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FIRST FEDERAI SAVIrvuS AND lOAN ASS~OCiA1 ~~~I OF FORT .PIERCE
514•76-7 MORT~NGOGASSUMPTIONTAGREEMENTASE
Loan No. 23042383 Name: Delphus C. Mc Cormick ~
Geraldine Mc Cormick '
THIS AGREEMENT is made this 20th day of January ,
19 81, by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and
Delohus C. McCormick and Geraldine Mc Cnrmick. his wif~ .
hereinafter ca~ed "Owner(s)".
W I T N E S S E T li
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WHEREAS, the Association owns and holds the original pro-
missory note and mortgage executed on December 4th ~ 78 ,
evidencing a principal indebtedness on saic~ate of S ,
~~ which mortgage is recorded in Official Record Book 299 , page
~- :704 of the public records of St. Lucie County,
-- Florida; and
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"- WHEREAS, said mortgage provides that the Associatfon 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
y~ ~ 0
WHEREAS, title to said property is being transferred 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 qood and valuable con-
sider~tions, 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 20th , ~g81 f
is Thirtv Five Thousand Three Hundred Sixty Two and 79/100---------------
($ 35,362.79------) and that the interest rate on said inc~ebted-
ness shall~e 13.50 per cent per annum, beginninq on
Januarv 20th -. 19 81 , and that comm~ncing on February lOth ~
1g 81 , the Owner(s) shall pay said principal ancl interest
in consecutive monthly installments of Four Hundred Fi fteen and 98/100----
------------------------(S 415.98----------) and a like sum on trie
lOth day of eac~ 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 February 10• ,
X~Qq(X 2004 ~ .
2. The undersigned Owner(s) hereby agrees that the afore-
said indebtedness stated in Paragraph 1 above is due according
to the terms and conditio~s of the aforesaid note and mortqaqe
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 al~ 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
` ~ 12/l0/79
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