HomeMy WebLinkAbout1610S~ 1533 ~ ~
THIS INSTRUMENT PREPARED BY:
Citizens Federal Savings b loan Association -- ~' .;. ,, ,;
of St . Luc ie County ~ ~ . ` ~' ~'~ ~ ;
1600 S. Fede~al Highway. Ft. Pierce. Fl. 33450 ~ ~ ;~ ~
C. R. MtDonald~ J~., General Co~nsel ~. " _ ;~ i`. ~
- ,~ ~. ~ ! ,.
MODIFICATION RELEASE AND ASSUMPTION AGREEMENT
LOAN N 22036204 NAME Edward S. Krosky
Sandra N. Krosky
Th i s Agre~ment i s made th i s ~~ day of ~%~L _ . ~ 9 X/, by and between
Citizens Federal Savings and Loan Association of St. Lucie County. hereinafter called
"Association" and Edward S. Krosky and Sandra H. Krosky~ his wife ~
hereinafter called "Owner(s)."
WHEREAS the Associatior owns and holds the original promissory note and
mortgage executed on the 13th day of July , 19 79 evidencing a principal
indebtedness on said date of $ ~ which mortgage is recorded in Official
Records Book 312 . Page 2243 ~ o the Public Records of Saint Lucie County,
Florida, and .
WHEREAS said mortgage provides that the Association may declare ail sums
secured by said mortgage to be immediately due and payable upon the sale, transf~r
or conveyance of said property or any part thereof without the written consent of the
Association, and
WHEREAS title to sa~d property is being transfe~red 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 conside~ation. 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 promissoryrwte and mortgage and
any modification or correc[ion thereof in accordance with the terms thereof as
modified herein. It is agreed that the unpaid principal balance of said indebtedness
as of February 1 , 1981, is Thirty Eight Thousand, Seventy and 88/100 Dollars
~S 38,070.8~ ) and that the interest rate on said indebtedness shall be +j•~~ per
annum~ beginning on February lst , 1981, and that commenci~g on February lst ~
1981, the Owner(s) shall pay said principal and interest in consecutive monthly install-
ments of Four Nundred Thirty Two and 96/100 Dollars
(S432•96 ) and a like sum on the ist 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 notsooner paid, shall be due and paya-
ble on the lst day of August , 200~i,
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 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
per~ nally perform and to fully abfde by all the terms and conditions set forth in said
note and mortgage and this agreement. ~
r 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.
`~~y~ 4. Except as specifically designated herein, nothing here shall constitute
~ ` i ~'i
~ a change or amendment to the aforementioned promisso~y note and mortgage the provisions
~ of which are specifically reaffirmed by the new Obligor(s).
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