HomeMy WebLinkAbout1129 THIS INSTRUMENT PREPARED 8Y:
Citizens Federal Savings b Loan Association aS(~~sl t
of St. Lucie County
1600 S. Federal Highway, Ft. Pierce, FL 33450
C. R. Mc0onald, Jr., General Counsel
~ MODIFICATION RELEASE AND ASSUMPTION AGREEMENT
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~ ~ John Lueking b
LOAN p 22039596 NAME Diane Lueking
Th i s Agreement i s made th i ~~tst!. day of 1980 , by and between
Citizens Federal Savings and loan Association of St. Lucie County, hereinafter called
"Association" and John Lueking and Diane Lueking, his wife ,
hpre':nefter calf "Owner(s)." -
WHEREAS the Association owns and holds the original promissory note and
mortgage executed on the 23rd day of November 1980, evidencing a principal
indebtedness on said date o~S 55,900.00 which mortgage is recorded in Official
Records Book 322 Page 1140 o the Public Records of St. Lucie County,
Florida, and
WHEREAS said mortgage provides that the Association may declare all sums
secured by said mortgage to be .immediately due and payable upon the sate, transfer
or conveyance of said property or any part thereof without the written consent of the
Asso~iatipn, 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, in consideration 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
I'i~ indebtedness represented by and due on the aforesaid promissory Hate and mortgage and
any modification or correction thereof in accordance with the terms thereof as
modified herein. It is .agreed that the unpaid principal balance of said indebtedness
as of December 1 1980, is Fifty-Five Thousand Seven Hundred Thirteen and 27/100---
(5 55,713.27 and that the interest rate on said indebtedness shall be 1~_0~ per
annum. beginning on December 1 1980. and that commencing on December 1 ,
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~ 19~, the Owner(s) shall pay said principal and interest in consecutive monthly install-
ments of d ev en and 100-----------------------------------Dollars
(5617.79 and a like sum on the 1st day o each month thereafter, until the entire
indebtedness 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 paya-
~ blc on the 1st day of January 2010.
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
t 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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I
t 4. Except as specifically designated herein, nothing here shall constitute
' a change or amendment to the aforementioned promissory note and mortgage the provisions
~f which are specifically reaffirmed by the new Obligor(s).
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