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THIS INSTRUMENT PREPARED 8Y: /J
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Citiz ens Federal Savings b loan Association ~
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of St. Lucie County
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1600 S. Federal Highway, Ft. Pierce, FL 33450 I
C. R. McDonald, Jr., General Counsel
MODIFICATION RELEASE AND ASSUMPTION AGREEMENT
LOAN /! 22033490 NAME Jack L. Webb
This Agreement is made this day of 19 8Q 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 promissory note and
mortgage executed on the 27th day of April 199, evidencing a principal
indebtedness on said date of S 600.00 ,which mortgage is recorded in Official
Records Book 307 Page 2865 o the Public Records of St. Lucie County,
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
Owner(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
r,~odified herein. It is agreed that the unpaid principal balance of said indebtedness
as of December 1 lg 80, is Seventy-Two Thousand Nine Hundred Eighty-Four and 84/100----
(5 72.984.84 and that the interest rate on said indebtedness shall be 13.0 per
annum, beginning on December 1 19 80, and that commencing on December -1 ,
1980, 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
scat d in Paragraph 1 above is due according to the terms and conditions of the afore-
said note and mortgage and any modification thereof without defense 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
of a:hich are specifically reaffirmed by the new Obligor(s).
~~ 344 Pa~E ~~
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