HomeMy WebLinkAbout0353 ASS4CIA'._DN 4F FORT _PIERCE • _
FIRST FEDERAL SAV.,.GS AND LOAN _ .
MORT~G~ADGASSUMPTIONTAGREEMENFT'ASE ~y86S'~ ~p
Loan No. 23046830 Name: CIRO PERROTTA AND
JOANNE PERROTTA, his wife
THIS AGREEMENT is made this 31st day of July ,
19 80 , by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and
P RROTTA AND JOANNE PERROTTA HIS WIFE
hereinafter ca led "Owner(s) .
W I T N E S S E T H t
WHEREAS,••the Association owns and holds the original pro-
missory note and mortgage executed on February 7th 19 79.
evidencing a principal indebtedness on said date o $51,70_0_.00 ,
which-mortgage is recorded in Official Record Book 303 page
v 409 of the public records of ST. IUCIE County,
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ri~a; and
r WHEREAS, said mortgage provides that the Association may
declare all of the sums secured by said mortgage to be immedi-
' ately due and payable if all or any part of the property or any
interest therein is sold or transf erred without Association's
written consent; and
` WHEREAS, title to said property is being transferred and
conveyed to the Owner(s) who wishes to obtain Association's con-
~ sent to said transfer and agreement that the credit of the
Owner(s) is satisfactory to the Association and that the interest
rate payable on the sums secured by said mortgage shall be at
a rate requested by the Association;
NOW, THEREFORE, in consideration of the covenants and
promises contained herein and for other good and valuable con-
_ siderations, it is hereby agreed that_the aforesaid documents
be modified as follovas:
1. The undersigned Owner-(s) hereby.expressly assumes -
and agrees to pay the indebtedness represented by and due on
I' the aforesaid promissory note and mortgage and any modif ica-
tion or correction thereof in accordance with the terms thereof
f and as modified herein. It is agreed that the unpaid principal
balance of said indebtedness as of July • 31st 19 80 ,
1 s FIFTY nNF THnIISAND SFVFN HIINDRFR NINE pNn
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($~1 _7n9_?4------- ) and that the interest rate an said indebted-
ness shall be~ 11.75 per cent per annum, beginning on
July 31st 19$x_, and that commencing -on ,roust iDth
,lg gn T , the Owner- s) shall pay said principal and interest
in consecutive monthly installments of FIVE H INDRFn TWENTY FIVE AND 65/100
_ _ _______iS~25.65 ) and a like sum on the
1D~-ay o each month thereafter until the entire indebted-
ness evidenced by the aforesaid note and mortgage, as nwdified
herein, is fully paid; except-that any remaining indebtedness,
i f not• sooner paid , shall be due and payable on Qpri 1 10th
_ ~S)X 2008 •
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) agrees to personally per-
form aAd 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
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