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~ HAltBOR FEDERAT..SAVINGS AND LOAiV ASSOCIATION
MORTGAGE MQDIFICATION, RELEASE AND ASSUMPTION AGREF.MENT
ADJUSTABLE RATE LOAN MORTGAGE AND NOTE
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LOAN NUMBER 23258799 NAI~ William H. Crawford
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NAME Lorri J. Crawford
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THIS AGREEMENT is made this 23rd day of April 198~'7, by and between HARBOR FEDERAL ~
SAVINGS AND LOAN ASSOCIATION, hereinafter, called the "ASSOCIATION", and ~
Will~am H. ~rawford, a married adult ant Lorri J..Crawford, his wife ;
hereinafter called Owner(s)' _
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WITNESSETH: '
WHEREAS, the Association owns and holds the original~adjustable rate promissory Note and
Mortgage executed on Febru~y lgth , 19 g'7, evidencing a principal indebtedness on
said date of ; 45.000.00 which Mortgage is recorded in Official Record Book 0532
Page 2405 , of the public records of St. Lucie County, Florida; and ;
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WHEREAS, said Mortgage provides that the Association may declare all of the sums secured
by said Mortgage to be immediately due and payab2e if all or any part of the property or ;
any ~nterest therein is sold or transferred without ASSOCIATION'S written consent and;
WHEREAS, title to said property is being transferred and conveyed to the OWI3ER 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 initially 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 promfses contained therein, the
premises above set forth, and for other good and valuable considerations, it is hereby
agreed that the aforesaid documents be modified as follows:
1. The undersigned OWNER hereby expressly assumes and agrees to pay the indebtedness
represented by and due on the aforesaid Ad~ustable Rate Promissory Note and Mortgage and
any modification or correction thereof in accordance with the terr~s thereof and as
~ modified herein.
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2.(A) It is agreed by OWNER and ASSOCIATION that the unpaid principal balance of the
indebtedness evidenced by said Ad~ustable Rate Mortgage Note as of Anril 23rd .19 87~
` is ~ 44,966.60 and that the interest rate on said indebtedness shall initially be
~ 7_5~ per cent per annum, beginning on_~ril 23rd . 19~, but sub3ect to
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modification pursuant to the terms of the Ad~ustable Rate Mortgage and Note, and that
' commencing on ~ 1~t , 19~, The OWNER shall pay said principal and interest in
i consecutive monthly-installments of ~~1Q.65 and a like sum on the lst day of
; each month thereafter. Such monthly installments shall continue subject to ad~ustment,
until the entire indebtedness evidenced by the Ad3ustable Rate Mortgage and Note and this
~ agreement is fully paid, except that any remaining indebtedness, if not sooner paid,
according to the terms of the Ad3ustable RatQ Mortgage and Note shall be due and payable
r !~arch l, 2017 which is the maximum term of the obligation hereby assumed.
~ (B) Change Dates
The interest rate I will pay may change on the lsf day of March , 1988 , and on
. that day of the month every 12 months thereafter. Each dste on which my ineerest
rate could change is called a"Change Date".
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(C} The Index
Beginning with the first Change Date, my interest rate will be based on an "Index".
The index is the weekly average yield on United States Treasury securities ad3usted to a
~ constant maturity of pne years, as made available by the Federal Reserve Board. The
f most recent figure available as of 45 days before each Change Date is called the "Current
~ Index".
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~ (D) Calculation of Changes
Before each Change Date, the Note Holder will calculate my new interest rate by adding
Ztao & 75~100 percentage Points ( 2.75 to the Current Index. The Note Holder will
then ronnd the result of this addition to the nearest one-eighth of one percentage point
; (0.125x). Subject to the limits stated in Section (E) beloW, this rounded amount will be
; my new interest rate until the next Change Date.
~ The Note Nolder will then determine the amount of the monthly payment that vould be .
sufficient to repay the unpaid principal that I am expected to owe at the Change
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' R O1/OS/86 (ADJUSTABLE/ASSUMPTION) MS18B 0 Q Page 1 of 3
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