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HomeMy WebLinkAbout0224514232 ~~ FlRST FEDERAL SAVINGS AND lOAIV~ ASSOCtATtON OF FORT .PIERCE MORTGAGE MODIFICATION, RELSAS~ `// _ AND ASSUMPTION AGREEMENT r :~ Loan No . 23033077 Name : C~IRLES SHEW .) R ~ ~ ~.~ ~ THIS AGREEMENT is made this "~ 19~, by and between FIRST FEDERA] ~~ • OF FORT PIERCE, hereinafter called a ~ ~ + hereinafter ~ailea~~ er s . . .~ . t'~~' ~ ` i] ~I T' N E S S JACK~ L. SHEW 16th day of JANUARY _ • L SAVINGS AND LOAN ASSOC~ATION the "Association", and JAGKIE L. SHEW, his wife . E T H ^ - WHEREAS, the~Association owns and holds the original pro- ' missory note and mortgage executed on Jy~e 26tt~ ~ 78 . ' evidencing a principal indebtedness on said date of S 30,800.00 , i which.mortgage is recorded in Official Record Book 289 , page :~ i 2020 of the public records of ST. LUCIE County, '~ ; Florida; and .. , - 4_~ 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 5oia 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 JANUARY 16TH , ~g 81 ~ is TWENTY NINE THOtlSAND NINE HUNDRED FORTY S~VER~3W6-'f6JIU0---------_-' ($,~g _g47, ~6______ ~ and that the interest rate on said indebted- ness shall be.l~.50 per cent per annum, beginning on Januarv 16th , 19 81 , and that commencing on Fpbruarv lOth , ~~~ , the Ownert~s) shall pay said principal and interest in consecutive monthly installments of THREE HUNDRED FIFTY 7HREE AND 98f 1~t1-----------------( S 53, ~$----------) and a like sum on .the lOth day of each mont~ 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 Auqust lOth , AB 2003 . > 2. The undersigned Owner(s) hereby agrees that the afore- said indebtedness stated in Paragraph 1 above is due accordinq 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 oriqinal maker ' thereon. Zn addition, the Owner(s) agrees to personally per- form and to fully abide by all the terms an~ conditions set - forth in said note and roortgage and this agreement. 3. The Association recognizes the Owner(s) as the new Ob~iqor(s) on tbe subject loan, approves the credit of seme and 6~JDX J~~ PAGE ~4 i~~,n ~~ - . _~ - - ,,: =~ .. _ ____~ ~~:_~..~. ~ ,..:.:~ .. ._ . . .