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THIS INSTRUMENT PREPARED 8Y: Jr04~~
Citizens Federal Savings 6 loan Association
of St. Lucie County
1600 S. Federal Highway, Ft. Pierce, FL 33aso
C. R. McDonald, J:., General Counsel
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MODIFICATION RELEASE AND ASSUMPTION AGREEMENT
David Gianetti E
LOAN 22037632 NAME Francine Gianetti
This Agreement is made this ~!i day of 1380, by and between
Citizens Federal Savings and Loan Association of St. Lucie County, hereinafter called
"Association" and ~Lavid~Gianetti and Francine Gianetti, his wife ,
hereinafter called "Owner(s)."
WHEREAS the Association owns and holds the original promissory note and
mortgage executed~on the 24th day of .September 1979, evidencing a principal .
indebtedness on said date o~$ 68 000.00 ,which mortgage is recorded in Official
Records Book 318 Page 29 o the Public Records of St. Lucie County,
f for ida, and
WHEREAS said mortgage. provides that the Association may declare all sums
secured by said mortgage to be immediately due and payable upon the sale, transfer
or conveyance of said property or any part thereof without the written consent of the
Association, and
WHEREAS title to said property is~being transferred and conveyed to the
Owner(s) who wishes to obtain the Association's consent 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, inconsideration of the covenants and promises contained herein
and for other good and valuable consideration, 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
Ij an modification or Corr i
Y ect on thereof in accordance with the terms thereof as
modified herein. It is agreed that the unpaid principal balance of said indebtedness
as of r 1 19 80, is Sixty-seven Thousand Seven Hundred Nine and 82/100-----
67~70q.82 and that th'e interest rate on said indebtedness shall be 12.0$ per
annum, beginning on December 1 19 80, and that commencing on December l~ ,
19 80. the Owner(s_) shall pay said principal and interest in consecutive monthly install-
ments of Si Hundred Ninet -Nine and 01/100-----------------------------------Dollars
CS (,gq_01 and a like sum on the 1st day o each month thereafter, until the entire
indebtedness evidenced by the aforesaid note and mortgage as mod ified herein is fully
paid, except that any remaining indebtedness, if not sooner paid, shall be due and paya-
ble on the -1st day of. Nobember 2009.
2. The undersigned Owner(s) hereby agrees that the aforesaid indebtedness
stated in Paragraph 1 above is due according to the terms and conditions of the afore-
said note and mortgage and any modification thereof without defense or offset and
further agree 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 perform 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 New Obligor(s) as the Obligor(s) on the
subject loan, approves the credit of same, and hereby releases the Original Obligor(s) _
from further obligation or liability under the mortgage or note referred to above.
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4. Except as specifically designated herein, nothing here shall constitute
a change or amendment to the aforementioned promissory note and mortgage the provisions
of which ire specifically reaffirmed by the new Obligor(s).
c r J Cu"
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