HomeMy WebLinkAbout0065 FIRST FEDERAL SAVINGS AND' ~~A~ ACIATiON OF FORT PIERCE ~
MORTGAGE MODIFICATION, RELEASE ~~1.6
• AND ASSUMPTION AGREEMENT y,`
Loan No . 23031873 Name : LOCI LLE TALBERT 1
R,' G. BURROWS
THIS AGREEMENT is made this 2nd day of OCTOBER
19 80 , by and between FIRST FEDERAL SAVIi~GS AND LO ASS I ION
OF~'ORT PIERCE, hereinafter called the "Association", and
LUCILLE TALBERT, a sin le adult and R. G. BURROWS, a sin le aydult
here na ter ca a Owner s ~ • : : _
-
W~.T~.~%~1 ~ S S E .T H
WHEREAS, the Association owns and holds the original pro-
. missory note and mortgage executed on June 12th 78 ,
evidencing a principal indebtedness on sa ate o 30 000.00 ,
which mortgage is recorded in Official Record Book 2~L , page
2324 of the public records of ST. LUCIE ~ County, -
F~ on 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
:'3 WHEREAS, title to-said property is being transferred and
..z.,~ 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_
~-.j romises contained herein and for other
P, good and valuable con-
- siderations, it is hereby agreed that the aforesaid documents
~ M ~ r 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=
j 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 2nd 19 80
is TWENTY NINE THOUSAND FOUR HUNDRED THI 0 00--------------
~ 29 431.80------) and that the interest r-ate on said in ebte -
ness s a be 12:75 per cent per annum, beginning on
t ber 2nd 1980 and that commencing on October 10th
~9] 80 ~ , the Owner s) shall pay said principal and interest
in consecutive monthly installments of THREE HUNDRED THIRTY ONE AND
NO/100-----------------($ 331.00---------) and a Ike sum on t e
10th ay o eac mont therea ter until the entire indebted-
Hess 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 July 10th ,
lh9X 2003 .
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
Bo~341 P~ ~5
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