HomeMy WebLinkAbout0705 GS AND LOAN ASSOCI ~'fON QF FORT _PIERCE ~
FIRST FEDERAL SA ~ _ ,
• MORTGAGE MODIFICATION , RELEASE ~:~8?~8
AND ASSUMPTION AGREEMENT
Loan No. 23060321 Name : Elvin Neal Tish l
h
Marv Ann Tish ~
THIS AGREEMENT is made this ~Rd day of September
19 80 by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION -
OF FORT PIERCE, hereinafter called the "Association", and "
Elvin Neal Tish and Mary Ann Tish, his wife
hereinafter called "Owner(s)".
ini I. T H E S S E T H_
WHEREAS,-the Association owns and holds the original pro-
missory note and mortgage executed on August 24th 1979 •
evidencing a principal indebtedness on said date of 443500.00 ,
which•mortgage is recorded in Official Record Book 315 , page
719 of the public records of St. Lucie County,
Flor1 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;
- NOk, 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) he~Qby 4e~Cpressly assumes
and agrees to pay the indebtedness represented by and due on
the aforesaid promissory note and mortgage aAd any modifica-
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 September ~I~C. 1980 ,
is Forty Four Thousand Two Nundred For#,y Nine and 07J100-------------------
(S 44,249.07-------a and that the interest rate on said indebted-
ness shall be 12.0 per cent per annum, beginning on
_ September 19 80 and that commencing on September 10th ,
180 the Owner s) shall pay said principal and interest
• in consecutive monthly installments of Four Hundred Fifty Eight and
53/100------------------ (5458.53-----------~ and a like sum on the
10th ay o each mont thereafter until the entire indebted-
ness evidenced by the aforesaid note and. mortgage, as nwdified
herein, is fully paid; except that any remaining indebtedness,
if not• sooner paid, sha'11 be due and payable on September 10th ,
1!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 i_f the Owneris) was the original maker
thereon. In addition,-the Ownerts) agrees to personally per-
fora 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 ±he subject loan, approves the credit of same and
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