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293 SOUTH COUNTY ROAD ~
PALM BEACH, FLORIDA. ~ E
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T ON AND MODIFICATION AGREEMENT ~h
RELEASE ASSUMP I
3
THIS AGREEMENT made this 16th day of February ~ 199
between Robert and Willie Evans hereinaf fret
called "Sellers" NOME FEDERAL SAVINGS AND LOAN ASSOCIATION OP PALM
BEACH hereinafter called "Association", and Daniel and
Marlene Krist hereinafter called "Purchasers".
WFFF.REAS, the Seller is obligated acrd liable for the payment to
the Association of a promissory note, hereinafter called "Note" dated
April 24, 1974 in the original sum of 23200.00 ,
Dollars (913,200.00 ) , which Note is secured by a mortgage, herein-
after ca~~ted "Mortgage", recorded in Official Record Book 227 •
page of •the public records of St. Lucie County,
Florio?a, encumbering real property, hereinafter called "Property",
specifically described in said Mor*_gage; and
WIFEFZEAS, 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 conve}• 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
WHEREAS, the ~lortgayee has requested the Mortgagor to agree to
an increase in interest under the Note to Nine (
per annum; and an increases in interest to ne will
increase the monthly installments of principal and interest to
$189.65
~ NOW, TFFEREFORE, in consideration of the premises and the sum of
t ONF: nnLLAR (S1.00) by each of the parties hereto .paid to the other,
~ receipt o; which is hereby acknowledged, and in-further consideration
of the =acts to be I~erform•~d b}' the parties hereto, each for the benefit
of tine other, it is hereby ac;reed as follows:
I
' 1. 7'h.~t as of the d~3te hereof, the unr~aid principal balance due
nn Lhe~ ?ote and '•tortyage is S 21,648.49 and said sum is
pres.~ntly clue and owing by the Seller to *_he Association according to the
terms of the Nate and ~~ortgaye.
Th~~t the Seller from and after tiles execution hereof b}~ all
parties is released from further personal liability under or on account
of the Note and '~;ortyage. i
3. The Purchaser assumes, covenants, promises and agrees (a) to
pay tae ;•iote in installments at the times, in the manner, and in all r.e-
• spects a~ therein provided and as modified-herein, (b) to perform each
and all tt:e obligations provided in the Mortgage to be performed by the
Seller at *_he time, in th~~ manner, and. in all respects as therein provided
arl as modified by this instr~_rment, and (c) to be bound by each and all
~ the tr_rms and provisions of the Note and Mortgage, all as though the
?:ote an~i htortgaye had originally been made, executed and delivered by the
Purchaser.
4. It is agreed that the interest rate under the Note will be ,
incrr~ased to 9.00 ~ per annum and installment of principal and
interest in the amount of $189.65 )
- 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 tt~e 20th of each and every month thereafter until principal and
interest are fully paid.
5. 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 6 t strued bo f~~ ~he(•lier~~,
charges or encumbrances of the Mo~gageK ,~r~the ~r~Dr' ~•tt~reo~ 'very
an other liens, charges or encumbrances, or exct~pt• as e~eifi•dtwi~~e` '
= Q~ r~~sly provided, to release or affect the liability of any part o~
p,
parties whbm~oever who may now or hereafter be liable under or on~ nt~•
the Note and Mor e. ~ ~ U k
- ~t~~~sard 3oc~3U5 ~.:~1865 sec~3U4 ~AC~19