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HomeMy WebLinkAbout0929 53'7~62 ~ , ~ FIRST FEDERAI SAVINGS 8 IQAN ASSOCIATION o~ FORT PIERCE ~ : . ~ ~i a ~ MORTGkCE MODIFICATION, RELEASE AND ASSUMP7ION AGREEMENT V1. RENEGOTIABlE RATE MORTGAGE Loan No. 23075862 ` Name MARK STEVEN MARSNALL THERESA IYNN DAVIS THIS AGREEMENT is made this lOth day of JULY , 19 81 , by and between FIRST FEDERAL SAYINGS AND LOAN ASSOCIATION OF FORT PIERCE, hereina ter cal ed the "Association; ~ and MARK STEVEN MAItSN~LL~ID I~{~A LYN[~ D~yIS. hereinafter called "Owner". ,y,.?,~,~, WB~HN ENSLS E~TLHS: ~ - WHEREAS, the Association owns and holds the original renegotiable rate promissory note and mortgag~ executed on Auyust 12th , 19 80 , evidencing a pr~ncipal indebt- edness on said date of $ 45 000.00 , which mortgage is r~corded in Official Record Book 336 , page 216 of t e public records of S~. LUCIE County, Florida; and WHEREAS, said mortgage provides that the Association may declare alt of the sums se- cur~d by said mortgage to be inrnediately due and payable if all or any part of ~he property or any interest therein is sold or transferred without Associatian's written cansent; and WHEREAS, title to said property is being transferred and conveyed to the Owner ~rho wishes to obtain Association's consent to said trans#'er and agreement that the credit of the Owner is satisfactory to the Association and that the interest rate initially payable on the sums secured by said mortgage shall be at a rate requested by the Association; NOW, THEREFORE, in consideration of the covenents and promises contained herein and for other good and valuable considerations, it is hereby agreed that the aforesaid documents be modified as follows: 1. The undersigned Owner hereby expressly assumes and agrees to pay the indebtedness represented by and due on the aforesaid renegotiable rate promissory note and mortgage and any modification or correction thereof in accordance with the terms thereof and as modified herein. 2. The undersigned Owner hereby expressly acknowledges that THE PROMISSORY NOTE SE- CURED BY THE MORTGAGE ASSUMED HEREBY CONTAINS RENEGOTIABLE INTEREST RATE PROYISIONS. THE IN- ! TEREST RATE AND MONTHLY PAYMENTS CALLED FOR BY SAID NOTE AND THIS ASSUMPTION AGREEMENT ARE 'i THUS SUBJECT 70 ADJUSTMENT, and Owner acknowledges receipt of a true copy or the renegotiable ~ ~~n~~~ hereby assumed. ~ ~i~-- ' 3. It is agreed by Owner and Association-that the unpaid principal balance of the ~ indebtedness evidenced by said renegotiable rate mortgage and note as of JULY lOth ~ .~9 81 is 3 44,83.7.30 and that the interest rate on said indebtedness shall initially .be 11.75 per cent per annum, beginning on , 19~_, but subject to ~ nlodification pursuant to the terms of the r2negotiab e rate mortgage and note, and that com- ° ~riencing on !;UGUST IOth , 19 81 , the Owner shall pay said principal and inter- est in consecutive month y insta lments of $ 454.23 . Such monthly installments shall continue until the entire indebtedness evidenced by the renegotiable rate mortgage and note and this agreement is fully paid, except that any remaining indebtedness, if not sooner paid, according to the terms of the renegotiable rate mortgage and note shall be due and payabl~ on SEPTEhBER lOth 2010 , which is the maximum term of the obligation hereby assumed if Owner exercises all renewal options as described in the renegotiable rate mortgage note. 4. The undersigned Owner hereby agrees that the aforesaid indebtedness stated in Paragraph 3 above is due according to the terms and conditions of the aforesaid renegotiable ~ rate note and mortgage and any modification thereof with~ut defense or offset and further R ~ agrees to be liable for said indebtedness as fully and to the same extent as if ~he Owner was ^ t~e original maker thereon. in addition, the Qwner agrees to personally perform and to fully & ~bide by all the terms and conditions set forth in said renegotiable rate note and mortgage z and this agreement. ~ 5. The Association recognizes the Owner as the new Obligor on the subject loan, ap- ~ proves the credit of same and hereby releases the originai Obligor from further obligations ~ or liability under the renegotiable rate mortgage or note referred to above. ~ b. Except as specifically designated herein, nothing here shall canstitute a change or amendment to the aforementioned r~negotiable rate promissory note and mortgage, the provi- ~ sions of which are specifically reaffirmed by the new Obligor. . ' . 8o0K c~ PAGE c91~ - ~ . .