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'.°~~~33 ASSUMP"i ION AGREENIEKT
• it e ease
AGREEMENT, made this ZY'"" day of ~,I?~Y~',/q73,by and between
HOBE SOUN D NATIONAL BANK, party of the first part, hereafter called
the "Bank", and
C & D CONTRACTOR,~, INC.
parties of the second part,
WITNESSETH: that, whereas
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WALTSR A. and PATRICIA D. REYNOIDS
hereinafter referred to as the Maker(s), being indebted to the Mortgagee
for the sum of FIFTEBN TNOUSAND and no/100-- Dollars
(315,000.00 ) did make, execute and deliver unto said Mortgagee their
certain promissory note dated February 7, 1972 , to evidence said ~
indebtedness, and also a mortgage of the same date as security there-
fore. Said mortgage is recorded in OR Book 199 Page 22~ in the
Public Records of st. Lucie County, Florida;
AND, WHEREAS, the said Maker(s) did sell and convey the
mortgaged premises to the parties of the second part, and have requested
the Bank to release them from all further personal liability for the
payment of the aforesaid note and mortgage.
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AND, WHEREAS, Lhe Bank is agreeable to give such release
provided the parties of the second part personally assume and agree
to pay the aforesaid indebtedness in accordance with the terms and
provisions contained in said note and mortgage.
_ NOW, THEREFORE, for and in consideration of the covenants,
and agreements herein contained, it is mutually agreed by and between
the parties hereto as folZows:
1. That said note and mortgage evidence and secure on un-
paid indebtedness of FOURTEEN~THOUSAND .FIVE HllNDRED EIGHT AND 38/1~~~ •
Dollars ($14,508.38 ) with interest thereon from 7-17-73.
2. That the parties of the second part, in consideration
of the_Bank releasing the aforesaid Maker(s) from a11 further personal
liability and obligation to pay the indebtedness evidenced by the ~
above mentioned note and secured by the above mentioned mortgage, do
hereuy expressly assume and agree jointly and severally to pay said ~
indebtedness, including interest thereon, and to be personally liable
therefor as fully and to.the same extent as~thoug~ the original debtors
and the original makers of said note and mortgage, and to fully abide
by and promptly comply with all the terms, conditions and covenants
contained and set forth in the aforesaid note and mortgage.
3. That the.Bank, in consideration of the parties of the .
! second part personally assuming the payment of said indebtedness, does
` hereby expressly forever release and discharge the aforesaid Maker(s)
i and their heirs, from all further personal liabilit~y and responsibility
; for the payment of the aforesaid note and mortgage and the indebtedness t
; represented thereby. ~
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~ 4. That the parties of the second part do hereby expressly
` confirm that they have no claim, demand, chose in action of offset
against the Bank, and that by reason of their having personally assumed
the payment of the afo~esaid indebtedness, that they are justly indebted
; unto the Bank for the sum stated in Paragraph 1, of this Agreement,
which indebtedness is evidenced by the aforesaid note and secured by
the aforesaid mortgage.
` S. This assumption and release agreement has been written
° in the plural as to the parties of the second part. If, however, party
of the second part is singular in number, then in such event this
agreement is to be read in the singular whenever reference is made to
` the party of the second part.
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This Instrument prepared by: Joseph E. Medeiros, Jr.
> Hobe Sound National Bank
~ " 36U ~~t~E1117 p.o. aoX ~24
~ eo~N ; Hobe Sound, Florida 33455
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