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FIRST FEDERAL SAVIh~S AND 10~A~1 ASSC~CIAT1~nl OF FORT PIERCE -_
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MORTGAGE MODIFICATION, REL}3ASE p~,~
AND ASSUMPTION AGR~EMENT 51w1~ ^p
Loan No. 230529~Q Name : ROPiALO Plj~ ~
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•. TNIS =A~iItREMEDI'P is made this 18th day of FEBRUARY , ~_
19a1 , by~and.between FIRST FEDF.RAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and
R~AlD QiTTC .
hereinafter catled "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 NIAY lst 79 ,
-'-' " evide~cing a principal indebtedness on sa ~c~ate o ,.UO ,
~` which mortgage is recorded in Official Record Book 3U8 , paqe
'~ 350 of the public records of ST. LUCIE County,
`'"' F~oric~a; and
. ~A ~ , _ . , •
1' 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
~_ ; 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 satisfactory to~the Association and that the interest
~ ~ rate payable on the sums secured by said mortgage shall be at
,~, r a rate requested by the Association;
NOW, THEREFORE, in consideration of the covenants and
promises contained herein and for other good and veluable con-
siderations, it is hereby agreed that the aforesaid documents
be modified as follows:
1. The unciersigned 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 j~i T 19 8~_,
is THIRTY FIVE THOUSAND S~,V~h HUNDRED NIf~ETY EIGHT AND 99/100--------------
($ 35.798.99------- ) and that the interest rate on said indebted-
ness shail be 13.50 per cent per annum, beginning on
Februarv 18th *_ 19 81 , and that commencing on MARCH lOth ,
19 81 , the OwnerCs) shall pay said principal and interest
in consecutive monthly installments of Fp~R HUN(ZRED TWELVE AND 46l100
----------------------- (S ~4 46----------a 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 SEPTE~~ER lOth ~
..~.~~R .
2. The undersig~led Owner(s) hereby agrees that the afore-
said indebtedness stated in Paragraph 1 above is due according
to the terms and conditio~s of the aforesaid note and mortgaqe
and any modification thereof without defense or offset and
further agr~es 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 no.te 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
s
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12/10/79
BOrIX J`t~ PSGf ~~~
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