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HomeMy WebLinkAbout0997 ~ . . . v HARB.OR ~cOERAI SAYIN6 LOAh ~ASSOCIATiON ~ ~5 F ~ ~ ~ ~ , MORTCAGE-11~~FICATI LEASE 5~853 AND ASSUhPTION AGREEMENT i Loan No. 23029034 Name:william E. Shultz~ Carolyn J. Shultz - TNIS AGREEMENT is made this llth day of March , 1983 , by and between HA(ffiOR FEDERAL SAVINGS AND L~AN ASSOC N, ormer y First ~ederal , Savings and Lo Association of Fort Pierce~, hereinafter called the "Associa- tion; and w~~~~am E. Shultz and Carolyn . Shultz - his wife , hereinafter ca e t e er- s. ~ W I T N E S S E T N: ~',`_~~'~`yl~ WHEREAS, the Association owns and holds the original promissory n~te and nbrtgage executed on Februar 13 , 19 79 , evidencing a principal indebted- ness on said date of . , whicTi~~mortgage is recorded in Official . Record Book 308 , page of t e public records of St. Lucie County, ~ Flarida; and I~INEREAS, said mortgage provided that the Association may declare all of the sums secured by said mortgage to be immediately due and payable if all or any part of the property or any interest therein is sold or transferred without Asso- ciation's written consent; and . • WHEREAS, title to said property is bein~ transferred and conveyed to the Owner(s) who wishes to obtain Association's consent to said transfer and agree- r.~ent that the credit of the Owner(s) is satisfactory to the Association and that the interest rate payable on the sum~ 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 considerations, it is hereby agreed that the aforesaid documents be modified as follows: 1. The undersigned Owner(s) hereby expressly assumes and agrees to pay tt~e indebtedness represented by and due on the aforesaid promissory note and mort- gage and any modification or correctior~ thereof in accordance with the terms tliereof and as modified here~in. It is agreed that the unpaid princ?pal balance of said indebtedness as of March 11 , 1983 , is Fifty Two Thousand Four 'I Hundred Four dollars and 42 ~ ~ and t at the ~nterest rate on said in ebtedness sfiafi~ be per cent per annum, ; beginning on March 11 , 19 83 , and that commencing on April 1'J , 1983 , ~ the Owner(s) s a pay said princ~pa~-and interest in consecutive montTi'fy ~nstal~- n~ents of Four Hundred Thirty One and 86/100----------------($431•86------------) i and a like sum on.t e day of each month thereafter unti t e entire in e te - i i ness evidenced by the aforesaid note and mortgage, as modified herein, is fully ~ paid; except that any remaining indebtedness, if not sooner paid, shall be due and ~ payable on Marcfl lOth 200$ ~ 2. The undersigned Owner(s) hereby agrees that the aforesaid indebtedness ~ stated in Paragraph 1 above is due according to the terr,:s 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 ex- tent as if the Owner(s} was the original maker thereon. In addition, the Owner(s) ~ a~~rees to personally perform 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 Qbii~or(s} on the ; subject loan, approves the credit of same and hereby releases the original Obligor(s) ~ from further obligations or liability under the mortgage or note referred to above. ~ ~ ~ 4. Except as specifically designated herein, nothing here shall constitute ~ a change or amendment to the aforementioned promissory note and mortgage, the provi- ~ sions of which are specificaliy reaffirn~ed by the C~bli~or(s) . ~ 5. This Agreement is binding upon the hei~rs, personal representatives, ~ successors and assigns of the parties. ~ ~ M sTATE =~F FLORID~L~ oR DOCUMENIARIl~=::,~S1L.~ MN 1tix ~ BOOK t~ PMiE t~, . , t~ a DEP1. OF REYEMUf : ' ` y = ~ _ = ~ 7 8.15 1 ; ao - P.e_ , ~ ~ ~ ~ r ~ ~ - ~