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FIRST FEDERAL SAVINGS AND lOAN ASS~CIATION OF . FORT ~PiERCE
MORTGAGE MODIFICATION, RELEASE
AND ASSUMPTION AGREEMENT -i~~
Loan No. 23050089 Name: Thomas E. Accardi i\
e
Grace Accardi
THIS AGREEMENT is made this 30th day ~~f ~,rPmhPr .~
19 ga, by and between FIRST FF.DERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and
THOM E. ACC @Dl,~QS$ACF A-~aR~I, his w~fe ~ •
hereinafter calle "Owner(s) .
W I T N E S S~S~T H
WHEREAS, the Association owns and holds the original pro-
missory note and mortgage executed on M~rch 26~ ,~ 197s-'
evidencing a principal indebtedness on said date of $ 34,400.00 ,
which.mortgaye is recorded in Official Record Book 305 , page
-- 271g of the public records of ST. LUCIE County,
~ Florida; and
WHEREAS, said mortgage provides that the Association may
~' ~ declare 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
WHEREAS, title to said property is being trarisferred 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 the Association;
NOW, THEREFORE, in consideration of the covenants and
promises contained herein and for other good and valuable con-
siderations, 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 peC , 19 $0 ~
is THIRTY FOUR TNOUSAND ONE HUNDREO TWEN 98/100--------------
($ 34,125.98------ ) and that the interest rate on said indebted-
ness shall be ~p per cent per annum, beginning on
December 30th ti 19 ~80, and that commencing on JanuarY lOth ,
~ g gl , the Owner ~s) shall pay said principal and interest
in consecutive monthly installments of ~'HREE HUNDRED NINETY THREE ANQ
62/100---------------~$ 393.62----------) 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 June lOth ~
~ 2008 • ~
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 thereof without defense or offset and
further agrees to be liable for said indebtedness as fully and
to the same extent as if the Owner(s) was the oriqinal 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 O~ner(s) as the new
~ Obligor(s) on the subject loan, approves the credit of same and
i
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BrI~K c~'s~ PaGr~~ .
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