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ASSUMPTION AND MODIFICA?ION AGREEMENT
THIS AGREEMENT made this 19th day of peril , A.D., 1979, by and between :;v_
~N~INGS EARL L~PPERT AND CHARLENE C. LEPPERT . hereinafter
cal~e rcnnasers an , ~ t:~~
hereinafter called Mortgagee
KERS TRUST COMPANY ~ ~1~~-1
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WHEREAS, a certain mortgage dated the 20thday of November . A.D., 197 8was 0 `
given by John A. Penello and Doris R. Penello hereinafter ~
referred to as Mort a or to Mort a ee which secured a mort a e note in the
principal sum of Forty Six Thousand and no/100 .
• which said Mortgage was recorded in Official Records Book 298 at Page 9 6 1 , of tt~
the Public Records of S t. Lucie County, Florida, encumbering the v>
following described property, to-wit: ~ ~i''~,-~,
Condominium Unit No. 704, of SEA PINES TOWER CONDOMINIUM, according p !~Ls
to the Declaration of Condominium thereof dated the 20th day of C7
December, 1977, recorded in Official Records Book 280, at page 2622
et. seq., of the Public Records of St. Lucie County, Floridat together
with all the appurtenances thereto, all according to•the said
Declaration of Condominium and Exhibits attached thereto.
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WHEREAS, said original Mortgagors have sold or are about to sell and convey the
above described property to the Purchpsers, and
WHEREAS, the terms of the mortgage include a provision allowing Mortgagee to change
the rate of interest upon any transfer of title and to accelerate the loan balance if _
title is transferred without Mortgagee's consent,
NOW THEREFORE, in consideration of the premises, it is hereby agreed by and between
the parties hereto as follows:
1. THAT the mortgage note for Forty-Six Thousand and no/100
($46.000 .00), executed on the 20th day of November , 19 78 by the original
Mortgagor, shall remain in full force and effect except as hereinafter modified.
2. THAT the Purchasers hereby agree and acknowledge that the said promissory note
shall be secured by the original mortgage dated February 20, 1978 , recorded
' in Official Records Book 298 , at Page 961 of the Public Records of St. Lucie
County, Florida;
3. THAT Purchasers do hereby agree and acknowledge that the interest rate on the
indebtedness is being changed from a rate of Eight and one-half per cent ( 8 .5
per annum bo Ten per cent ( 10 7.) der annum.
4. THAT Purchasers do hereby expressly assume and agree to pay the aforementioned
unpaid indebtedness Forty Five Thousand Nine Hundred F~f teen and 78/100
($4 5,91 5.78) the principal and interest to be payable in monthly installments
of $ 403.49 , and bearing interest at a rate of Ten per cent ( 10
j per annum, and to be personally liable therefor as fully and to the same extent as
though they were the original debtors and original makers of said note and mortgage,
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5. THAT by the Purchasers express assumption of liability in full effect under the
original note and mortgage as herein set forth, the original Mortgagors,
~ John A. Penello and Doris R. Penello ~ are hereby released of
~ all liability under said original note and mortgage;
6. THAT the property hereinabove described shall remain subject to the lien, charge
and encumbrance of said original mortgage and nothing herein contained or done pursuant
thereto shall in any manner or way affect, alter or modify any of the terms and .
conditions of said original mortgage, except as herein changed and modified;
7. THAT this Agreement applies to, inures to the benefit of and binds all parties
hereto and their respective heirs, legatees, devisees, administrators, executors,
A successors and assigns. -
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IN WITNESS WHEREOF, the parties hereto have caused these presents to be duly
executed and their seals affixed on the day and year aforesaid..
Signed and sealed and delivered in the presence of: i
,1
N~ - -
(SEAL)
WITNESS . _ JENN NGS EAR EPPERT
i
(SEAL) -
y .WITNESS CHARLENE C. LEP E T
' - 1 - ACC!! ~UO ~ACf 18~ i"
-5~ LAW OFFICES OF JOSEPH M FITZGERALD. P. A.• 50Q SECURITY TRUST BUILDIIVC". MIAM. FLORIDA 33131 1305) 35b7143 '
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