HomeMy WebLinkAbout1808 SU'1249
~f IRST FEDERAL SAVINGS AND LOAN ASSOCIA~~Ot~ 'OF ? PIERCE '
MORTGAGE MODIFICATION, RELEASE
AND ASSUMPTION AGREEMENT ~JI~
Loan No. 23028881 Name: ORANGE AVENUE AUTO SALES, INC.
THIS AGREEMENT i s made this 26th day- of September . '
19 80 , by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OFF T PI~I~CE, hereinafter called the "Association", and
, .
ORANGE AVENUE AUTO SALES INC. •
hereina ter ca a 'Owner s)
W I T N E S S E T H f
WHEREAS, the Association owns and holds the original pro- #
missory note. and mortgage executed on. May g~ 19 78 ,
evidencing a principal indebtedness on saidd ate o€~28,000.00 .
which mortgage is recorded in Official Record Book 28~ page
2667 of the public records of ST. LUCIE County,
For
a ; and
s
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 ohtain Association's con-
~r
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
ei _ a rate requested by the Association;
NOW, THEREFORE,-in consideration of the-covenants and
promises contained herein and for other good and valuable con-
s" siderations, it is hereby agreed that the aforesaid documents
j 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 r_hat the unpaid principal _
balance of said indebtedness as of September 26th 19 80
is TWENTY SIX THOUSAf~D SEVEN HUNDRED FIFTY DOLLARS AND NO/~00-----------
26,750.00-------) and that the interest rate on said indebted-
ness shall be 13_Q per cent per annum, beginning on
September 26th ~ 19~Q_. and that commencing. on October 10th ,
19 80 ,.the Owner s) shall pay said principal and interest
in consecutive monthly installments of THREE HUNDRED TWENTY TWO AND
271100----------------(S 322.27---------) and a like sum on the
10th. ay o each month 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, shall be due and payable on June 10th ,
t
19 98
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) 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.
3. The Association recognizes the Owner(s) as the new
Obligor(s) on the subject loan, approves the credit of same and
~'R PAGE~~ .
BOOK -
12/10/79