HomeMy WebLinkAbout01405~.~48~ ~ ~ ~.
FIRST FED~RAI SA~INGS AND LOAN ~SSOCI~.tON aF FORT _PIERCE
,
MORTGAGS MODIFICATION, RELEASE ~
AND ASSUMPTION AGREEMENT
Loan No. ~04(177~
Name : WAYNF ~ , p~~FN
JO ANNE ALLEN
THIS AGREEMENT is made this 9th day of pCTOBER . ~
19 80 , by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION ag'~
OF FORT PIERCE, hereinafter called the "Associatfon", and
herein~~er a ed Owner s". ~
W I T N E S S E T H:
WHEREAS, the Association owns and holds the original pro-
missory note and mortgage executed on ~ , 1978 ,
evidencing a principal indebtedness on sai ate o ,
which mortgage is recorded in Official Record Book 30D , page
707 of the public records ~~f ST. LUCIE County,
F~oric~a; 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 transferred and
conve~red 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-
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 OCT(1RFR q~ , lg 80 ,
is 74~,(lfl---------- ---------
($ ___ and that the interest rate on said indebted-
ness shal be 13.50 per cent per annum, beginning on
October 9th 19 8Q~ , and that commencing on ,
,19 sn , the Owner(s) shall pay said principal an interest
in consecutive monthly installments of ~0 NUNDRED TWFNTY fi~1RFF AN~
~~ ___ ($ .23.06 _____~ and a like sum on the
~1Qth~ay of each mont~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 ~anuary lOth ,
~Sl 2004 . .
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 mortqrlge
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 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 recogr.~z~s the Owner(s) as the new
~> , Obligor(s) on the subject loan, a~~proves the credit of'same and
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BOOK~~U PACE 1•,~
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