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~1RST FEDERAL SA~ iNGS AND l4AN ASS~CIti. ION OF FORT PIERCE
MORTGAGE MODIFICATION, RELEASE ~ ~
AND ASSUMPTIUN AGREEMENT , S~~56~Z
Loan No . 23037243 Name : ROGER T. BOUTIN . ~, ~
JOAN I . JANDRO ~~ ~
THIS AGREEMENT is made this llth day of DECEMBER .
19 80 , by and between F'IRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and
ROGER T. B0~'~lNTa sin~le adult and JOAN I. JANORO, a single adult ,
hereinafter cal.ed "Owner(s)".
W I T N E S S E T fi :
WHEREAS, the Association owns and holds the original pro-
missory note and mortgage executed on September 22 ~g 78 ,
evidencing a principal indebtedness on said date of $30.40Q.00 .
which mortgage is-recb~ded in Official Record Book 295 , page
1321 of the public records of ST. LUCIE County,
Florida; and
WHEREAS, said mortgage 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 ~~art of the property or any
interest therein is sold or transferred without Association's
wr-itten consent; and
WHEREAS, 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 ~aid,mortgage shall be at
a rate rec~uested by the 1lssociation;
NOW, THEREFORE, in consideration of the covenants and
promises contained herein and for other qood and valuable con-
sider~tions, 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 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 Q~cember~11th . 1980 ,
is TWENTY NINE THOUSAND NINE HUNDRED FORTTr $IX AND 65/~00-----------------
« 29.946.6~------- ~ and that the interest r. ate on said indebted-
ness shall be 13.50 per cent per annum, beginning on
December llth ti 19 80 , and that commencing on January lOth ~
~g gl , the Owner(s) shall pay said principal and interest
in consecutive monthly installcnents of THRE HL~ D ED FQRT_Y SIX AND
34~100--------------- ~$ 346.34----------~ and a like sum on the
lOth day of each month thereafter until the entire indebted-
ness 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 payable on October lOth ,
XK~ 2007 .
2. The undersigned 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-theYeof without defense or offset and
furt.her agrees to be liable for said indebtedness as fully and
to"~th~ same extent as if the Owner(s) was the original maker
t~ieYeon. In addition, the Owner(s) ayrees to personally per-
- fOtm ~ana `to fully abide by all the terms anci conditions set
forth in said note and mortgage and this a9reement.
3. The AS`sd'ci~~~on recognizes the Owner (s) as the new
Obligor(s) on the subject loan, approves the Credit of same and
T
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