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FIRST FEDERAL SAr~NGS AND ~~AN ASSO~IA.,ON OF FORT PIERCE
MORTGAGE MODIFICATION, RELEASE ~
AND ASSUMPTION AGREEMENT n~
Loan No. 23050071 Name : EDI~IARO F, CAR~
~
RUTH 6. CARI
THIS AGREEMENT is made this 13th day of MABCH . ~~
19 g~, by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION ~
OF FORT PIERCE, hereinafter called the "Association", and
EDWARQ F. CARL AND Rl1TH R_ CARI . HIS WIFE •
hereinafter cal~e~ wne ~ .
W I T N E S S E T H;
WHEREAS, the Associat-ion owns and holds the original pro-
missory note ar-d mortgaqe executed on M ~cL,
evidencing a principal indebtedness on sa ate o 32,00~.~0 .
which mortgage is recorded in Official Record Book 305 , page
2877 of the public records of _ ST.l11CIE County,
F ori at 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
written consentj and _ -
WHEREAS, title to said property is being transferred and
_~__ conveyed to the Owner(s) who wishes.to ohtain Association's con-
:~ sent to sai~ 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 mortqage shall be at
~ , a rate requested ,by ~i~-e }lssociation;
,
, ~:~ f
~~ ~? 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
_ j be modif ied 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 _!~arch t3th , 19 81 ,
'"~' ! is ?HIRTY ONE T OU 2 00--------------
(S 31 821.29------ an that t e interest rate on sai in e te -
__ ; ness s a e 3.50 per cent per annum, beginning on
March 13th 81 , and that commencing on A ri 1 10 h ,,.
,]981 , the Owner s) shall pay said principal an nterest
in consecutive monthly installments of 54/100-
-----------------------(S 366.54----------) an a ike sum on the
tnrh ay o eac mont t erea ter until the entire indebted-
ness evidenced by the aforesaid note.and mortgage, as modified
herein, is fully paid; except that any remaininq indebtedness,
if not sooner paid, shall be due and payable on March lOth
XDA( 2009 . '
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 oriqinal 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 mortgaqe and this agreement.
3. The Associatfon recognizes the Owner(s) as the new
Obligor(s) on the subject loan, approves the credit of same and
B~oK3~ PacE27~1
= 12/10/79 ~
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