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THIS INSTRUMENT PREPARED 8Y: '
Citizens federai Savings E loan Association
of St. Lucie County
1600 S. Fedecal Highway, ft. Pierce, Fl 334So
C. R. McDonald, Jr., General Counsel
518426
MODIFICATION RELEASE AND IiSSUMPTiON AGkFEMENT
~q,eS
Mark Eucalitto
lOAN A+ 22035818 NAHE Thelma Eucalitto
7his Agreement is made this ~ day of ~ , 19~~ by and betr~csen
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Citi~ens Federal Savings and Loan Association ot St. Lucie Cuunty, !~ereinaftt~r called
"Association" anci . Mark EucaliLto and Thelma M. Eucalitto, his wife ,
hereinafter called "Ow~er(s)."
WHEREAS the Association owns and holds the original promissory note and
mortgage executed on the 13thday of July , 1979, cvidencing a principal
indebtedness on said date of $ 33.200~ , which mortgage is recorded in Official
R~cords Book 313 ~ P~ge ~37 ~ of the Public Records of Saint lucie County,
Florida~ and
WNEREAS said mortgage provides that the Associat+on may declare all sums
secured by said mortgage to be immediately due and payable upon ehe sale, transfer
or conveyance of said property or any part thereof without tt~e .~ritten consent of the
A~~sociation, and
WHEREAS title to said property is being transfcrrcd and conveyed to the
Otianer(s) wfio wishes to obtain the Association's consent to said transfer and agreement
that the credit of the Owner(s) is satisfactory to the Association and that the
interes[ rate payable on the sums secured by sa+d mortgage shal) be at a rate requested
b~i the Association.
NOW TNEREFORE, in consideration of the covenants and promises contained herein ..
and for other good and valuable considerat~on, it is hereby agreed that the ~foresaia
~ocun~znts be modified as follows: ~ ~
!, The undersigned Uwner{s) hereby expressly assumes and agrees to pa~y the
indebted~ess ~ep~esented~ by and due on the'aforesaid promissory note and martqagc an~
any modification or co~rection the~eof in accorda~ce ~vith the terms ihereof as
modified herein. It is agr~ed that the ~~npaid princip<~1 balance of said i~detitedn~ss
as of April 1 , 19 81. i~ Thirty Three Thousand, Thirty Seven and 22/100 Dollars
(5 33,037.22 ) and that the interest rate on said indebtedness shall he 13•~~_ per
annum, t~e~ i nn i ng on Apr i 1 1 ~ I 9 81, and t ha t ccmr~enc i ng on Apr iT-T-- ,
ly 8~ the Owner(s) shatl pay said principal and interest in c~nsecutive ~~onttily ir5t~~11-
ments of Three Hundred and Sixty Six and 63/100 Dollars
(S 366.63 ) and a like sum on the tst day of each r~nnth thereafter, until th~~ en[irc
indebtedness evidenced by the af~~esaid note and mortaage asr~odified herein is fuify
~aid, except that any remaining ind~:bt~dness, if notso~~er p:~id, shail be cue and paya-
ble on the 1st day of February ~2010 ,
2. The undersigned flwner(s) hereby agrees that the aforesaid indebtc:d:~css
sc{3ted in Paragraph 1 above is due according to the ter:ns and conditions of tt,e afore-
sairi note and mortgage and any modification thereof withoutdeiense or o ffset and
further agree to be 1 i~ble for said ir~debtedness ~~s fully and to the same c-r.tc~~ t~s if
the Otivner(s~ was the origi~-al maker thereon. {n addition~ the 4wner(s) agrc•,~ to
personally perform and to fully abide by all the terms ~z~d conditions set forth in 531~
n~te and mortgage and this agreement.
3. The Association recognizes the New Obligor(,s) as the Obligor(sj on the
subject lo~n. approves the eredit of same~ and hereby relea~es the Original G?~iiq~r(s)
fro~ further obtigatian or liability under the mortgaye or note referred to ~~~~1e.
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4. Except as specificaliy desigr.ated herein, nothing i~ere shall con•.titute
a change or ame~dment to Lhe aforemeniianed prornissory note and s~ortgage the provisions
ot -•rhich are specifically reaffirmed by the new Obligor(s).
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