HomeMy WebLinkAbout1530FIRST FEDERAI SAvINGS AND' lOAN ASSOCIh, ION OF FORT PIERCE ,
MORTGAGE MODIFICATION, RELEASE Sl~~y ^
AND ASSUMPTION AGREEMENT _ J
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Loan No. 23035544 Name: Frank J. ~ynrh~ .lr_ 1q
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' ~lanice K_ Lynch
THIS AGREEMENT is made this 27th day of Feb u .
19 81 , by and between FIRST FEDERAL SAVINGS AND LOA ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and
her~in~ft~r,ca le Owner(s ". ~
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W I T N E S S E T H:
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WHEREAS, the Association owns and holds the original pro-
missory note and mortgage executed on Au ust 29th 78 ,
evidencing a principal indebtedness on said ate o 46,000.00 .
which mortgage is recorded in Official Record Book 293 , page
1149 of the public records of ST. LUCIE County,
F~or ~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 al~ 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 transferred and
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 satisfactqry to the Association and that the interest
rate payable on the sums secured by said mortgage shall be at
u rate requested by the Association;
NOW, THEREFORE, in consideration of the covenants and
promises contained herein and-for other good and valuable con-
sider~tions, it is hereby agreed that.~he 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 February 27th , 19 81 ,
is FQRTY FIVE THOLI~AMn 7~i(] H 1ND FD I~N1'F~N Ayn 71J1~0-------------~----
($ 45,218.71------- ) and that the interest rate on said in~bt~~;
ness sha1Z be 13.50 per cent per annum, beginning Cn ~
Februar 27th 9 81 , and that comcnencing on • ~
~gg~ , the Owner s) shall pay said principal=:an nt~r,est
in consecutive monthly installments of FIVE Nt;NDRED TWH~~Y TMREE AND 30/100
------------------------ ($ 523.30---------- ) and a like sum on .t e
?Oth ay o each mont therea ter until the entire indebtecl-~
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 (~tnhPr 1(1th ,
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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 mortqage 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
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~ 12/10/79
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