HomeMy WebLinkAbout1413 FIRST FEQERAI SAV~~rGS A~1~ ~ ~OAN~ iSOCIA~ ~~N OF FORT PIERCE
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MORTGAGE MODIFICATION, RELEASE: 4~~6~
AND ASSUMPTION ACREEMF.tvT ~ ~`~1
Loan No . 23059296 Name : R06ERT N. GARRETSON ANO '
NELEN GARRETSON. his~tife '
THIS AGREEMENT is made this 25th day of August •
19 gQ, by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and
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he a tSa er ca ed "Owner (s) " .
W I T N E S S E T N
WHEREAS, the Association owns Ind holds the original pro-
missory note and mortgage executed on AuQUSt 22. ~ 1979
evidencing a principal indebtedness on said date o~54.700.00
which mortgage is recorded in Official Record Book 315 page
1196 of the public records of ST. LUCIE County,
Florida; 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
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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 6f 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-
sider~tions, 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
i and as modified herein. It is agreed that the unpaid principal
~ - balance of said indebtedness as of August 25th 1980 ,
is FIFTY FOUR THOUSAND FOUR HUNDRED SEVENTY TWO AND 83j100--------------
(S 54 ,472,g3_______) and that the interest rate on said indebted-
ness shall be 12.0_ _ per cent per annum, beginning on
~ August 25th 1980 and that commencing on September 10th
. L gp the Owner(s) shall pay said principal and interest
in consecutive monthly installments of FIVE HUNDRED__SIXTY FOUR AND
47'1(30-----------------($ 564.47----------) and a lute sum on the
10th ay of each mon~h 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 payable on September 10th
~t9(X 2008
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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 aartgage
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) agrees 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
X337 P~~.40~