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;HtS INSTRUMENT
Cltizens Fede~al
of St. Lucte
1600 S. Federal
C. R. McDonald~
PREPAREO BY;
Savings b Loan Association
county
Highway~ Ft. Pierce~ FL 33450
Jr.. General Counsel
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N't, ~
MODIFICATION RELEASE AND ASSUMPTION AGREEMENT
Richard A. Kelting
LOAN li 220338~8 NAME Eunice B. Keltiny
This Agreement is made this 16th day of '~larch , 19~1, by and between
Citizens ~ederal Savings and Loan Association of St. lucie County~ hereinafter called
"Assoeiation" and Richard A, Kelting and Eunice B. Krltinq Hi5 Wife .
hereinafter called "Owner_(s)."
WHEREAS the Association owns and holds the original promissory note and
mortgage executed on the 9th day of MaY , 1°79, evidencing a principal .
indebtedness on said date o~-S 33,200. , which mortgage is recorded in Official
Records Book 308 ~ Page Tg53 ~ o Lhe Pu~!ic Records of St. lucie County,
Fiorida~ and
WHEREAS said mortgage provides that the Association may declare al) sums
secured by said mortgage to be immediately due and payable upon the sale. transfer
or conveyance of said property or any part thereof without the written consent of the
Association~ and
MIHEREAS title to said praperty is being transferred and conveyed to the
Owner(s) who wishes to obtain ths Association's consent 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 swns secured by sai~ mortgage shall be at a raie requested
by the Association.
NQ~f ?NEREFORE. in consideration of the covenar.is and promises con;a:ned herein
and for other good and valuable consideration. it is hereby agreed that the aforesaid
documents be modified as follows:
l. The undersictned Owner(s) hereby expressly assumes and agrees to pay the
indebtedness represenied by and due on the aforesaid promissory note and mortgage and
any modification or correction thereof in accordance with the terms thereof as
modified herein. It is agreed that the unpaid principal balance of said indeb[edness
as of Ma~' ~ ~ 19 81~ is Thirty Twc> Theusand Nine Hundred Fifty Five and 34/100
~532,°55•3 and that the interest rate on said indebtedness shall be ~~_p; per
ann~m~ beginning on May 1 . 19 81~ and that commencing on Mav 1 .
1981, the Owner(s) shall pay said principa) and interest in consecutive monthly ins[all-
ments of Three Hundred Sixty Six and 41/100
(S 366.4t and a like sum on the ]st day o each month th~reafter~ until the entire
indebtedness evidenced by the aforesaid note and mortcjage asmodified herein is fully
paid~ except that any remaining indebtedness. if notsooner paid, shatl be due ar~d paya-
ble on the lst day of September ~20G9 .
2. The undersigned Owner(s) hereby agrees that the aforesaid indebtedness
stated in Paragraph 1 above is due according to the terms a~d conditions of the afore-
said note and mortgage and any modification thereof withoutdefense or offset and
further agree to be tiable 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) agrees to
personally perform 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 New Obligor(s) as the Obligor(s) on the
subject loan, approves the credit of sar~e, and hereby releases the Original Obligar(s)
from further obligation or liability under the mortgage or note referred to above.
4. Except as specifically designated herein, nothing here shali cons~itute
a change or amendment to the aforementioned promissory note a~d mortgage the provisions
of which are specifically reaffirmed by the new Obligor{s).
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