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FIRST FEDERAL SAVINGS AND COAN ASSOCIAT~~N ~F FORT .PIERCE
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MORTGAGE MODIFICATION, RELEASE ~ ~J ~~
AND ASSUMPTION AGREEMENT s~
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Loan No. 23028457 Name : JACK L. WfRR
THIS AGREEMENT is made this 20th day of JANUP.RX ,,.
19-~l ~., by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF-~ORT PIERCE,-hereinafter called the "Association", and
~)ACK L_ WFRR_ A MARR1Fn An u T .
hereinafter called "Owner(sJ".
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 Apri 1 12th . 19 78 ,
.. ~.,~ evidencing a principal indebtedness on said date of $ 44,000.00 .
L~ which.mortgage is recorded in Official Record Book 286 , page
~Y~ ' 24 of the public records of St. Lucie County,
•u Florida; and
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~ 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 thereyn 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 inte'rest
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 Januarv 20th * 1981 ~
is FORTY TWQ TNQUSAND EIGHT HUND ED NINETEEN ANt~ 55/100-------------------
~$ 42,~s ~5-------~ and that the interest rate on said indebted-
ness shall be 13.5Q per cent per annum, beginning on
JanUary 20th ,~~g 81 , and that commencing on February lOth
19 81 - , the Owner(s) shall pay said principal and interest
in consecutive monthly installments of FIVE HUNDRED FIV~ DOLLARS AND 57/100
-----------------------(S 505.57--------- ) 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 October lOth ,
A~X 2003 .
2. The undersigned Owner(s) hereby agrees that the afore-
said indebtedness ~'tated in Paragraph 1 above is due according
to the terms and conditions of the aforesaid note and mortqage
and any modification thereof withqut 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 terns and conditions set -
forth in said note and mortgage and this aqreement.
3. The Association recognizes the Owner(s) as the new
Obligoris) on the subject loan, approves'the credit of same and
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