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DE 514ilINGS AND ~."C~AN ~1CIA ~ ON OF FORT ~PiERCE
fIRST FE R~l
' MORTGAGS MODIFICATION, RELEASE 54~5~ ~D
AND ASSUMPTION AGREEI~NT p
AAA~ 1~`" •
Nam~ : LY ~
Loan No . 23a78189 ~ J~~ ~ ,Ji ~t+~,1o~
KATHF~f`1~0[A'='~
THIS AGREENi~NT is made this 20th day of AUGUS7 .
1981 , by and between FZRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association", and
LYMAl~ HC~OD SR. AND KATHRYN WOOD, HIS NIFE ' `
hereina ter ca e Owner s.
W I T N E S S E T H:
WHEREAS, the Association owi~s and holds the original pro-
mi~sory note an~ mortgage executed on SEPTElrBER 9th 80 ,
evidencing a principal indebted::ess on sai ate o 0.00 ,
which•mortqage is recorded in Official Record Book 3 , page
1256 of the public records of ST. LUCIE .:aunty,
F ori a~ and
WHEREAS, said mortgage prorides that the Association may
declare all of the sums sec~lred 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 withouc Association's
written consent; and
WHEREAS, title ta said property is being transferred and
„ conveyed to the Owner(s) who wi~hes to obtain Association's con-
sent to said transfer and agreement t2:at the credit of the
_ Owner(s) is satisfactory to the Association and that the interest
~ ~ rate payable on the sums secur~ jdp `sa~.~i mortgage shall be at
-~-ti: a rate requested by the Association;
NOW, TAEREFORE, in consideration of the covenants and
promises contained herein and for other good ~nd valuable eon-
siderations, it is hereby agreed that the aforesaid documents
= be modified as f~llc~ws:_ ~
I ~
I ! ; 1. The undersigned Owner(s) hereby expressly assumes ~
~r;' and agrees to pay the indebtedn~s~ represented by and due on
the aforesaid promissory note an~ mortgage and any modifica-
tica or correction thereof in accordance with the terms tfiereof
and as modified herein. It is agreed that the ungaid principal
balance of said indebtedness as of 19 "
:x~ is FIFTY NINE THOUSANU ON~' NUNDRED FIFTY FOUR
- tS 59 154.02------ an that the interest rate on said indebted-
- ness s a e 13. 50 per cent per annwa, beginning on
AUGUST 20th , 19 81 .~nd that commencing on SEPTEN~ER lOth ~
••~•r" ' 19 81 , the Owner s) shall pay said principal and interest
in consecutive monthly installments of SIX HUt~DRED ~IGHTY O~IE AND tv0/100
681.00---------- ) and a ike sum on tY~e
lOth ay o eac mont t erea_ter until the entire in~ebtpd-
ness evidenced by the aforesaid note and.mortgage, as modified
herein, is ~ully paid; except that any remaining indebtedness,
; if not soonEr paid, shall be due and payable on Ot,"TOBER lOth _
,
~ 1)9(X 2009 . _
t 2. The un~ersigned Ownz~r(s) hereby agrezs ~hat the afore
` said indebtedness stated in Paragragh 1 above is due according
i to the terms and conditions of the aforesaid notQ and m~rtgage
I _ and any modif ication thereof without defense or offset and
; further agr~es to be liable for said indebtedness as fully and
' to the same extent as if the Owner(s) was the original maker '
therpon. In addition, the Owner(s) agrees tc pexsonaily per-
' form and to fully abide by all the terms and conditions set ~
i forth in said note and mortgage ana this agreement.
~ 3. The Association recognizes the Owner(s) as the new
~ Obligor~s) on the subject ioan, appr~ves the credit of same and
800~ ~I~? P1~E
~ 12/10/79