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FIRST FEDERAL SAVI~~~S AND COAN A!~OCIAT~,,N OF FORT .PIERCE
MORTGAGB MODIFICATION, RELEASE s~~~
AND ASSUMPTION AGREEMENT
Loan No. 23043233 Name: CHRISTOPHER J. MERRILI
6ARBRA F, MERRI j„~
THIS AGREEMENT is made this 9th day of F ~`~ ~' ~,
19 81 , by and between FIRST FEDERAL SAVINGS AND LOAN AS IATION
OF FORT PIERCE, hereinafter called the "Association", and
GIRISTOPhER J. ~1E[~RLLL ANQ_BABBBA~ MEBRII ~_ HiS W1FF .
hereinafter called "Owner(s)".
W I T N E S S E T H:
WHEREAS, the Association owns and holds the original pro-
missory note and mortgaqe executed on December 18th ~ 78 ,
evidencinq a principal indebtedness on sa~d~ate o~ 3~.300.00 .
which mortgage is r~corded in Official Record Book ~ , page
318 of the public records of ST. LUCIE County,
F~oric~a; 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
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WHEREAS, title to said property is being transferred and
conveyed to the Owner(s) who wishes to obtain Association's con-
sent to said transfer and agreement that the credit of the i
'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 gqod and valuable con-
siderations, 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 martgage 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 Februarv S~ . 198~
iS TH~TY__TWO TH(~l1SAN TNF Hl1N~RF(l S I/KNTY SiX AWII 04~1~0-------------
($ 32.976.04-------) an that the interest rate on said indebted-
ness shall be 13.50 per cent per annum, beginning on
Februarv 9th ,~ 19 81 , and that commencing on Februar~lOth ,
~],9 81 , the Owner(s) shall pay said principal and interest
in consecutive monthly installments of THREE HUNDRED EIGHTY ONE APiD
14f 100------------------($ 381.14----------) and a like sum on the
lOth day of e,ach 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 praid, shall be due and payable on JAI~UARY lOth ,
lc~ 2008 . ~
2. The undersigned Owner(s) hereby agrees that the afore-
said indebtedness stated in Paragraph 1 above is due accdrding
to the terms and conditions of the aforesaid note and mortgage
and any modification thereof without defense or offset and
further aqrees 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) agrees 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 Owner(s) as the new ~'
Obligor(s) on the subject loan, approves the credit of same and
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~ 12/10/79
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$~ 348 P~~E 2496
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