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THIS INSTRUMENT PREPARED BY:
First Citizens Federal Savings
and Lc,an Association
1600 S. Federal Highway, Ft. Pierce, Fla. 33450
C.R. McDonald, Jr., General Counsel ~
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MODIFICATIpi::°:vLEASE AND ASSUMPTION AGREEMENT ~
LOAN ~ 22072100 ppME Alfred J. Leotta
This Agreement is made this /~j1~ day of ~li~M/.~s'~' 19~, by and between
First Citizens Federal Savings anu Loan Association, herinafter called "Association"
and Alfred J. Leotta, an unmarried adult
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hereinafter called "Owner(s)."
WHEREAS the.Association owns and hotds the ori.ginal promissory note and
mortqage executed on the 21th day of July , 19 83 , evidencing a principal
indebtedness on said date of $ 32,000.00 , which mortgage is recorded in Official
Records Book 406 , Paqe 645 , of the Public Records of Si.. Lucie County,
Florida and
WHEREAS said mortgage provides that the Association may declare all sums
secured by said mortgage to be imcnediately due and payable upon the sa1e, transfer
or conveyance of said property or any part thereof without the written consent of
the Association, and ~
WHEREAS title to said property is being transferred and conveyed to the Owner~s)
who wish to obtain the Association's consent to said transfer and agreement 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 qood and valuable consideration, it is h~reby agreed that the afore-
said 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 mortgage
and any modification or correction thereof in accordance with the terms thereof as
modified herein. It is agreed that the unpaid principa2 bd~a.zce of said indebted-
ness as o~ becember 1 , Z98b , is Twenty Eight Thousand Four Hundred Eighty andNo/100
28,480.00 ) and that the interest rate on said indebtedness shall be 9.570x (ARM1
per annum, beginning on December 1, , 19 86_, and that commencing on December
lst , 19 86 , the Owner(s) shall pay said principal and interest in consecutive
monthly installments of 1~o Hundred Forty Six and 37/100--------------------------
($246.37 ) and a like sum on the lst day o~ each month thereafter, until the
entire indebtedness evidenced by the aEoresaid note and mortgage as m~difie8 herein
is fully paid, except that any remaining indebtedness, if not sooner paid, shall be
due and payable on the lst day of August , 2013 .
2: The undersignec] Ownerls) hereby agrees that the aforesaid indebtedness
stated in Paragraph 1 above is due according to the terms and conditions of the '
-aforesaid note and mortgage and any modification thereof without defense or offset
and further agree to be liable for said indebtedness as fully and to the same
extent as if the Owner(s) was the original maker thereon. In addition, the Owner(s)
~ agrees to personally perform and to fu12y abide by all the terms and conditions
set forth in said note and mortgage and this aqreement.
~ 3. The Association recognizes the New Obligor(~) as the Obligor(sl on the
subject loan, approves the credit o£ same, and hereby releases the Original OKligor(s)
I from furthez obligation or liability under the mortgage or note referred to above.
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4. Except as specifically designated herein, nothing here shall constitute
a change or amendment to the aforementioned pramissory note and mortgage the
provisions of which are specifically re~ffirmed by the new Obligor(s).
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