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HomeMy WebLinkAbout0987 { HARBOR F~tIE~At~S~A1~NGS i~' lOAh ASSOCIATION MORTGAGE MODIFICATI01~1, RELEASE s~.~BO~ AND ASSUMPTION AGREEMENT ~ , .r? < Loan No. 23069618 "#Name: Frank P. Litzenberger h~ Mary T, Litzer,berger ~ THIS AGREEMENT is made this 10th day of MaY , 19 83 , by and between IiARBOR FEDERAI SAVINGS g.ND ~OAN ASSOC ~N, ormer y First ~ederal Savings and Loan Association of Fort Pierce), hereir~after alled th~ "Assoc~a- tion; and Frank P. Litzenberyer and Mary P. Litzenberger ~(his wife) hereinafter ca ed t e'Owner s". ~ WITNESSETH: ~ ~ I~NEREAS, the Association owns and holds the original promissory note and mortgage executed on t4arch 23 , 19 80 , evidencing a principal indebted- ness on said date of ~ • , which ortgage is recorded in Official Record Book 328 , page of the 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 Qwner(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 rnort- 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 May 10, ~ 19 83 ~ is Thirty Five Thousand ; Six Hundred Sixty Four and , ~ and that the interest rate on said inde tedness s a e 14.00 per cent per annum, ` beginning on Ma 10 , 19 g3 , and that comnencing on ~une 10 , 19 t33~ f the Owner(s) siia pay sa~d princip la and interest in consecutive mont y instal~ ' ments of Four Hundred Twent Seven and 55/100-------------- 427.55---- ` --------y ! and a like sum on the lOth day of each month thereafter unt~l t e entire indebted- ~ 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 May 10 ,~9c 200.9 2. The undersigned Owner(s) hereby agrees that the.aforesaid indebtedness ~ stated in Paragraph 1 above is due according to the ter~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 O+,mer(s) was the original maker thereon. In addition, the Owner(s) ~ agrees to personally perform and to fu~ly 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 ~ subject loan, approves the credit of same and hereby releases the original Obligor(s) ~ k fram further obligations or liability under the mortgage or note referred to above. ~ 4. Except as specifically designated herein, nothing here shall constitute k a change or amendment to the aforementioned promissory note and mort4age, 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. ~ ~ ~ _ ~ , ocu~nnT~ F~L ~F?iG,~ ~ ~ ~ N EN~AKr{~=,. .QS~.,nnP ~ [,E~T QF F.EYENUt~.' ~ ~ ~ iIK/(~ ~p~ ee. _,rurtrs3 ~ S 3. 5 5 1 D00f( `fU~ pAGE i7QreJ. ~ , u~' _ a. t ~ . ~~'.ai ` ~ , . " ~,.r ~ y,~° ~ - .',~.~~s~ i