HomeMy WebLinkAbout1997 4:3F522 s 7 9
TMs Inshun+MA Wit PrepirtQ ~ ~
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HO~~ FEDRRAL $AVING~8 ~ ~
NOME FEDERAL SAYINGS 3 LOAN ,~„p „s,au„o~, o~ .w+ ~e~ch
ASSOCIAjlON OF PALM BEACH 2Y~ SOUTN COUNTY aoAD • SAW MACH. r~oRloA aa~s0
293 SOUTH COUNTY ROAD
PALM BEJ?CH. FLORIWI ~ `
RELEASE, ASSUMPTION AND MODIFICATION AGREEMENT
3~
THIS AGREEMENT made this 16th day of gebruarv • 1979
between Robert and Niilie Bvana hereinaf ter
called "Sellers" HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OP PALM
BEACH hereinafter called."Association", and Daniel snd
Marlene tKrist hereinafter called "Purchasers".
WtIF.REAS, the Seller is obligated and liable for the payment to
the Association of a promissory note, hereinafter called "Note" dated
April 24, 1974 in the original sum of 23 200_00
collars ( 3,20.00 which Note is secured by a mortgage herein-
af ter ca~~led "Mortgage", recorded in Official Record Book ~27 ,
p~ige of the public records of St. Lucie County,
Florida, encumbering real property, hereinafter called "Property",
specifically described in said Mortgage; and -
W11EFtEAS, the Association is now the owner and holder of the Note
and Mortgage, and the Seller has sold and conveyed or is about to sell
and convey the Property to the Purchaser, and the Seller and Purchaser
have requested that the Association release the Seller from further
liability under or on account of the Note; and
WHL'REAS, the Mortgagee has requested the Mortgagor to agree to
an increase in interest under the Note to Nine (
per annum; and an increasE in interest to ne will
increase the monthly installments of principal and interest to
$189.b5
NOW, TfiEREFORF., in consideration of the premises and the sum of
ONI•: ~t1LLAi2 ($1.00) by each of the parties hereto paid to the other,
receipt of which is hereby acknowledged, and in further consideration
cif the acts to he i~erform,~d by the parties hereto, each for the benefit
i of the other, it is hereby agreed as follows:
f
1. That as of the d~~te hereof, the unpaid principal balance due
on :.he I\~te and '•lortyage is S 21,648.49 - and said sum is
~~res.~ntly due and owing by the Seller to the Associatlon according to the
terms of the Note and Mortgage.
Th.-i:t the Seller from and after-the execution hereof by all
~ parties is released from further personal liability under or on account
of the Note and ~Sortgage.
3. The Purchaser assumes, covenants, promises and agrees (a) to
pay the T`+ote in installments at the times, in the manner, and in all re-
spects as therein provided and as modified-herein, (b) to perform each ;
~ and all the obl.iyations provided in the Mortgage to be performed by the
Seller at the time, in the manner, and in all respects as therein provided
an<j as modified by-this instrument, and (c) to be bound by each and all
the terms .end provisions of the P3ote and ~tortyaye, all as though the
~:ote =ind htortyage had originally been made, executed and delivered by the
Purchaser.
' 4. It is agreed that the interest rate under the Note will be
increased to 9.00 $ per annum and installment of principal and ~
~ - interest in the amount of $189.65 (S )
shall be :e -and payable on the 20th day of March 1979 -
and sub~•-~~ent installments of an alike amount shall be due and payable '
on-the 20th of each and every month thereafter until principal and
lnterest are fully paid.
S. That the property shall remain subject to the first lien,
charge and encumbrance of the Mortgage and nothing herein contained or
done pursuant hereto shall affect or be construed to affect the liens,
charges or encumbrances of the Mortgage, or the priority thereof over
an other liens, charges or encumbrances, or except as herein otherwise
slay ~r~~ided, to release or affect the liability of any party or
p~rtl~s whbtt~~bever who may now or hereafter be liable under or on account
the Note and Mortgage. gQpK3f 4 rAGE1^