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FIRST FEDERAL SAVINGS AND LOAN ASS~CIATION OF FORT .PIERCE
MORTGAGE MODIFICATION, RELEASE ,~
_ AND ASSUMPTION AGREEMENT 5~S1S5 .~~t. •
Loan No. 2~p~R591 Name: TIMOTHY E_ HEAFNFR
e
~CAROL M, HEAFNER
~~ ~~ THIS AGREEMENT is made this 23rd day of _ JANUARY ,,,,.
"~~ 19~, by and between FIRST FEDERAL SAVINGS AND LOA ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and
~J TIMOTHY E. NEAFNER AND CAROL M. HEAFNER, HIS WIFE ' ,
~~ hereinafter ca led "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 Oct b .
; evidencing a principal indebtedness on said date of 18 300.00 .
{ which.mortgage is recorded in Official Record Book 29( ~, page
; 682 of the public records 'of ST. LUCIE County,
. ~ F o da ; and •
' WHEREAS, said mortgage provides that the Association may
L; ' 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 cover~ants 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 23rd , 1981 ,
is SEVENTEEN TNOUSAND FIVE HUNDR SE~ENTY ONE AND 86/100------
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($ 17,571.86-------) and that the interest rate on said indebted-
ness shall be 13.50 per cent per annum, beginning on
19 , and that commencing on _February lOth
19 81 , the Owner s) shall pay said principal and interest
in consecutive monthly installments of TWO HUNDREQ SEVENT FN AN 54/100-
------------------------($ 217.54--------- ) and a like sum on the
t ay o each mont therea ter 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 November lOth
19 98 . '
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 mortgage
and any modification thereof without defense.or off set 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
i Bt~(~7 PAGf,i~~
?2/l~/79
~T. _.
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