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THIS INSTRUMENT PREPARED BY: SU9209
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Citiz ens Federal Savings b Loan Association
e~
St. Lucie
County ~
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1600 S. Federal Highway, Ft. Pierce, FL 33450 ~
C. R. McDonald, Jr., General Counsel ~~
MODIFICATION RELEASE AND ASSUMPTION AGREEMENT
LOAN N 22032070
This Agreement is made this
James L. Stewart
NAME Emma G. Stewart
1ST day of December
1980, by and between
Citizens Federal Savings and loan Association of St. Lucie County, hereinafter called
"Association" and James L. Stewart and Emma G. Stewart, his wife ,
hereinafter called "Owner(s)."
WHEREAS the Association owns and holds the original
mortgage executed on the 3rd day of April 19 79,
indebtedness on said date of $ 32,800. which mortgage is
Records Book 306 Page 21 9 , of the Public Records of
Florida, and
promissory Hate and
evidencing a principal
recorded in Official
St. Lucie County,
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
Owners) 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 pprincipal balance of aid inde~Ce~rSebs~
as of January 1, 19 81~ is Thirty Two Thousand,Four Hundred Sixty 7~,ree and y ollars
(S 32. and tnat the interest rate on said indebtedness shall be 1T.0 per
annum, beginning on January 1, ~ 19 81~ and that commencing on January 1 ,
1981, the Owner(s) shall pay said principal and interest in consecutive monthly install-
ments of Three Hundred Sixty and 45/100 Dollars
(S 360.45 and a like sum on the lst 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 remainin~indebtedness, if not sooner paid, shall be due and paya-
ble on the lst day of Septe er ~ 2009.
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
of which are specifically reaffirmed by the new Obligor(s).
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so~K344 PACE 64~
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