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FIRST FEDERAL SAV~IVGS AND MOAN ~i~4C1A + +~N OF FORT QIERCE j
MORTGArR MODI FICA'1' 1(~N , lti:I.l:ASI: ~
AND ASSUMPTION AGR1a:MENT
Loan No . 23062332 N~~n" ~ ~ ALA~LMARE PARR
~b
s made t h i s _ 14th clay of NOVEMBER
THIS AGRElaM1:.NT i
19 by and betwren I'1IttiT l'I:nI:RAI. :~11V1N(~S AND LOAN ASSOCIl~'t'InN
OF FORT PIERCE, hereinafter called the "Association", anti
ALAN M1ARC GARB, A SINGLE_ ADULT
hereinafter called "Owner(s}}".
W I T H E S S E 'P It :
iti'HEREAS, the Association owns .and holds the original pro-
missory note and mortgage executed on Se
evidencing a principal indebtedness orr sa i ate n 35,$0 .00
which mortgage is recorded in Official Record Book 317 Page
2__l_9g~_ of the public records of ~L_LUCIE County,
Florida; and
WHERIiAS, said mcrrt~l:r~ic' l~r<,vi~lc•:: t Ir.rt the J~::~;c~ciation ni,ry
declare all of the sums securc~l by said mort~radc• to be i mmc~cl i -
atr.ly due and payable i ! a 1 1 or any l•.rrt. c~; the Nroherty or ar.•,•
interest therein is sold or transfc•rr~•cl without Association's
~ written consent; and
WHF.RF.AS, title to :~.3icl l~rol~c•rty i:: hc~incl t:ransf~r:~<1 and
. conveyed to the Owner(s) wh~~ wishes: to ~~l~tain Association's con-
sent to said transfer and .r~treemc~nt that the credit of the
Owner.(s) is satisfactory tc> the Asseciatiion and that thc~ interest
! rate payable on the sums secured by saicl mortgayc• shall t,e at
a rate requested b}~ the Association;
NOW, THEREFORE, in consideration of the covenants and
promises contained herein and for other Tod and valuahlc• con-
siderations, it is hereby agreed that the after^said document.
" be modified as follows:
1. The undersigned Owner (s) h~•rc•by ~xhressly assumes
and agrees to pay the indebtedness rc•f~rt,sc•nted by and due on
the aforesaid promissory note and mortq.igc• and any modifica-
tion or correction thereof in accordance with the terms thereof
and as modified herein. It is agrec~cl that the unpaid principal
balance of said indebtedness as of Noyeraber__ _1.4tk.L_ s_~.9-$0_. ~
is THIRTY FIVE THOUSAND SEVEN HUNDRED SIX AND 11/lOb--------
(S 35 706.71-------) and that the interest rata on said indebted-
~essss
ha33~ be 13.50 _ per cent per annum, beginning on
November 14th 1980 and that conrracrnci ng on December 10. ,
jg g0 the Ownor !s) shall l~•~}~ ~:.iicl l>rincil~~~l and interost
in consecutive monthly installments of FOUR HUNDRED THEN AND 97/19Q--
4~Q.~--____-_) .iricl like sum on the
10th ay o each month thereafter until the entire ind~bted-
ness evidenced by the aforesaid note and mortgage, as rroclified ,
herein, is Fully paid; except that :tny remaining indebtedness,
i f not sooner paid, shall be due and 1>ayable on f br rary lOtt>,._,
2009
~ 2. The undersigned Owner(s) hcret~y agrees that the afore-
said indebtedness stated in Parayraph 1 above is due according
to the terms and conditions of the aforesaiid note and mortgaclc
• and aI?y modification thereof without defense or offset and
further agrees tc~ he li~~hle for said indehtednc•ss as fully and
to the same extent as if the Owner(s) was the oriyinal maker
thereon. In addition, the Uwner(s) actrees 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 Cs) on the subject loan, approves the credit of samo and
~ ~ 8~~343 pa~Ei64.