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FIRST FEDERAL SAYINGS AND ~ lb~-N A~S~CIATION OF FORT PIERCE
MORTGAC:E MODIFICATION, RELEASE
AND_ASSUMPTION AGREEMENT
Loan No . 23043324 Name : _ _JACK L. NEBB
Tii I S AGREEMENT i s made t h i s 18th day o f N VEM9Eg •
19 80 , by and between FIRST F[:DERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and
MARRIEn ~(1I1~ T
hererna ter called "Owner(s ". ,
W I T N E S S E T ii
WHEREAS, the Association owns and holds the original pro-
missory note and mortgayc executed on December 18th 78 ,
evidencing a principal indebtedness on said date of 31 0.2 0.00
which mortgage is recorded in Official Record Book 300 Page
~0~ of the -public records of St. Lucie _ County,
Florida; 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 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 hrrcby agreed that the aforesaid documents
` be modified as follows:
a
~S.l,
1. The undersi~ined Owner(s) hereby expressly assumes
and agrees to pay the indebtedness represented by and due on
the aforesaid promissory note and mortgayc 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 indc•btedncss as of November 18th 1980
is THIRTY THOUSAND THREE HUNDRED SEVENTY THR AND 231100----------------
(5 30,373.23-------1 and that the interest rate on said indebted-
ness shall be 13,50 l~c•r cent Eger annum, beginning on
November 18th 19-$0 and tha is commencing on December 10th ,
19 80 the Owner(s) shall pay said principal and interest
in consecutive monthly installments of THREE HUNDRED FIFTY AND 64/100--
- - - - -------------( S 350.64---------~ and a 1 i ke 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 March 10th ,
1AX 2008
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 lia?~le 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) .Zyrces to personally per-
form and to fully abide by all the terms and conditions set
forth in said note anc~: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
BOflK~4 PAGE 178
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