Loading...
HomeMy WebLinkAbout0337 ~~ THIS INSTRUMENT PREPARED BY; Citiz ens Federal Savings S Loan Association 5()9023 ~ of St. Lucie County ~`7 1600 S. Federal Highway, Ft. Pierce, FL 33450 ~q, C. R. McDonald, Jr., General Counsel ~ MODIFICATION RELEASE AND ASSUMPTION AGREEMENT LOAN ~ 22030777 NAME Jack L. Webb This Agreement is made this day of 1980, by and between promissory note and evidencing a principal recorded in Official St. Lucie County, ~~344 Pd~ 33`7 ~`.:.. 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 13th day of February 19 79. indebtedness on said date o~-5 40 000.00 ,which mortgage is Records Book 303 Page 1458 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 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 December 1 19 8Q is Thirty Nine Thousand Six Hundred Fifty Seven and 67/100--- !S 39,657.67 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 Four Hundred Forty and 57/100-=--------------------------------Dollars (S 440.57 and a like sum on the 1st day of 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 June 200. 2. The undersigned Owner(s) hereby agrees that the aforesaid indebtedness stated in Paragraph 1 above is due accurding 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(sj 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).