HomeMy WebLinkAbout0703 FIRST FEDERAL SAVin1GS AND i~~AN ASSOCIA'~ ~t~N OF SORT PIERCE ~
MORTGAGE MODIFICATION, RELEASE
AND ASSUMPTION AGREEMENT / .''1V
Loan No, 23038860 Name: JOSEPH L. TEDESCO
DORIS TEDESCO
THIS AGREEMENT is made this 22nd day of August ,
19 $0 , by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and _
J L. TEDESCO AND DORIS TEDESCO 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 Octeher 16th .~.19I~~
evidencing a •principal indebtedness on said Fate of $~g~30p.00 ,
which. mortgage is recorded in Official Record,•Book 296_, page
692 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
h'HEREAS, 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 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--
Lion or correction thereof in accordance with the terms thereof
j --_and as modified herein. It is agreed that the unpaid principal
balance of said indebtedness as of 1980
is SEVENTEEN THOUSAND SEVEN HUNDRED TMtENTY THR E AND 88/100---------------
(S 17,723,88_______) and that the interest rate on said indebted-
ness shall be i2.0 per cent per annum, beginning on
August 22nd 198Q_._, and that commencing onSgptember 10th ,
1g 80 the Owner(s) shall pay said principal and interest
in consecutive monthly installments of One hundr°d ninety nine and
85/100--------------- ( $ 199.85 ) and a 1 ike sum on the
10th day of each month thereafter until the entire indebted-
ness evidenced by the aforesaid note and mortgage, as modified
herein, is fully paid; excEpt that any remaining indebtedness,
i f not sooner paid , shal 1 be due and payable on Noyember 10th ,
~ ~ 9 9a
2. The undersigned Owner(s) hereby.'tic~iees 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 additions the Owner(s) ayrees to personally per-
form and to fully abide by all the terms and conditions set
-forth in said note and mortgage and this agreement,
1 q~.~~Tbe Association recognizes the Owner(s) as the new
Obligor(s).•on the subject loan, approves the credit of same and
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