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IRST FEDERAI SJ~v~~IGS AND LQA~t A'S~~CI~~N QF FORT PtERCE
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' MORTGAGE MODIFICATION, RELEASE ; ,
AND ASSUMPTION AGREEMENT ~C{{ :
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Lp~ No . 23032756 Name LARRY C. WEST
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KATNLFFN $ ITH {~FST _
THIS AGREEMENT is made this 16th day of FEBRUARY ,
19 82, by and between FIRST FEOERAL SAVINGS AND IAAN ASSOCIATION
OF FORT PIERCE, hereinafter called the "Association". and
LARRY C. WEST AND KA M ~
ereina ter ca e Owner s.
W I~~;~!I~F ~~S E T N_
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WHEREAS, the Association owns and holds the original pro-
~ l~r missory note and mortgage executed on , 19 78 .
evidencinq a principal indebtedness on sai ate o ,
~ which mortqage is recorded in Official Record Book 2 , page
~ 1095 of the public rec:ords of ST. LUCIE County,
- ~ ; F~3ori~a ; and
T P ` t~
rt~ ~ WHEREAS, said mortgage provides that the Association may -
declare all of the sums secured by said mortgage to be immedi-
~ at~ly due and payable if all or any part of the property or ~any
._-,~~-~t,,j interest therein is sold or transferred without Association s
~ written consent; and
- WHEREAS, title to said property is being transferred and
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• conveyed to the Owner(s) who wishes to obtain 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
~:;1:~:;': rate payable on the sums secured by said mortgage shall be at
i` v` j a rate requested by the Association;
ti;;~;;. NOW, THEREFORE, in consideration of the covenants and
promises contained herein and for other good and val~able con- ,
siderations, it is hereby agreed that the aforesaid documents 4
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-
I'4 tion or correction thereof in accordance with the terms thereof
j and as modified herein. It is agreed that the unpaid principal
I balance of said indebtedness as of ~EBRUQRY~ 16th. 19 82
is THIRTY SIX THOUSANQ FORTY SEVEN AND 61/1
~ fS 36 047.6 an that the interest rate on said indebted-
ness.s a e 13.50 per cent per annum, beginning on
FEBRU RY 16~h and that commencing on MARCH lOth ,
~982 , the Owner s) shall pay said principal and interest
in consecutive monthly installments of FOUR NtfNDRED EIGtiTEEN AND 59/100-
~ 418.59---------~ and a like sum on the
lOth ay o eac mont therea ter until the entire indebted-
ness evidenced by the aforesaid note anci mortgage, as modified
herein, is fully paid; except that any remaining indebtedness,
~ if r~ot sooner paid, shall be due and payable on DECENBER lOth ,
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' 2. The undersigned Owner(s) hereby agrees that the afore-
~ said indebtedness stated in Paragraph 1 above is due according
E 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
i 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 Assaciation recognizes the Owneris) as the new
Obligor(s) on the subject loan, approves the credit of same and
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~ 12/10179 '
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