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HomeMy WebLinkAbout0335 ~ / THIS INSTRUMENT PREPARED BY; Citiz ens Federal Savings b Loan Association s(~2~ ~ of St. lucie r County / 7 1600 S. Federal Highway, Ft. Pierce, FL 33450 ~ 7 C. R. McDonald, Jr., General Counsel ~ ' MODIFICATION RELEASE AND ASSUMPTION AGREEMENT LOAN M ~~0~3 ?gS 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 promissory note and mortgage executed on the 1~~h day of February 198, evidencing a principal indebtedness on said date of S40 000.00 ,which mortgage is recorded in Official Records Book 303 Page 14 l~ o~ the Public Records of St. Lucie County, Florida, and WHEREAS said mortgage provides that the Association may declare alt 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 modified herein. It is agreed that the unpaid .principal balance of said indebtedness as of 1, 19 80, is Thirty Nine Thousand Six Hundred Fifty Seven and 67/100---- ($ 39,657.67 and that the interest rate on said indebtedness shall be 13.0$ per ann~.;i, beginning on December 1 , 19 84 and that commencing on December 1 , 19~, the Owner(s) shall pay said principal and interest in consecutive monthly install- ments of Four Hundred Fort and 57/100=-------------------------------------Dollars (S 440.57 and a like sum on the st day of each month thereafter,. until the entire indebtedness evidenced by the aforesaid note and mortgage asmodified herein is fully paid, except that any remaining indebtedness, if not sooner paid, shall be due and paya- ble on the 1st day of June 2®09, 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 without defense or offset and further agree to be liable f`or 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 which are specifically reaffirmed by the new Obligor(s). . - 'i ., _ - . J. . a - - _- D~344 P~ 335 ~.