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MODIFICATION, RELEASE, AND ASSUMPTION AGREEMENT
~irJo.~..
LOAN / ¢~$4 - DATE:~gr l.„)978~, .
The parties to this agreement are The Mt111amsbur h S vin B k
_ , here na ter ca a -lender'
an cae Lnc asp eman
ero na ter ca le New 0 _gor s
MHEREAS, Staple B. Bailie and Vera Jo ce Bailie his wife
hereinafter referred to as Or gina Ob gor s executed a prom ssory note or assump-
tion thereof on the- 30th day of August 19 76 .evidencing a
principal indebtedness o Th r Nici~
Do ars• 0 :00 secured y a mortgage upon real. _
proparty~sa d +nortgage being records n the u lic Records of St, Lucie'
County_ under Cle~rk~s Fi is Number 344079 -and
WHEREAS, said Original-Obligor(s) are conveying the property to said
mortgage to the New Obligor (s) , and ~'j
WHEREAS, paragraph 17 of said mortgage states that the Lender may accelerate
the balance due secured by said mortgage upon said conveyance unless the Lender and .
the person(s) to whom the subject property is conveyed reach agreement in writing
that the credit of such person(s) is satisfactory to Lender and that the interest .
payable on the sums secured by the mortgage shall be at a rate acceptable to the lender
and
• WHEREAS, in the event such an accord is reached the Lender is then required
to release the Original Obligor from all ob ligations under the mortgage and note, and
WHEREAS, the parties have reached such an agreement and wish to reduce same
to writing; _
J)
_ rf \ s . ,
- NOW THEREFORE, in consideration of the mutual promises and covenants
contained herein the parties agree as follows:
i . The enders 1 fined N~~ Obl 1 gor(s) hereb•~ express : y asssssRe .and agree to
pay the indebtedness represented by the aforementioned promissory .note which
~ indebtedness is now the-sum-of Thirt Ei ht Thousand Seven Hundred Sevent Ei h
and 02/100----------- - Do ars 3 ,77 .02 due according to the terms and
.conditions of the aforementioned note and mortgage without defense or offseti`and agree
j to be liable therefore as fully and to the same extent as if the~originel maker~or
Original Obligor(s) thereon. In addition t~#e undersigned New Obligor(~~.; agree toy.
personally perform and to fully abide by all of the terms and cond`i~ions set forth in
the aforesaid note and mortgage. ~F ~ ~ .
2. The provisions of said note and mortgage are hereby expressly reaffirmed
except~as follows: - -
(a) Interest on the subject obligation shall henceforth accrue. to the,
Lender at the rate of percent ( 9.50 per annum,
effective December 1, 197
(b) The regular amortizing monthly payment due in accordance with the
terms of the aforementioned note shall henceforth be in the sum of Three-Hundred
Thirty and 78/100-- Dollars (530.78 ) due and payable on the
$~l:~ t33y-Oi ~sJGt'i :r:~ti ss-r~s:y n~vit~tl uS Vc~i1CU IVY by i:.s Su~jca'.t. jii-Gii~i»JI-}' i:La~-,
effective December 1, 1978 .
3. The Lender recognizes the New Obligor(s) on the subject loan, approves
the credit of same, and hereby releases the Original Obligor(s) from further obligation
or liability under the mortgage or note referred to. above.
4. Except as specifically designated herein, nothing here shall constitute
a change or amendment to the aforementioned promissory note and mortgage the provisions
of which are specifically reaffirmed by the New Obligor(s).
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ROQER POITRAS ~~,Q
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