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HomeMy WebLinkAbout0993 . q, ~ HARBOR ~ cOERA~~< < I~I~~S OAti ASSOCIATION MORTGAGE MOOIFICATI , EASE AND ASSUMPTION AGREEMENT . . . Loan No. 23049545 Name: Jack L. Webb ' ~ THIS AGREEMENT is made this 31 day of March 83 , by ~ and between HARBOR FEDERAL.SAYINGS AN~L~AN ASSOC , y irst ederal Savings and Loan Association of Fort Pierce), hereinafter called the "Associa- ~ tion; and Jack L. Webb ~ ~ hereinafter ca e t e er s. ~ ~ W I T N E S S E T H: WHEREAS, the Association owns and holds the original pro~issary note ar.d mortgage executed on March 19 , 19 79 , evidencing a principa~ indebtea- ness on said date of , whic'Ti mortgage is recorded in Official Record Book 305 , page ~o t e public records of St. Lucie County, Florida; and WHEREAS, said mortgage provided that the Association may declare all of the sums secured by said mortgage to be imnediately 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 being transferred and conveyed to the Owner(s) who wishes to obtain Association's consent to said transfer and agree- ment 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 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 the indebtedness represented by and due on the aforesaid promissory note and mort- gage and any modification 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 March 31 , 19 83 , is Fifty seven tho~~sand nine hundred fort four and 26/ 0--- an t at t e interest rate on sa in e te ness s-TialTbe~TT. per cent per annum, beginning Qn March 31 , 19 83 , and that commencing on April 10 , 19 83 , 'Q the Owner(s) sha pay sai princ~paT-and interest in consecutive m~ont ~y -i`nstal~ j ments of Six hundred sixteen and 30/100--------------------{ ~ 616.30------------j and a like sum on the day of each month thereafter unti t e entire ~nde ted- ness evidenced by the a oresaid note and mortgage, as modified herein, is fully paid; except that any remaining indebtedness, if not sooner paid, shall be due and payable on June 10 ~x~~g 20D4 ~ 2. The undersiqned 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) agrees 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 Obligor(s) on the a=': subject loan, approves the credit of 4aol~a~ ereby releases the original Obligor(s) from further obligations or liability under ~rnortgage or note referred to above. ~fi 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 specifically reaffirmed by the Obligor(s) ~ ~ 5. This Agreement is binding upon the heirs, personal representatives, ~ successors and assigns of the parties. ~ ~ gppi ch~0 PtGE , ~ : - '`=~~~~,'~v~~~-~`.,.~.~~.