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HomeMy WebLinkAbout1170~ . 51300$ ~ I , oN oF FORT .P~ERCE ~ FIRST F~~ERAI SA~ ~NGS AND t`OAN ASSOCIa _! , MORTGAGB MODIFICATION, RELEASE ~ AND ASSUMPTION AGREEMENT , ~,~ . Loan No. 23042771 Name: ALVIN E. MORRO~r1 ~~ ALICE M. MORRpW THIS AGREEMENT is made this 15th day of DECEMBER ~ 19 80 , by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCS, hereinafter called the "Association", and ALVIN E. MORROW AND ALICE M. MORR01~ HIS WI~FE • her~ina~et caffe~~'Owrier (s}~`' . W I T N E S S E T H t WHLREAS, the Association owns and holds the original pro- missory note and mortgage executed on ~1978 . evidencing a principal indebtedness on sai ate o 26_800.00 . which mortgage is recorded in Official Record Book 299 , page ~Z 56 of the public records of ST. LUCIE County, ~ F~or ic~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 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 - i rate payable on the sums secured by said mortgaqe shall be at ~ a rate requested by the Association; ~ NOW, THEREF.ORE, in consideration of the covenants and ~ promises cantained herein and for other good and valuable con- si,der~tions, it is hereby agree~.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 tha't the unpaid principal ~ balance of said indebtedness as of DECENBER 15th , 1960 ~ is TWENTY SIX THOUSAND TWO HUNDRED FORTY SEVEN AND 79/100-------------- ($ 26.247.79--------~ and that the interest rate on said indebted- ness shall be 13.50 per cent per annum, beqinning on DECEhBER 15th ~ 19 80 , and that commencing on JANUARY lOth , ~g gl , the Owner ts) shall pay said princtpal anc'{~nterest in consecutive monthly installments of THREE HUNDRED NINE AND 24/lOQ-- ------------------------~$ 309.24--------=- ) and a like sum on the 10th day of each month thereafter until the entire indebted- ness evidenced by the aforesaid note and mortgage, as modif ied herein, is fully paid; except that any remaining indebtedness, if not sooner paid, ~shall be due and payable on January lOth , ~X 2004 . 2. The undersigned Owner(s) hereby agrees that the afore- said indebtedness stated in Paraqraph 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 and this agreement. ~ 3. The Association recognizes the Owner(s) as the new Obl~gor(s) on the subject loan, approves the credit of satae and g~mx 3~s eacci.i.~ 12/10/79 ~ ~ ~~.~~- ~~;.;~.~ ~ ... ~ , ~~T ,~~~ -- -- ~,~~ .~. _ :