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THIS INSTRUMENT PREPAREO 8Y:
Citizens Federal Savings 6 Loan Association
of St. lucie County
1600 S. FeAeral Highway. ft. Pie~ce. FL 33450
C. R. McDonald~ Jr.~ 6eneral Counsel
S11'796
MOOIFICATION RELEASE AND ASSUMPTION AGREEMENT
1~
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lOAN N 2203879b NAME Mark F. Thomas
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This Ag~eeme~t is made this 3rd day of December ~ 19 80 by and between
Citizens Federal Savings and Loan Association of St. Lucie County, hereinafter called
"Association" and ~"~rk F. Thomas and Deborah R. Thomas, his wife
hereinafter called "Owner(s)."
WHEREAS the Association owns and holds the o~igi 1 promissory note and
mortga9e executed on the 8th day of October ~ 19~9 evidencing a principal
indebtedness on said date of $ 47,700.00 , which mortgage is recorded in Official
Records Book 318 . Page 93b , of the Public Records of Saint Lucie County,
Florida~ and
WHEREAS said mo~tgage provides that the Association may declare all sums
secured by said mortgage to be inmediately due and payable upon the sale. transfer
or conveyance of said property or any part thereof without the written consent of the
Association, and
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WHEREAS title to said prope~ty is being transferred and conveyed to the
Qwner(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 s~cured 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
ind~btedness represe~ted by and due on the aforesaid promissory note and mortgage and
any modification or correction thereof in accordance with the terms thereof as
radified herein. It is agreed that the unpaid principal balance of said )ndebted1~ess
as of January 1 , 19 8~ ~S Forty-seven Thousand, Five hundred and 86/100 Dollars
(S 47,500.$b) and that the interest rat on said indebtedness shal) be 13.00$ per
annum, bcginning on .lanuary 1 ~.19 ~~ and that commencing on January 1 ~
1981. the Owner(s) shall pay said principal and interest in consecutive monthly install-
ments of Five Hundred Twenty Seve~ and 13/100 Dollars
~5 527.13 ) and a like sum on the ~St day of each month thereafter~ until the entire
indebtedness evidenced by the aforesaid nc~te and mortgage asmodified herein is fully
paid~ except that any remaining indebtedness if notsoonerpaid~ shal) be due and paya-
ble on the lst day of November ~ 200~,
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 fufly and to the same extent as if
the Owner(s) was the original maker thereon. In addition~ the Owner(s) agrees to
personally perfo~m and to fully abide by al) 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
~,ubject 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 reaffi~med by the new Obligo~(s).
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