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FIRST FEDERAL SAVINGS AND' LOAN ~ASSOCIATION ~F FORT PIERCE
MORTGAGE MODIFICATION, RELEASE
AND ASSUMPTION AGREEMENT
Loan No. 23030032 _ Name : THADDEUS MA i" '
~ --
REC1l~A Q MA1 TN(1WCi~1
THIS AGREEMENT is made this 2nd day of JANUARY ,,
19 81 , by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and
~ ~(yn FfTNA A MqJ rE~q~~SKi his wifP •
.
hereinafter called 'Owner(s .
~~~ W I T N E S S E T H :
~ r`- WHEREAS, the Association owns and holds ~he original pro-
missory note and mortgage executed on Ma_Y lOth ,, 19 78 ~
. evidencing a principal indebtedness on said date of $ 32}400_00 .
; which-mortgage is recorded in Official Record Book 287 , page
~~e 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
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~
WHEREAS, title to said property is being trarisferred and
~ conveyed to the Owner(s) who wishes to obtain 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 modif ied as follows :
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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 January 2nd , ~981 t
is THIRTY ONE THOUSAND FIVE HUNDRED SEVEiVTY THREE~IND d37T(Tb------------
($ 31,573.43-------) and that the interest rate on said. indebted-
ness shall be 13.50 per cent per annum, beginning on
~ Januarv 2nd ti 1981 , and that commencing on~~UARY lOth ~
the OwnerCs) shall pay said principal and interest
i'n~consecutive monthly installments of THREE HUNDRED SEVENTY TWO AND 58/100
'----------------------- (S 372.58-----------) 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 (ktnber ~ ,
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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 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 ~nd this agreement.
~ 3. The Association recognizes the Owner(s) as the new ~
Obligor(s) on the subject loan, approves the credit of same and
, ~ . .
~ B~~4s P~GE s9o
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