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NAR80A FED'~'~AL.SAYINGS & lOAN A;..OCIATIOH
E~z"~'~ MORTGAGE h10UIFICATION, RELEASE
AND ASSUI~TION AGREEMENT ~
Loan No. 23U95274 Name: John W, w~r~,
Jul ia C. Mletmore q~
h~.
THIS AGREEMENT is made this llth da~y of A st , 19 ,
b
and betrreen HARBOR FEOERAL SAVINGS Ai~~T~MI ASSOC , ormer y First ~ede
al
Savings and Loan Association of Fort Pierce), h~reinafter called the "Associa-
tion; and John W. Wetmore and Julia C. Wetmore ,
hereinafter ca e t e er s.
WITNESSETN:
WHEREAS, the_Association owns and holds the original promissory note and
mortgage executed on June 26 , 19 81 , evidencing a principal indebted-
ness on said date of ~bl 8, 00,0 , wh~c~mor.tgage is recorded in Official
Record Book 358 , page 17 3 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 im~diately 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
Owr~er(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;
NOMF, THEREFORE, in consideration of the covenants and promises contained
'~~'Fierein 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- f
gage and any modification or correction thereof in accordance with the terms '
thereof and as modified herein. It is agreed that the unpaid principal bal~ance
of said indebtedness as of Au ust 11 , 19 83 , is One Hundred Sixt Seven
, Thousand Two Hundred Twenty ne an U----------------- 16 221.51-------
an t at t e~nterest rate on sa n e te ness s a e 13.5u per cent per annum,
~ beginning on August 11 , 19 t33 , and that comnencing on Se temher 5, 19 g3, _
~ the Owner(s) s a pay sa princ
p~ aTand interest in consecutive mont y nstall- ;
~ ments of One Thousand Nine Hundred Thirt Two and 77/1u0----{ ~ 1931.77------____) ~
and a like swn on t e day of each month thereafter unt t e ent re ~n e ted-
; ness evidenced by the ~oresaid note and mortgage, as modified herein, is fully
€ paid; except that any r~naini~g~ ~n~dQbtedness, if not sooner paid, shall be due and _
~ payable on July 5,
6
~ 2. The undersigned Owner(s) hereby•agrees that the aforesaid indebtedness =
stated in Paragraph 1 above is due according to the terris and coaditions~of the ~
aforesaid note and mortgage and any modification thereof withou~t3defen~e or offset ~
and further agrees to be liable for said indebtedness as fully and to the same ex- ~
tent as if the OMmer(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
~ 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.
F
" 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)
r 5. This Agreement is binding upon the heirs, personal representatives,
~ successors and assigns of the parties.
~ °
g ST~a~7"'~ Fl_CF~I~?!a ~ ~
' OOCUMENTARY~;--~:-;:. SIAMP TAx ~
" IKPT. OF REVENVE •i-. - - ~ c-+ ~ ~
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