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~~IRST FEDERAI SAVINGS AND' LOAN ASSOCIATION OF FORT _PIERCE
MORTGAGE MODIFICATION, RELEASE
AND ASSUMPTION AGREEMENT ~
Loan No . 23036484 Name : RI CHARO J. SCH I CHTE L S~ v
~
CATHERINE H. SCHICHTEL
THIS AGREEMENT is made this 2nd day of JANUARY
, ,.
19 $1, by and between FIRST FEDERAL SAVINGS AND LOAN ASSOGIATION
OF FORT PIERCE, hereinafter called the "Association", and
RICHARD J. SCNICHTEL AND CATHERINE H. SCHICHTEL, his wife ,
hereinafter called "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 exec~ted on January 2nd _ ~q81 ,
evidencing a principal indebtedness on said date of $4Q_000.00~.
which.mortgage is recorded in Official Record Book 293 , page
972 of the public records of ST. LUCIE County,
- • Florida; and
' WHEREAS, said mortgage provides that the Association may
.:; ~ declare all of the sums secured by said mortgage to be immedi-
> ately due and payable if all or any part of the property or any
~; interest therein is sold or transferred without Association's
written consent; and ~
WHEREAS, title to said property is being trarisferred and
conveyed to the Owner(s) who wishes to obtain Association's con-
sent to said transfer and agreement that the credit of the
Owner(s) is satisfactory to the Association and that the interest
rate payable on the sums secured by said mortgage shall be at
a rate requested by the Association;
NOW, THEREFORE, in consideration of the covenants and .
promises contained herein and for other good and valuable con- '
siderations, it is hereby agreed that the aforesaid documents
be modified as follows:
1. The undersigned Owner(s) hereby expressly assumes
and agrees to pay the indebtedness represented by and due on
the aforesaid promissory note and mortgage and any modifica-
tion or correction thereof in accordance with the terms thereof
and as modified herein. It is agreed that the unpaid principal
balance of said indebtedness as of ~/~UARY 2nd . 1981 ,
is THIRTY NINE THOUSAND FOUR HUNDRED FIFTY THREE AND 34/100---------------
(S 39,453.34-------~ and that the interest rate on said indebted-
ness shall be 13.50 per cent per annum, beginning on
Januarv 2nd * ~ 9 2f1 ,.and that commencing on January lOth ~
19 81 , the Owner(s) shall pay said principal and interest
in consecutive monthly installments of FOUR HUNDRED FIFTY FIVE AND 87/100-
---------------------- ($ 455.87-----------~ 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 January lOth ~
x~ Zoos . -
2. The undersigned Owner(s) hereby agrees ~hat 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 same and
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