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FIRST FEDERAL SAVINGS -AN~D~ kOAN ~;SBOCIAI ~~N OF FORT PIERCE
MORTGA(:I? MODIFICA'I'IC~N, Ri:I.f:AS>:
AND ASSUMPTION Ac:R1:t:MF.NT
Loan No. 23042680 Name : _ Robert I . Gulley
50~~ Norma A__Gulley _
THIS AGREEMENT i s made this _ 28th clay of .November ,
1980 , by and between FTRST Ft:nt:12A1. tiA1/TNt;S AND LOAN ASSOC[A'PInN
OF-ART PIERCE, hereinafter called the "Atis:ociation", and I
ROBERT I. GULLEY AND NORMA A. GULLEY, HIS W1FF _ _ ,
here na ter 'dal ed "Owner (s) " . ~ f ~ ___. ~p~
W I T N E S S E T tl
WHEREAS, the Association owns and holds the original pro-
missory note and mortgage executed can _ Dec b~er 4th
evidencing a principal indebtedness can ::a t-~~te -0 2,x.000.00 _•
which mortgage is recorded in Official Record t3ook 299__, page
of the- public records of _~I.._ LU~IE County,
Flora a; and
WHEREAS, said mortgayc~ t~rov i ct~•:t t h.~ t the Association may
declare all of the sums secured by tia i cl mortgage to be immect i -
ately due and payable i f all or any t~:cr-t cif the Nroperty or any
interest therein is sold or transferred without Association's
written consent; and
WHEREAS, title to said t~rot~erty is hc~ing transferred and
conveyed to the Owner(s) who wishes to ohtain Association's con-
sent to said transfer and .~yreement that the credit of the
Owner(s) is satisfactory to the Association and that the interest
rate payable on the sums secured by s.-ricl mortgage shall be at
a rate requested by the Association;
NOW, THEREFORE, in consideration c,f 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:
=' 1. The undersigned Owner (s) hereby ext~ressly assorn~~s
_~ ~ and agrees to pay the indebtedness ret~resented 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 h~r~in. It is agreed that the unpaid principal
balance of said indebtedness as of November 2$~h ___ 19 80 .,
is TWENTY TWQ THOUSAND SIX d~~(~O~INE ~Q_~4L19.~_------------------------
($ 22 609.94-----_-_~ and that the interest rate on said indebted-
ness sha 1 be 13.50 t,er cent per annum, beginning on
November 28th ~_~ 19 80 _ _ . ~c net that cc,mmc•nc i nq on December 10th ,
,.~ 80 the Owner (s) shall }gay said t~rincit~al and interest
1n consecutive monthly installments of TWO HIINORFfI S1.1(TY FOIiR ANO 69/100-
- --------------- - ($ 264.69---------) anct a like sum on the
10th ay o each month therea tamer -unti 1 the entire indebted-
ness evidenced by the aforesaid note and mortgage, as modified
herein, is fully paid; excc}~t that any remaining indebtedness,
if not sooner paid, shall be due and payable on January 10th ,
9J~; 2005
2. The undersigned Owner(s)- hereby agrees that the afore-
said indebtedness stated in Paragrat~ti 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 Uwner(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.
f 3. The Association recognizes the' Owner(s) as the new
I! .Obligor(s) on the subject loan, approves the credit of sa~-e and '
i
g~344 PEE 174
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