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FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT. RIERCE
MORTGAGE MODIFICATION, RELEASE
AND ASSUMPTION AGREEMENT
_ ,
Loan No. 23031832 Name : AUBREY H. ELLI OTT Ley
LETTY K. ELLI OTT ~,e "
THIS AGREEMENT is made this 17th day of NOVE~gER _ ,
1980 by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter calle3 the "Association", and
AUBREY H ELLI OTT AND LETT~~ ELLIOTT ~ HIS WIFE •
hereinafter called "Owner(s)".
W I T N E S S E T H
WHEREAS, the Association owns and holds the original pro-
missory note and mortgage executed on June 8th 78 .
evidencing a principal indebtedness on said date of 30,000.00 .
which. mortgage is recorded in Official Record Book page
1566 of the public records of ST. LUCIE County,
Flora a; and
WHEREAS, said mortgage provides that the Association may
declare all of the sums secured by said mortgage to be immedi-
ately due and payable if all or any part of the property or any
interest therein is sold or transferred without Association's
written consent; and
WHEREAS, title to said property is being trarisferred and
conveyed to the Owner(s) who wishes to obtain Association's con-
sent 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 con-
siderations, it is hereby agreed that the aforesaid documents
be modified as follows:
t
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-
tion or correction thereof in accordance with the terms thereof
~ and as modified herein. It is agreed that the unpaid principal
~ balance of said indebtedness as of _ NOVEMBER 17th 19 80 ,
p~ is EIGHTEEN THOUSAND EIGHT HUNDRED NINETY SIX AND 24/100-----------------
18,896.24-------) and that the interest rate on said indebted-
ness shall be 12.75 per cent per annum, beginning on
No emb r 17 h 1980 and that commencing on December 10th ,
1g g0 the Owner s) shall pay said principal and interest
in consecutive monthly installments of TWO HUNDRED TWELVE AND 92J140-
212.92----------) and a like sum on the
10th ay o each month thereafter until the entire indebted-
ness 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 payable on July 10th ,
~9( 2003
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 agreement.
3. The Association recognizes the Owner(s) as the new
Obligor(s) on the subject loan, approves the credit of same and
~R 343 Y^~~ 145
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