who wishes tca obtain Association•~ 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:
~1. The undersigned Owner(s) hereby expressly assumes
and agrees to pay the indebtedness represented by and due en
the aforesaid promissory note and mortgage and any aod~_`ica- •
.tion or correction thereof in'accordance with the terns thereof
and as modified herein. It is agreed that the ur_paid principal
balance of said indebtedness as of -Au st 18th 19 80
( is THIRTY NIhE THOUSAND FIRE HUNDRED EI tB~ n~64~~ro-___~~_~
39.581.54------J and that the interest rate on said indebted-
ness shall be 12.0 per cent per annu~a, beginning on
August 18th 19 80 , and that commencing on Septeeber 10th
19 8n the Owner(s) shall pay said principal and interest
in consecutive monthly instalments of
410.92---------) and a ike sus on the
10th day o each month thereafter until the entire indebted- k
Hess evidenced by the aforesaid note and iortgage, as modified
herein, is fully paid; except that any zeisaini.g indebtedness,
if not sooner paid, shall be due and payable or. .~~ril lp~
_~X 2008 '
2. The undersigned Owner(s) hereb}~ agrees that the afore-
said indebtedness stated in Paragraph 1 above is due according
to the terms and conditions of the aforesaid note and iortgage
-and any modification thereof without defense or offset and
` further agrees tQ be liable for said indebtedness as fully acid
to the same extent as if~the Owner(s) was the original s;aker
thereon. In addition, the Owner(s) ayrees 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. The Association recognizes the Owner(s) as the nev
Obligor(s) on the subject loan, approves the credit of sane and '
• •
} ~ t~ ~ ' ~ n~~3~'l X1043
12/10/19