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FIRST FEDERAL SAl .,JGS ~ ~ ~~ND ~ ASSOClH i ION QF FORT _PIERCE .
• MORTGAGE MODIFICATION, RELEASE ~9~~
AND ASSUMPTION AGREEMENT b~.35
Loan No. 23047531 Name : James W. 6odsford .
• An n{pptta Rnrlcfnrrl t' , ;
THIS AGREEMENT is made this 28th day of August ,
1980 by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and
• -JAMES W. BODSFORD b ANTOINETTE 60DSFORD, his wife ,
hereinafter 'ca 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 February 22nd ~ _ 19 79 _
evidencing a principal indebtedness on said date of $4~s200.00
which. mortgage is recorded in Official Record Book 304 pa9~
92 of the .public records of St. Lucie County,
F1- o
i~a; and
WHEREAS, said mortgage provides that the Association may
declare all of the sums secured by said mortgage to be immedi-
ately due and payable if all or any part of the property or any .
interest therein is sold or transferred without Association's
- written consent; and
WHEREAS, title to said property is being transferred and
_ conveyed to the Owner(s) who wishes to obtain Association's con-
sent to said transfer and agreement that the credit of the
Owner(s) is satisfactory to the Association•and that the interest
rate payable on the sums secured by said mortgage shall be at .
a rate requested by the Association;
NOW, THEREFORE, in consideration of the covenants and
promises contained herein-and for other good and val-uable con-
siderations, it is hereby agreed that_the aforesaid documents
be modified as follows : -
1. The undersigned Owner(s) hereby expressly assumes -
and agrees to pay the indebtedness represented by and due on
f the aforesaid promissory note and mortgage and any modifica-
f tion or correction thereof in accordance with the terms thereof
~ -and as modified herein. It is agreed that the unpaid principal
balance of said indebtedness as of h ~ 1980
is ~tY Twn Thousand Eight Hundred Eighty Seven and
t$~2.,$87.2~6_- and that the interest rate on said indebted-
I Hess sha12 be 11.50 per cent per annum, beginning on
~ g 80 , and that commencing on September 10th
the Owner s) shall pay said principal and interest
in consecutive monthly installments of Four Hundred Twenty Eight and
561100----------------- (S 428.56-----------) and a 1 eke hum on the
10th ay o each mont 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~.l be due and ,payable on Mary 10th ~
~ 2008 ~ . - . _
2. The undersigned Owner(s) hereby agrees that the afore- ;
said 'indebtedness stated in Pazagraph .1 above is due according ~
to the terms and conditions of the aforesaid note-and mortgage
~ and any aodif ication thereof without defense or off set and
further agrees to be liable for said indebtedness as fully and -
~ to the sane extent as if the Owner(s~ aas the_original maker
- thereon. In addition,~_the_Owner~s) agrees to personally per-
forr and to fully abide by all the terms and conditions set -
forth~in said note and awrtgage and this agreement. ~ '
3. The l~ssociatfon recognizes the Owner (s) as the new
Obligorts) on the subject loan, approves the credit of same and
~~37 P~~1406