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NARBOR FEDERAL SAYINGS AND LOAN ASSOCIATION
MORTGAGE MODIFICATION, RELEASE AND ASSUMPTION AGREEMENT -
RENEGOTIABLE RATE MORTGAGE
Loan No. 2~OgQ04~ ~~~e Joseph P. Harris
Melita L. Harris f~h
.
~ THIS AGREEMENT is inade ti~is 30th day of November _ , 1984 , by and j~~
between NARBOR FEDERAL SAYINGS AND lOAN ASSOCIATIOP~, forme_-~ y First Federal Savinys
nd Loan Association of Fort Pierce), hereinafter called the "Association." and
Joseph P. Harris and Melita L. Harris~_his ~rife _
ereinafter called "Owner s ~
WITNESSETH: ~
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; WHEREAS, the Association owns and holds the original renegotiable rate prom-
•~'issory note and mortgage executed on March 31st , 19 81 , evidencing
a principal indebtedness on said date of 31,500.00 , which inortgage is recorded
in Official Record Book 352 , pac~e 1591 of the public records of st.
Lucie _ County, Flor~ a; an
WHEREAS, said mortgage provides that the Association may declare all of the
sums secured 5y said rrq rtgage to be immediately due and payable if all or any part of
teh arc~perty or any interest therein is sold or transferred without Association's
:rr i tten .consent; and
WHEREAS, title to said property is being transferred and conveyed to th~ Owner
who wishes to obtain Association's consent to said transfer and agreement that the
credit of the Owner is satisfactory to the Association and that the interest rate i
initial7y payable on the sums secured by saici rrrortgage shall be at a rate requested '
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by the Association; . '
NO`~J, THEREFORE, in consideration of the covenants and promises contained here- '
in and for~other good an valuable considerations, it is hereby ag~eed that the afore-
suid ~ucum~nts ~e mofified as follows: .
1. Th2 undersigned Owner hereby expressly assumes and agrees to pay the ~
~ indebtedness repr~sented by and due on the aforesaid renegotiable rate promissory '
not~ and mortgage and any modification or correction thereof in accordance with the
i tei~~:s thereof ard as modified herein.
~ ~-p . The undersigned Owner hereby expressl~y acknowledqes that THE PROMISSORY
~ NOTE SECURED BY THE.MORTGAGE ASSUMED HEREBY CONTAINS RENEGOTIABLE INTEREST RATE PRO-
VISIOPJS. THE INTERES7 RATE ANO MONTNLY PAYMENTS CALLED FOR BY SAID NOTE ANQ THIS
ASSUMPTIOy AGREEMENT ARE THUS SUBJECT TO ADJUS7MENT, and Owner acknowledges receipt
of a true copy of the renegotiable rate note hereby assumed.
3. It is agreed by Owner and Association that the unpaid princioal balance
of the indebtedness evidenced by said renegotiable rate mortgage and note as of
~ November 30th ,19 8~+ is ~ 31,283.27 and that the interest rate on
said indebtedness shall initially be • per cent per annum, beginning on
~ Novemoer 30th, 19 84 , but subject to modification pursuant to the terms of the re-
ne otiable rate mortgage and note, and that commencing on December 20th ,
19~~ , the Owner shall pay said principal and interest in consecut~ve month y insta~-
lments of ~355•55 Such monthly installments shall continue until the entire
~ indebtedness evidenced by the renegotiable rate mortgage and note and this agreement
is fully paid, exeept that any.remaining indebtedness, if not sooner paid, according
' to the terms of the renegotiable rate mortgage and note shall be due and payable on
P~ovember 20 2011 , which is the maximum term of the obligation hereby
~ ~ assume if Owner exercises a renewal options as d~scribed in the renegotiable rate
~ rw rtyage note.
~ 4. The unde~~signed ?wner hereby agrees that the aforesaid indebtedness stated
in Parayraph 3 above is due according to the terms and conditions of the aforesaid
~ rer~c~otiab?e rate note ar~d rrx~rtgage and any modification thereof without defense or
' ~ffses and further agrees tp be liable for said indebtedr~ess as fully and to the same
Fxten± as if the Qwr.er was the original maker thereon. In addition, the Owner agrees
to per~~nally perfo n.i and to fully abide by all the terms and conditions set forth
in said rQnegotiable rate note and mortgage and this agreement.
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E 5. The Association recognizes the Owner as the new Obligor on the subjQCt
loan, approves the credit of same and hereby releases the or~iginal Obligor fram
further abligatic~n~'or liability under the renegotiable rate mortgage or note re-
ferred to above.; + c~
~ Bor~!(4~5 P~GE ~J
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