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',•?11S INSTRUMENT PREPARED BY: 49882
Citizens Federal Savings 6 Loan Associatton
of St. Lucie County ~ 1~
1600 S. Federal Highway, Ft. Pierce, FL 33450 l ,
C. R. McDonald, Jr., General Counsel
MODIFICATION RELEASE ANO ASSUMPTION AGREEMENT
William J. Cassidy
LOAN b' ~~n~5bZ7 NAME Linda M. Cassidy
This Agreement is made this ~r~ day of SeRtember 1980, by and between
Citizens Federal Savings and Loan Association of St. Lucie County, hereinafter called
"Association" and William J. Cassidy and Linda M. Cassidy, his wife ,
hereinafter called "Owner(s)."
WHEREAS the Association owns and holds the original promissory note and.
mortgage executed on the 2 rdrd_day of June 19~, evidencing a principal
indebtedness on said date of $ 32.300.00 ,which mortgage is recorded in Official
Records Book 312 Page 192 , o~the -Public Records of St. Lucie County,
Florida, and
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WHEREAS said mortgage provides that the Associatton may declare all sums
secured.by.said mortgage to be immediately due and payable upon the sale, transfer
or conveyance of said property or any part thereof without the written consent of the
Association, and
WHEREAS title to said property is being transferred and conveyed to the
Owner(s) who wishes to obtain the Association's consent 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 consideration, 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 modification or correction thereof in accordance with the terms thereof as _
modified herein. It is agreed that the unpaid principal balance of said indebtedness
as of October 1 19 80, is Thirty Two Thousand, Sixty Nine and 57.100------Dollars -
(S 32,069.57 and that the interest rate on said indebtedness shall be 11.75$ per
annum, beginning on 0- Ober 1 19 80, and that commencing on October 1,
19..$!} the Owner(s) sha 1 pay said principal and interest in consecutive monthly install-
ments of Thee Hundred Twenty Four and 96/100-----~-----------------------Dollars
(S 324,9(, ) and a like sum on the ~t day o each month t reafter, until the entire
indebtedness evidenced by the aforesaid note and mortgage asmodified herein is fully
paid, except that any remaining indebtedness, if not sooner paid, shall be due and paya-
ble on the 1st day of SeQtember 200.
2. The undersigned Owner(s) hereby agrees that the aforesaid indebtedness
seated in Paragraph 1 above is due according to the terms and conditions of the afore-
• said note and mortgage and any modification thereof withoutdefense or offset and
further agree 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) agrtes to
personally perform and to fully abide by all the terms and conditions set forth in said
note and mortgage and .this agreement.
3. The Association recogni2es the New Obligor(s) as the Obligor(s) on the
subject loan, approves the credit of same, and hereby releases the Original Obligor(s)
from further obligation or liability under the mortgage or note referred to above.
4. Except as specifically designated herein, nothing here shall constitute
a change or amendment to the aforementioned promissory note and mortgage the provisions
of which are specifically reaffirmed by the new Obligor(s)..
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