HomeMy WebLinkAbout0938 Thia instrument waa prepucd by:
17?99 ~ ~ Susan L. Donnell <
ASSUMPTION AGRfiBM6NT a poEUn anviNOS ea ~o~ u
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THIS AGREEMENT madc thia 13M__ day of ..~_-------_.____..__...___..B~~C~.~?e]c'_------------ ;
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hy and betwoen FIDF,LITY FEDERAL SAVINGS AND LOAN ASSOCIATION OF WES'T PALM B~AC~i, a corporation
exieang uadec the lawa nf the Unittd Statea of Amuica, and having ite prindpai place of buaineas in the C(~ty of West Palm
Beach. Florida. hereanzfter caUod the Lendu, and ~_M. MeCall & Harriett MeCa h~f~
and John H. Gleason 8a Elizabeth R. Gleason~ hereinafcer callcd che Purchaaer;
WITNESSETH:
WHEREAS, the Lender is the awner and holder of a certain moctgage note executed and deliverod by the Seller
co the Lender, eaid nota being clated Febru~e~ry--8,--1Q7j-------------- , in the principal acnount of s~7_.9SX?~~--------------,
secured by a certain mortgage which ia recordod in Official Record Bool~ .263._____.~ psge __~47~ Public Recorda of
St . Lueie--- Couuty, Ptorida, encumbuiag the property deacribed therein, and; .
WHER.EAS, the Seller is edling the real property deacribed in said mortgagz to the Purchaser and haa aeked the
Lender to ooc~aent to said aale, and the Purchaaer haa agreed to assume aaid note and mortgage and haa aaked .tlie Lender to
consent to the Purchaaer
e assumption of aaid note and mortgage as part of the purchaae price, and; ;
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WHEREAS put of the consideration for oonsenting to said sa?le and the Purchaaer's aaswnption of aaid note and f
mortgagc is that the Lender approve the Purchaaer
s a~edit and that the interest payable on said note and mortgage shalt be at i
~uch ra3e ~h ~h~ ~sa~der shall requeet. `
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NOW THEREFORE, in consideration on the mutual covenants contained in this Agreement and in aaid note and
mcxtgage, and for other good and valuable rnnsiderations, the receipt of which aze hereby acknowledged by the Lender, it is
mutually agreed by and between the parties hereto as follows:
1. That the unpaid balance of the mortgage note assumed by the Purrhaser is 5-----~7-~35~~$.___--._.-_--_.-_ _ as ~
o~ . Ilecember--- - z~------ , 19,_7_8_.
~
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2. That the credit of the Purchaser ia satiafactory to the I.ender.
3. That (a) the interest rate in eaid original noteis changed to 8~ 75°~ _ per cent per annum, and the
monthly payments of principal and intereat in said original note are changed to S 224~3$ , per month, beginning :
D~G~it~~~'- . 19'l$._ and (b) that the Purchaser hereby assumea said mortgage and shall perform each and all ~
~~f the oovenants. agreements and obligationa in aforesaid originai note and mortgage as modified by this Agreement.
4. That all terms, covenanta and conditions in aforesaid original note and mortgage which are not inconsistent
with this Agrcement, are hereby eapreasly ratified and declared to be in full force and effect.
. S. Lender agrees to releaae the Sellu, ---Iitigh 1K.~['~?
~_811d.H8rrie~t-McCsll- `
-
and - - - -
, individually, from all obligations under aforesaid note and `
mortgage, and said peraon(a) is/are hereby released from ail personai liability for the payment of said above deacnbed note ;
in consideration of the agreement by the Purchaser to assume and agree to pay and perform each and every obligation under #
said note and mortgage aa modified by this Agreement. ,
6. The Seller and Purchaser warrant and represent to the I.ender that the tien of aaid mortgage, as modified by
chis Agreemeat, is a firat Gen upan d~e property deacribed therein and that there is no second mortgage or other aubaequent
1 ien, tight, or claim of lien, outstanding against the property deacribed in the said mortgage. In the event that there is any
such judgment or liea, right, title or interest against or in aaid property in favor of any party or partiea not a puty hereto as '
~~f the effective date of thia Agreement, or in the event that there haa been some intervening intereat which affecta the validity
ur priority of said mortgage, or ia the event that the mortgaged property has not been duly conveyed by the Seller to the Pur-
~has~ as of the date ~f this Agreement, then the release of the Seller and of the indi~7dua1(s) above~tipulated shall be of
»o force or effect.
7. That it is not intended that this Agreement conscitute the creation of a new debt, nor the extinguishment of
che debt evidenoed by aaid note and niortgage, nor does it in anywise affect or impair the lien of said mortgage, which lien is
valid and exisring fiist lien on the property desaibed in said mortgage.
8. That this Agteement shall be binding upon and shall inure to the benefits of the heira, executora, adminis-
trators, successora and assign~ of the reapective parties hereto.
9. rThe Seller hereby authorizea the Lender to give the Purchaser credit for any escrow balance which might be
held by the Lender.
10. The Purchaser agrees to pay the costa of the recording of this Agreement and any documentary stamps, .
~ntang~ble ta~c or other costa pertaining to the recording of the Agreement.
11. The uae of the ters~s "Purchaaer" and "Seller" as used in every instance shall denote the singular and/or
plural and the masculine and/or feminine and/or neuter whenever and wherever the context so requirea or admits.
IN WTTNESS WHEREOP this instrument haa been executed by the parties hereto in manner and form aufficient
co bind them, ae of the day and year first above written, Rewived ~ In A~y~M ~ T~ ~
Oue On Ciass "C" Int~npibl~ p,s~ry~ p~~ ~
pu~auent To Chapter 71, t34, ~ ~
Acts Of 1 ~7L ~
ROGER~POITitq$
goaK ~04 ~~c~ 938 ~~TURH T4 ~tDE1['i'Y ~'Df.l~
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