HomeMy WebLinkAbout2970~FiRST FEDERAL SAV1t~GS AND LOA-!~ A~S~>OCIAT~,.~1 OF FORT PIERCE ~"
M~RTGAGB MODIFICATION. RELEASB
AND ASSUMPTION AGREEMENT
Loan No . 23030685
THIS AGREEMENT is ma~
19 81 , by and between FIRST
OF FORT PIERCE, hereinafter
RONALD J . GAGN(.~~j
hereinafter ca~~Owner(s
Name : RONALD J . GAGNON
51S943 p
V
,~~ .
LINDA L^ GAG~ ~E~ ~~~ ~ :~~~
~~
ie this 3r~ day of ~~~i~ 21r1t ~11fW+011
FEDERAL SAVINGS AND LO ASSOCIATION
called the "Associatior-", and
~ON~yIS WIFF' •
W I T N E S S E T H
WHEREAS, the ~sso~ia~ion owns and holds the original pro-
missory note and mortgage executed on Ma 17th ?8 .
evidencinq a principal f~debtedness on sa ~ate of'~~ 00 ,
which mortgage is recorded in Official Record Book 287 , page
722 of the public records of ST. ~.UCj~ County,
Floric~a; 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
t=~ written consent; and
r;
~°J WHEREAS, title to said property is being transferred and
conveyed to the Owner(s) who wi-shes 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:
l. 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
balan~e of said indebtedness as of FE6RU~$~f ~~ ? 1981~,
is TWENTY TWO THOtI R Hl~1~DREQ SIXTY FOUR Al~~ 84I100---------------
($ 22 ,354.°~4 -----) an that the interest rate on said indebtec~-
ness shall be ~3.50 per cent per annum, beginning on
FPhr~,~.X 3~ , ~gg~, and that conanencing on F b ar lOth ,
~~ , the Owner s)~ shall pay said principal~interest
in consecutive monthly installments of TWO HUNDRED SIXTY FOUR AND
~~00-----------------~$ 264.51----------) and a Yike sum on the
lOth day of eac~month thereafter until the entire indebted-
ness evidenced by the aforesaid note and mortgaqe, as modified
herein, is fully paid; except th~t any remaining indebtedness,
if not sooner paid, shall be due and payable on JULY. lOth ,
k°~X 2003 .
2. The undersigned Owner(s) hereby aqrees 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 original maker '
thereon. In addition, the Owner(s) ayrees to personally per-
form and to fully abide by all the terms and conditions set
forth in said note and mortqage and ~his aqreement.
3. The Association recognizes the Owner(s) as the new
Ob2igor(s) on the subject loan, approves the credit of same and
a~347 p~2!~6:3
12/10/79
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