HomeMy WebLinkAbout0833
FIRS~' FEDERAL SAVI~.~S AND 10~N ASSOCIATI.,~~ OF FORT .PIERCE ~_!,
MORTGAGE MODIFICATION, RELEASE ~ '
AND ASSUMPTION AGR~EMENT S,~ fj~0~ ,^~ ~
23056318 Name: ARTHUR G. MARX wi~~'
Loan No.
ELEANOR F. MARX
THIS AGREEMENT is made this 2nd day of FEBRUgQy ,
19 B; , by and between FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and
ARTHUR G_ MARX AND FI FAN~R F_ MARX _ hi s wi fP .
hereinafter called "Owner(s)".
W I T N E S S E T H
~' i'~"`7.1
WHEREAS, the Asso~iation owns and hol~is the original pro-
missory note and mortgage executed on June 26th 79 .
evidencing a principal indebtedness on saic~ate of`~`~~,
which mortgaqe is recorded in Official Record Book 311 , paqe
35R of the public records of ST, LUCIE County,
~oridfa; 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 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
a 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 the 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 corr~ction thereof in accordance with the terms thereof
and as modified herein. It is agreed that the unpaid principal
balance of said indebtedness as of Februar 2nd , 19 81 ,
is FORTY SEVEN THOUSAND SEVEN HUNDRED NIN --------------
($ 47.792.67-------) ancl that the interest rate on said indebted-
ness shall be 13.50 per cent per annum, beginning on
Februarv 2nd ~ 1481 , and that commencing on February lOth ,
,19 81 , the Owner (s) shall pay said principal anci interest
in ~onsecutive monthly installments . of FIVE HUNDRED FIFTY ONE AND 42/100
=-----------------------($ 551.42--------- ) and a like sum on the
lOth day of each month thereafter until the entire indebted-
ne$s 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 July lOth ,
71~(X 2008 .
2. The undersiqned Owner(s)'h~reby 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 mortgage and this agreement.
3. The Association recognizes the
Obligor(s) n the subject loan, approves
Reteived S _~~ +n PByrne:nt Ot TexsE
Oue OR Ciass "C'" mt~nQible Personal PropertY.
Purcuant To ChaD~ ~~~ ~~' ~ ~ ~~~' ~
ao~ ~ ~~~7~,~r
` 12/ 10/ 79 ~~«t` c.ka'K t''°urt' ~t. Lt~ ~~ I` ~
~~ - - -
~~=~~~ . - . - = --- _ ____ _-- - - -
_._.> > ~~ . _~ _._ .. . , . _
Owner(s) as the new
the credit of same and
~~~3~8 P~E 833
~
~ ~_. v .~_ _.~~