HomeMy WebLinkAbout0698FIRST FEDERAI SAVINGS AND 'LOAN ~SS~CIh i ION OF FORT PIERCE
MORTGAGE MODIFICATION, RELEASE ~, 2alU
AND ASSUMPTION AGREEMENT a
Loan No. 23078205 Name : JOHN E. MONAFIAN
BARBARA A. t40NAHAN
THIS AGREEMENT is made this ~th day of JANUARY .
1981 , by and between FIRST I'EDF•.RAL SAVINCS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and
J ~
hereinafter calle 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 ~ 19 80 ,
evidencing a principal indebtedness on sai ate o 45.700.00.
- which mortgage is recorded in Official Record Book 340 , page
216 of the public records of ST . LUCI E County,
. . Florida; and
WHEREAS, said mortgage provides that the Association may
declare al~ 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
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 mortqage 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 ~~nuar~ ~ * 19 $1~
is FORTY FIVE THOUSAND SIX HUNDRED EIGNTY FIVE AND 21/100-----------------
($ 45,685.2~-------a and that the interest rate on said indebted-
ness shall be 13.50 per cent per annum, beginning on
January 8th w ~g tSl , and that commencing on Jant-arv lOth ,
~q A~ , the Owner(s) shall pay said principal and interest
in consecutive monthly installments Of. •FIVF HIiN(1RF(] TW~j,jY Fmie nNn
78/100----------------=-{$ 524.78---------a and a like sum on the
lOt~ 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 NovembPr lOth ,
29 2009 . .
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 mortqage
and any modification, thereof without defense or offset and
further agrees to be liable for said indebtednes~ 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 t~ fully abide by all the terms and conditions set
forth in said note and mortgag~ and this agreement.
3. The Association recogniz-s the Owner(s) as the new
Obligor(s) on the subject loan, a~proves the credit of same and
12/10/79
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