HomeMy WebLinkAbout0176FIRST FEDERAL SAVINGS ANDS ~. AN S~~OCIATtON OF FORT PIERCE
MORTCArE MODIFICATION, RELEASE
AND ASSUMPTION AGREEMENT d
Loan No . 23042755_ N~-~mc~ ~ JACK ~. WEBS _~~_ Ip
THIS AGREEMENT is made this 18th day of NOVEMBER
19 80 , by and between FIRST rrnI:RAI. SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE; hereinafter called the "Association", and
,., .,~.
herei a Ca ed 'Owner (s) " .
W I T H E S S E T H
WHEREAS, the Association owns and holds the original pro-
missory note and mortgage executed on December 7th .~ 19 78
evidencing a principal indebtedness on sa d date of 3y i 200.00 .
which mortgage is recorded in Official Record .Book 29 page
1227 of the public records of ST. IUCIE County,
Flo 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 transferred and
conveyed to the Owner(s) who wishes to obtain Association's con-
sent to said transfer and ayreement 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 .end for other good .end viluahle con-
= siderations, it is hereby ayreed that the aforesaid documents
- be modified as follows:
1. The undersigned Owner(s) hereby expressly assumes
and ayrees to pay the indebtedness represented by and dui on
the aforesaid promissory note and mortyage 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 18th 19 80
is THIRTY THOUSAND SIX HUNDRED TWENTY NINE AND 31/100------------.--------
t8 30,629.31---_--~ and that the interest rate on said indebted-
ness shall be 13.50 per cent per annum, beginning on
November 18th 1980 and that commencing on December 10th, _,
Ig 80 the Owner(s) shall pay said principal and interest
in consecutive monthly installments of THREE HUynRFD SIXTY kliD 48/100--
_______________________~S 360.48---------) and a like sum on the
,~Oth 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 , sha 11 be due and payable on ~ebrrary 10th ,
R~ 2004
-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 is) was the original maker
thereon. In addition, the Owner(s) ayrees 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 ttie Owners) as the new
Obligor(s) on the subject loan, approves the credit of same and
6~JY~ Pl6E 1~
1210/79
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