HomeMy WebLinkAbout10855181~35
FIRST FEDERAI SAvINGS AND ~L~AN `ASSOCIA ~ I~.~ OF FORT PIERCE ~~
MORTGAGE MODIFICATION, RELEASE
AND ASSUMPTION AGREEMENT
Loan No . 23068107
Name: Michael Me,yer
~
/~ .`1 ~
/
Chonu A MPV r
THIS AGREEMENT is made this 19th day of February ,
19 81, by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and
Michael MeYer and Chonv Ae Mever. hi~ wife ~ •
hereinafter called "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 March 14th ~ 80 ,
evidencing a principal indebtedness on said~ate of $26 400.00 .
which mortgage is recorded in Official Record Book 32T~ , page
2186 of the public records of St. Lucie County,
Florida; and
,,.~_, WNEREAS, said mortgage provides that the Association may
•~ declare all of the sums secured by said mortgage to be immedi-
" ~ ately due and payable if all or any part of the property or any
.I ~' interest therein is sold or transferred without Association's
~.r., ~ written consent; and
.: !:t
.•' "'~ WHEREAS, title to said property is being transferred and
~. '.3,~, conveyed to the Owner(s) who wishes to ohtain Association's con-
~~~~~~ sent to said transfer and agreement that the credit of the
~."'; ! Owner(s) is satisfactory to the Association and that the interest
:: ~ rate payable on the sums secured by said mortgage shall be at
`'~ ~ a rate requested by the Association;
~
-- '': NOW, THEREFORE, in consideration of the covenants and
~_-- ~; promises contained herein a~d for other good and valuable con-
~_•,•~•- ~ sider~tions, it is hereby agreed that the aforesaid doc~-nents
• ' be modified as follows: ~
~i :~ 1
.;_:i 1. The undersigned Owner(s) hereby expressly assumes
.• and agrees to pay the indebtedness represented by and due on
the aforesaid promissory note and mortgage and any modifica-
tion or correction thereof in accordance with the terms thereof
and as modified herein. It is agreed that the unpaid principal
balance of said indebtedness as of February l~th ~ ~g 81 ~
is Twenty Six Thousand Two Hundred Eiqhty Or~e and a6/100-----------------
($ 26,281.96------a and that the interest rate on said indebted-
- ness shall be 13.50 per cent per annum, beginninq on
February 19th ti ~g 81 , and that commencing on March 14th ,
~g $~ , the Owner(s) shall pay said principal and interest
in consecutive monthly installments of Three Hundred Seven and 67/100----
---------------------- -($ 307.67-----------) and a like sum. on the
day o~ 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 April lOth ,
Ig 2005 .
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 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 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
h~`~ 3~9 ~~~~10~6
12/10/79
_ 3 ' -4
. .. ~ __. . -.. - _. ~ -_. _ ~-^y6 . S.~+s