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FIRST FEDERAL SAVINGS AND l0a:l ASSOCIATruN OF ~ ~ f PIER'-'
MORTGAGE MODIFICATION, RELEASE
AND ASSUMPTION AGREEMENT
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Loan No . 23036559 ~rr,~
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ARUNDATHIE WIJETILLEKE
THIS AGREEMENT is made this 2nd day of OCTOBER , ~
19 $Q , by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF F RT PIERCE, hereinaftQrr called the "Association", and
ASOKA W~,~ i f
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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 ber 7th X78 .
~ evidencing a principal indebtedness on said ate o ,900.00 ,
which mortgage is recorded in Official Record Book 0572 page
. ' 1244 of the public records of INDIAN RIVER County,
~ Flora a; and
r~r_.
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
interest therein is sold or transferred without Association's
r written consent; and
WHEREAS, title to said property is being transferred and
conveyed to the Owner(s) who wishes to ohtain 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 trhe~ ~iatn~ 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 ayreed that the aforesaid documents
be modified as follows:
1. The undcrsi.gned 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 October Ind 19 80 ,
~ is TWENTY SEYEN THOUSAND THREE HUNDRED TWENTY FOUR AND 90/100-----
27,324.90------) and that the interest rate on said indebted-
ness shall be 13.0 per cent per annum, beginning on
October 2nd 1980 and that commencing on October 10th
1g 80 the Owner(s) shall pay said principal and interest
in consecutive monthly installments of THREE HUNDRED ELEVEN AND 78/100-
(S 311.78-------=-) and a like sum on the
~6ttf 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 October 10th
. xa zoo3
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
BOOK ~ PAGE W4
i2~io~~y
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