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HomeMy WebLinkAbout1376 S~ ~412 . .:• . •~ . ~ ~ FIRST FEDERAL SAVINGS AND Ct~AN ~1SS~CCIATION OF FORT PIE~CE MORTCAGE MODIFICATION, RCLEASE AND ASSUMPTION AGRF.EMENT • ' , . ,• . Loan No . 23054784 Namc : pONALD GRI FFIYH AKei n w~ r,RI FFITH ,b ~ THIS AGREEMENT is made this 28th day of NOVEhBER , U~, 19 $p, by and between ['IRST E'EDERAL SAVINGS AND LOAN ASSOCIATION \ OF' F'ORT PIERCE, hereinafter called the "Association", and DONALO GRIFFITH, A SINGLE ADULT aka D. W. Griffith . hereinafter called "Owner(s)". ~ W I T N E S S E T H: WHEREAS, the Association owns a missory note and mortgage executed on evidencing a principal indebtedness on which mortgage is recorded in Official 290~ of the public records of ST. Florida; and nd holds the original pro- June 4th ~ 19 79 . said date of S 132.000.00. Record Book 309 ,~page LUCIE County, WHEREAS, said mortgagc provides that the Association may declar.e all of the sums secured by said mortgage to be immedi- ately due and payable if all or any part of the property or any interest therein is sold or transferred without Association's written consent; and WHF.REAS, title to said property is being transferred and conveyed to the Owner(s) who wishes to ohtain Association's con- sent to said transfer and agreement that the credit of the Owner(s) is satisfactory to the Association and that the interest rate payable on the sums secured by said mortgage shall be at a rate requested by ttie l~ssociation; NOW, THEREFORE, in consideration of the covenants ar.d pr~mi ses eont.~ i ned herc~ i n and f~r ~thc~r c~~~~l .-~nd va luahlc~ e~n- siderations, it is hereby agreecl that the aforesaid documents be modified as follows: 1. The undersiqned Owner(s) hereby expressly assumes and agrees to pay the indebtedness represented by and due on the aforesaid promissory note and mortgaqe and any modifica- tion or correction thereof in accordance with the terms thereof and as modified herein. It is agreed that the unpaid principal balance of said indebtedness as of . ~~ovember 28#~ , 19 80 , is ONE HUNDR~D THIRTY THOUSAND NINE HUNDRED THIRTY TWO AND 20/100--------- (5130,932.20-------) ~nd that the interc~st rate on said indebted- ness shall be 13.50 per cent per annum, beginning on NnvPmhPr 8th , 19$Q_, and that commencing on ~cember lOth~ ", 19 ~n , the Owner(~) shall pay said principal and interest in consecutive monthly installments of F AND 22/100----------------- (51,510.22-------- ) and a ike sum on the lOth day of each month thereafter until the entire indebted- ness evidenced by the aforesaid note and mortgage, as ~:odified herein, is fully paid; exce~t that any remaining indebtedness, i f not sooner pa id , sha 11 be due and payable on June lOth , A~ 200R . 2. The undersiyned Owner(s) hereby agrees that the afore- said indebtedness stated in Paragraph 1 above is due according to the terms and conditions of the aforesaid note and mortgage and any modification thereof without defense or offset and fvrther agrees to be liahle 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) ayrees to personally per- form 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 Owner(s) as the new I Obligor(s) on the subject loan, approves the credit of same and g~345 p~i374 12/i~179 _~ ~~~{-s...<. s _.-,.._ ..:., .-::j • ....v*" .~.~~:~F.