HomeMy WebLinkAbout0980 - ~ -
I'repared for ldelle Valle ?~~54r~~ ; ~
by Barbara Kiefer . ~ ~(~;1Q2_~
Citicorp Savings of Florida
~ 230Q Glades R~. MODIFICATION AGR£EMENT LOt1N ~ 4d7183 ~
Beca Raton, Fla. 33431
~ ,
THLS AGREEMENT is made and entered into this ~ 3~ c~ay of `k.~-E
19~ by and between CITICOfiP SA1r'INGS OF FLORIDA. A ERAL SAVLUC~`S
~~SN.
(LENDER) AND LUGINDA L. JACK
(HORAOWER).
WHEREAS, LENDER and BORFtOWER entered into an adjustable rate mortgage
loa.n (LOAN) on July 31 , 19 85 , evidenced by an Adjustable Rate Note
("No~e") and secured by a Mor:gage or Deed of Trust ("Securiiy Instrument") recorded in
goak 474 , p8ge 220-221 of the Official Records of
St. Lucie Cou~ty, Florida ;and
WHE~tEAS, BORROWER can convert this LOAN to fixed rate, fully amortizing
loan under the terms and conditions specified in the Addendum to the Security
Instrument ("Addendum"); and
WHEREAS, BORROWER has met the condiiions specified in the Addendum and
desires to convert to e fixed rate loan, the terms of which are specified below;
NOW, THEREFORE, in consideration of the premises and the mutual covenant~,
promises and agr~~ments hereinto contained, LENDER and BORROWER agree ~s follows:
~ 1. Modification of Loan Terms
i
~
i 1.1. From end after ~~t 1 ~ 19 85, (the "Co~~version Date")
a the interest rate wil~ be fixed and will no longer adjust or chan~e.
F
1.2. From and after the Conversion Dat~, the unpaid balance of
~ BORROWER's indebtednsss shall b~ar interest at Lhe yearly rate of 11.000 q~,
~
~ 1.3. Starting with the first monthly installment due after the Conversion
~ Date, the principal and interest shall be paid in fixed, eonsecutive monthly installments
of ; ~50.22 until the entire indebtedness evideneed by the-Note is paid in
full; any remaining indebtedness, if not sooner paid, shall be due and payeble
on ~g~t 1 , 2015.
1.4. Any Assumption Option described in the terms and conditions of the
Note, Security Instrument, or any ciocument *eleted thereto is herzby deleted and
Uniform Covenant 1? of the Sscvrity Instrument is hereby reinstated and shall provide a.s
follows:
Transger oi the Property or a~neficial
~ fiterest in Borro~?er. If all or any part of the
~ Property or any interest in it is ~old or transferred
~ (or if a ben~ficial interest in Borrower is sold or
transferred and Sorrower is not a natural person)
~ without Lender's ~rior written consent, Lender may,
~ at its option, cequire immediate payment in full of
~ ' all sums seeured by this Se~urity Instrument.
However, this option shaU not be exercised b~
~ Lender ii exercise is prohibited by federal law as of
the date of this Seeurity Instrumen~.
1
PiV4-62 Nbdification Agreenent - (Rev. 6/86) Qn
ARN Cbnversion (Branch Loans) ~~ppK~10 i'«Gf JOIJ
~ - - ~ - - - . ~ _ :
~ ~ ~ ~ =
- ~ v~. ~ ~