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FIRST FEDERAL SAVINGS AND AN ASS~CIA ~ SON OF FORT PIERCE ~
MORTGAGC MODIFICA'CI(~N, RI:LI:ASI ~ O
AND ASSUMPTION AGRT:FMRNT SO4419 ~
Loan No. 23044553 Name : DANIEL MCGEOWN
,BARBARA M~G~~I _
THIS AGREEtdENT is made this 17th day of OCTOBER ,
19 80 , by and between FIRST-FF.DIsRAI. SAViN(~S AND LOAN ASS(1C[A4'ION -
OF FORT PIERCE, hereinafter called the. "Association", and
DANIE M G EOWN PHIS WIFE
hereina ter calle "Owner (s
~ E S S E T li :
WHEREAS, the Association owns~and holds the original pro-
missory note'and mortgage executed on ~ 79 ,
evidencing a pr i nc i pa 1 i ndebtedncss on sa i da to o 18.000.00 .
which mortgage is recorded in Official Record Book 302 page
" 1986 of the public records of ST. LUCIE County,
Flom a ; and
yti. -
cj' - WHEREAS, said mor. tY;a•lc I~rov i ct~•:: t.l~.~ t. the Association may
declare all of the sums secured by s.~id'm~rtgage to be immedi- -
rr~,..
ately due and payable if all or any Dart. of the property or any-
interest therein is sold or transferred without_Association's
written consent; and
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- WH$:I?EAS, title to s•~id property is being transferred acid
_ j conveyed to the Owner(s) who wishes to obtain Association's ccin-
sent to said transfer and .zyreement that the credit of~the -
Owner(s) is satisfactory to the Association and that tht interest
rate payable on the sums secured by said mortgage shall. be at
a rate requested by the Asso~iation;-
L t NOW, THEREFORE, in consideration of the covenants and
_ promises contained herein and for other ~Tood and v~iluahle con-
. ~ ~ siderations, it is hereby agreed that the aforesaid documents
be modified as follows:
1: .The undersigned Owner(s) hereby expressly assumes
and agrees .to pay the-indebtedness represented by and due on
~ the aforesaid promissory note and mortgage and any modifica- -
f tion or correction thereof in accordance with the terms thereof
and as modified herein. It is agreed t:h•~t the unpaid principal
balance of said indebtedness :as of _ OC_tpber..._1Zth__________~_19_$~_~
is SEVENTEEN THOUSAND SEVEN HUNDRED TWENTY _FOUR_AND 7100---=------------ `
(S~,724,~_______) an that the interest rate on said indebted-
ness sha 1l be 113.50 per cent per annum, beginning on
'
October 17th .1980 quid that cc~mr~c~ncinq on November 10th ,
gO ~ the Owner (s) shall prig slid principal and interest
in consecutive monthly installments of TWO HUNDRED SEVEN ANO 31/100----
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-----------------------($207.31-----------) ~~nci a 1 i ke sum on the
10th ay o each month there-meter until the entire indebted-
ness evidenced by the aforesaid note and mortgage, as lr:odi.fied
herein, is fully paid; except that any remaining indebtedness,
if not sooner paid, shall be due and payable on Februarv 10th
1X1( 2005 - ~ -
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) agrees to personally per-
form and to fully abide by all the terms and conditions set
forth in said note and mortgage and this acTreement.
3. The Association recognizes the Owner(s) as the new
Obligor(s) on the subject loan, approves the credit of same and ~ _j
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j
~ BO K c~ '
1 P~E~
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