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FIRST FEDERAL SA'. !GS AND ~.OaN ASSOGI~` ON QF FORT PIERCE _
• MORTGAGE MODIFICATION, RELEASE 4~3 ~ /
• AND ASSUMPTION AGREEMENT SO
Loan No. 2 03 4027.0 Name: Stevens H. Marshall r
Helen D. Marshall p
i
THIS AGREEMENT is made this • 29th day of . ae. ~
1-980 , by and between FIRST FEDERAL SAVINGS AND LO ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and
S H Ma an H 1 n D. _Marshall his wife
hereina ter called 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 October 27 _ 19 78
evidencing a principal indebtedness on said date o 27,200.00 .
which•mortgage is recorded in Official Record Hook 296 page
2483 of the public records of St. Lucie County,
F~or'~~a; and
WHEREAS, said mortgage provides that the Association may E
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
v` interest therein is sold or transferred without Association's
" written ,consent;' and
z,~ 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-
cn 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-
~ 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 August 29tf1 1980
is ,n„~ENTY S~ THOUSNID NINE HUNDRED ONE AND 97/100-------------------------
- ) and that the interest rate on said indebted-
Hess sha be 11.75 per cent-per annum, beginning on F
-Auaus 1980 , and that commencing on September 10th ,
lg 80 the Owner s) shall pay said principal and interest
in consecutive monthly installments of TWO HUNDRE ~{jY AND 54/100--
-----------------------(S 280.54---------- ) and a li ce sum on the
10th ay o each mont therea ter until the entire indebted-
ness evidenced by the aforesaid note and mortgage, as modified
herein, is fully paid; except that any remaining indebtedness,
if not; sooner paid, sha'11 be due and payable on July ~ 10th ,
x!t • 2008 . - - 1
- 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 indebtedneas as fully and -
i to the same extent as if the Owner(s) was the original maker
thereon. In addition,_the_Owner(s) agrees to personally per- i
~ for® and to fully abide by all the terms and conditions set - _
fortht "ii1 ~ai~ note and mortgage and this agreement.
3. The Association recognizes the Ownerts) as the new
Obligor(s) on the subject loan, approves the credit of same and
i
a~~ 4
~ ~ * : j i y 1 ~ 80~f PJIGE~~ ~