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'IRST FEDERAI SAVIn~S AND LOi~f ASSOC~AT~~,~ OF FORT .PIERCE n_~
MORTGAGE MODIFICATION, RELEASE
ANO ASSUMPTION AGREEMENT s11~~
Loan No. 23038613 Name: CHRIST(IPHER _N 1 AMANIS
JOY 1 _ C-Nlu AI~AeNrc
THIS AGREEMENT is made this llth day of F ~~~ ~~ s~ ,,~
1981 , b y and between FIRST FEDERAL SAVINGS AND LOAN~ ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and
~OY ~, CHULAMANit~ Hit WIFF ' ~
hereinafter ca le Owner s".
W I T N E S S E T H:
WHEREAS, the Association owns and holds the original pro-
missory note and mortgage executed on ~ 16th ,
evidencinq a principal indebtedness on saR[I~ate of $ 18.3QA~,Q~.
which mortgaqe is recorded in Official Record Book 296 , paqe
672 of the public records of ST. LUCIE County,
F~oric~a; and
. WHEREAS, said mortqac~e provides that the Association may
declare all of the sums secured by $aid mortgage to be immedi-
ately due and ~ayable 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 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-
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 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 FEBRUARY 1~TH ? 19 $1 ,
is SEVENTEEN THOUSAND FIVE HUNDRED FO~T,Y ~AND 72[10~-----------------------'
(5~.540.72------- ) an that the interest rate on said inclebted-
ness shal~ be 13.50 per cent per annum, beginning on
_ Februarv llth ,_,_19.8 , and that commencing on ,darch lOth
~$~ , the Owner (s) shall pay said principal a-nd interest
in consecutive monthly installments of T-,~p HUNDR~D SEVENTEEN A(~D 40/100
-----------------------I$ 2 7.40----------) and a like sum on the
_lOth day of each mont t ereafter until the entire indebted-
ness evidenced by the afor~said note and mortqage, as modified
herein, is fully paid; except that any remaining indebtedness,
if not sooner paid, shall be due and payable on NOVEhBER lOth ,
19 98 .
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 mor~gage
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) on the subject loan, approves
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, ' '~.~„~ . t.;;: ~.,~- '_x- : t _ .. . _
Owner(s) as the new
the credit of same and
gn`~3~8 ~~2~98
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