HomeMy WebLinkAbout069451280~,.
; ~ .
DERAL SAVINGS AND LOAN ASSOCIAtION OF FORT PIERCE ~
FIRST FE
MORTGAGE MODIFICATION, RELEASE
AND ASSUMPTION AGREEMENT
Loan No. 23047960
e
Name: LESLIE FEIBUSCH
Mjj,DR~F 1 R11t~t1
THIS AGREEMENT is made this 2n~ day of ~~OBX ..
19 81, by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and
LESLI E FE IBUSCH A~ID MI LD~ED FEISUSCFi .~~i s wi fe ~ ~
hereinafter called "Owner Zs) " .
W I~ N E S S E T H;
'~~ ~ WHEREAS, the Association owns and holds the original pro-
~~ missory note and mortgage executed on March 5th ; 19 79 ~
~ evidencing a principal indebtedness on said date of $40.000.00 .
`~' which.mortgage is recorded in Official Record Book ~05 , page
's' 269~ of the public records of ST. LUCIf County,
- -' , Florida; an~l
~ ' WHEREAS, said mortgage provides that the Association may
~ declare all of the sums secured by said mortgage to be immedi-
~ ately due and payable if all or any part of the property or any
'• interest therein is sold or transferred withou~ Association's
- ~ written consent; and
~
ti
' ?~
~
WHEREAS, title to said property is being trarisferred and
conveyed to the Owner(s) who wishes to obtain Association's con-
sent to said transfer and agreement that the credit of the
_` Owner(s) is satisfactory to the Association and that the interest
rate payable on the sums secured by said mortgage shall be at
a rate requested by the Association;
NOW, THEREFORE, in consideration of the covenants and
promises contained herein and for other good and valuable con-
siderations, it is hereby agreed that the aforesaid documents
be modified as follows:
1. The undersigned Owner(s) hereby expressly assumes
and agrees to pay the indebtedness represented by and-due on
the aforesaid promissory note and mortgage and any modifica-
tion or correction thereof in accordance with the terms thereof
and as modified herein. It is agreed that the unpaid principal
balance of said indebtedness as of ~~rv 2nd , 19 81 ~
is ~j{~TY FIVE TNOUSAND SIX HUNDRED SIXTY FOUR AND 46/100--------------
~$ 35,664.46------- ) and that the interest rate on said indebted-
ness shall be 13.50 per cent per annum, beginning on
_~nuarv 2nd ,_ 19 81 , and that commencing on January lOth ~
~g gl , the OwnerCs) shall pay said principal and interest
in consecutive monthly installments of F[yF HUNDRED NINETY FIVE AND 91/100-
_______________________-{$ 595.91 ) 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 April lOth - ,
19 89 • -
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) agrees 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 Owner(s) as the new
Obligor(s) on the subject loan, approves the credit of seme and
5~~X~`~~ PSGE 1h7~
,~i~r ~;q