HomeMy WebLinkAbout0331THIS INSTRUMENT
Citizens Federal
of St. Lucie
1600 S. Federal
C. R. McDonald,
PREPARED BY:
Savings b Loan Association
County
Highway, Ft. Pierce, FL 33450
Jr., General Counsel
MODIFICATION RELEASE AND ASSUMPTION AGREEMENT
~ oq'
LOAN N 220 33474 NAME Jack L. Webb
This Agreement is made this day of 1980, by and between
Citizens Federal Savings and loan Association of St. Lucie County, hereinafter called
"Association" and Jack L. Webb, A Married Adult ,
hereinafter called "Owner(s)."
WHEREAS the Association owns and holds the original
mortgage executed on the 27th day of April 1979,
indebtedness on said date o~-S 600:00 ,which mortgage is
Records Book 307 Page 2862 o the Public Records of _
Florida, and
WHEREAS said mortgage provides that the Association may declare all sums
secured by said mortgage to be immediately due and payable upon the sale, transfer
or conveyance of said property or any part thereof without the written consent of the
Association, and
WHEREAS title to said property is being transferred and conveyed to the
Own~~~(s) who wishes to obtain the Association's consent 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 consideration, it is hereby agreed that the aforesaid
documents be modified as follows:
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 modification or correction thereof in accordance with the terms thereof as
modified herein. It is agreed that the unpaid principal balance of said indebtedness
as of r 1. 19 8Q is Seventy Two Thousand Nine Hundred Eighty-Four and 84/100----
(S J2,984.40 and that the interest rate on said indebtedness shall be 13.0$ per
annum, beginning on December 1 l9 80, and that commencing on December 1 ,
19._$D the Owner(s) shall pay said principal and interest in consecutive monthly install-
ments of Ei ht Hundred Twent Seven and 85/100----------------------------Dollars
(S 827.85 and a like sum on the 1st day o each month thereafter,-until the entire
indebtedness 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 paya-
ble on the 1st day of November ,2004 ,
2. The undersigned Owner(s) hereby agrees that the aforesaid indebtedness
stated in Paragraph 1 above is due according to the terms and conditions of the afore-
said note and mortgage and any modification thereof withoutdefense or offset and
further agree 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 perform 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 New Obligor(s) as the Obligor(s) on the
subject loan, approves the credit of same, and hereby releases the Original Obligor(s)
from further obligation or liability under the mortgage or note referred to above.
4. Except as specifically designated herein, nothing here shall constitute
a change or amendment to the aforementioned promissory note and mortgage the provisions
:~f which are specifically reaffirmed by the new Obligor(s).
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SU9020 ~ ~
promissory note and
evidencing a principal
recorded in Official
St. Lucie County,