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This instrument Prepared by: 1
James D. Chastain,
s~~ Security Federal Savings b Loan Assoc.
of Indian River County
P.O. Box 2709, Vero Beach, Fla. 32960
MORTGAGE MODIFICATION AND ASSUMrTION AGREEMENT
.3.04
LOAN NO. 8402 _
THIS AGREEMENT, made by Vincent P. Noyes and Lucille L. Noyesi his wife
,party of the first part, and SECURITY FEDERAL SAVINGS AND
LOAN ASSOCIATION ~ INDIAN RIVER COUNTY, a corporation organized and existing under the
laws of the United States of America, party of the second part, and Lewel lyn E. Trimmer and
_ ,lane Trimmer, his yri fe-------------------------------_~ Party of the third part,
WITNESSETH THAT:
WHEREAS, party of the third party did on Acteber 1978 ,as~es~~~mti
dNt~rt a certain promissory note and mortgage deed to Security Federal Savings and Loan Association
of Indian River County, which mortgage was recorded in Official Record Book 2a, ,Page~4_,
Public Records of Saint Lucie County, Florida and which mortgage encumbered a
certain tract of land in -Saint Lucie County, Florida, described as follows:
East 90 feet of Lots 1 b 2, 61ock 11, Unit 2, INDIAN RIVER ESTATES,
according to plat thereof filed in Plat Book 10, Page 46, Public
Records of Saint Lucie County, Florida.
T~
as security for original principal debt of s 29,200.00 evidenced by the promissory note of
the party of the third part; and
WHEREAS, said mortgage and note provides for payment of principal and interest at the rate of
9 0 percent per annum in equal monthly installments of 5--2~b
- 58 _ each, and
~ WHEREAS, party of the first. part has agreed to purchase said property from party of the third
'i part subject to the lien of the aforesaid mortgage and as a part of the consideration for the purchase
of said property, the party of the first part has agreed to assume said mortgage and the indebtedness
~ secured thereby; and,
WHEREAS, party of the first part and Security Federal Savings and Loan Association of Indian
River County, party of the second part, have agreed to amend and modify said note and mortgage so
I
as to provide for an increase in the rate of interest to 12.2
_ SQ percent per annum, from
_ November 1 19_~ on the now unpaid principal sum on said promissory note of
a 28,677.52 ;with principal and interest being payable in equal monthly installments of
S 309.72.__ each, plus one-twelfth of the yearly taxes and hazard insurance premium,
commencing _~1Ovember 15 19 80 and continuing on the corresponding day of each
month thereafter until paid in full.
NOW THEREFORE, in consideration of the foregoing and the mutual covenants and promises
herein made, party of the first part and Security Federal Savings and Loan Association of Indian
River County, party of the second part, hereby agree as follows:
1. That the hereinbefore described promissory note shat! bear interest at the rate of 12~___-_
~ percent per annum from. -November 1 , 1980 _
~ - 2. That said note and mortgage shall be payable in equal monthly installments of 3 30_.9-72
each, including principal and interest, plus and together with one-twelfth of the yearly taxes and
f hazard inwrance premium commencing November 1~, 1980 and continuing on the cor-
responding day of each month thereafter until paid in full.
( 3. That this agreement shall not be deemed to modify or amend said mortgage and note except
as specifically set forth herein:
4. That said mortgage and note as so nwdified shall remain in full force and effect and shall
be enforceable in accordance with the temp thereof.
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BO~~J~ PAI3E~~,
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