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NARBOR ~EOERAL SAVIHGS & LOAN ASSOClATION
MORTGAGE ~IODIFICATION. REI.EASE
' - AkD AS~UMPTION AGREEt~IENT ~
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Loan N~. 232262.34 _ Name: Marvin J. Jenkins Q ~
Frar~ces N. Jenkir~ ~Q~ :
THIS AGREEMENT is made this 16th day of Ju1 , 19 86 , by
and between iiARBOR FEDERAL SAVINGS AN6~~AN ASS4CI. I N, ormerTy First ~ederal .
Savings and Loan Association of Fort Pierce), hereinafter called the "Associa- ~
ti on ; and I?3a,rvi.n J. Jer~)cins a married adult and Franoes N. Jenkins, his wife, ~
hereinafter ca~led t e'Owner s". ~ }A
WITNESSETH:
WHEREAS, the Association orms and holds the original prc~s~issory nate and
mortgage executed on , 19 86 eviden~ing a principa? indebted--
~ness on said date of , whicTi mortgage is recorded in Official
; Record Book 49g , page 19~ of t e publ i c records of St.~~cie County, ; ~
. ,D ;Florida; and
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; WHEREAS, said mo?~tgage 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 praperty or any interest therein is sold or transferred without Asso-
rj ciation's written consent; and
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~ WHEREAS, title to said property is being transferred and conveyed to the
._i " Owner(s) who wishes to obtain Assnciation's consent to said transfer ar~d agree- ~
<;ment that the credit of the Owner(s) is satisfactory to the Association and that
• rlthe interest rate payable on the sums secared by sa~d mort~aqe shall be at a rate :
~ ---;requested by the Assaciation; ~
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NOW, THEREFORE, in consideration of the covenants and promises contain~d
~ herein and for other good and valuable considerations, it is hereby agreed that
~ the aforesaid documents be modified as follows:
1. The undersigned ~Jwner(s) hereby expressly assumes and agrees to pay
the indebtedness represented by and due on the aforesaid pramissory note and mort- j
gage and any modification or correction thereof in accordance with the terms
thereof and as modified herein. It is agreed that the unpaid princ~pal halance
of sa id i ndebtedr.ess as of ~,~~1~~__, 19~_, i s
and th?t the interest rate on said in e te~ness s a e~ per cent per annum, ~
beginning on , 19_~_, and that comnencing
o Au ~t lst , 19 86, ;
the Owner(s) sha 1 pay said principal and interest in consecutive mont ly instal~- ;
men~s of ~ '
ar,d a like sum on the lst day of eact~ month t erea ter unt~l t e ent~re in ebted-
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 ~y ist ~ ~ 2016
2. The undersigned Cwmer(s) hereby agrees that the aforesaid indebtedness
stated in Paragraph 1 above is due according ta the terr~s and conditibns of the
aforesaid note and mor~tgage and any modification ti~ereof without defense or offset
and further agrees t~ be liable for said indebtedness as fuliy and to the same ex-
tent as if the Owner(s) ?vas the originai maker thereon. In additior~, the Owner(s)
agrees to personally perforrr ar.d to fully abide by all the terms and conditions set
forth in said note and mortgage and this agreement.
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3. The Rssociation recocnizes ti~e ~wner(s) as the Obli~or(s) on the
subject loan, appro~es the credit of same and hereby releases the original Obligor(s)
~ fron further ~bligations or lia~ility under the mortg~ge ~r note referred to a~ove.
4. Except a~ specifically designated herein, nothing here shall constitute
a change or amendment to the aforementioned prom~ssory note and mortgage, the provi-
sions of which are specificaily reaffirmed by the Obligor(s)
5. TF~~s Agreerr~nt is ~inding upon the heirss personal representatives,
successors and assigns of the parties.
~o~x 511 943
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