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ASSUMPTION AND MODIFICATION AGREEMENT
THIS AGREEMENT made this ~ '2 3`~ day oft , A.D., 1979, by and between
JAMES F. BESWICK, JR. and BARBARA A. BESWICK , hereinafter
called Purchasers, and BANKERS TRUST COMPANY ,
hereinafter called Mortgagee:
WHEREAS, a certain mortgage dated the 25thday of November , A.D., 197 8was
given by James Campolo and Rose Ca to , hereinafter
referred to as Mortgagor, to Mortgagee w~i~cQtl secured a mortgage note in the
principal sum ofFifty Three Thousa~ld pne Hund ea nd no/100 '
which said Mortgage was recorded in Official Recor~s Book 2 g g at Page 161 ~ °f
the Public Records of St. LueieCounty, Ft. Pierce Florida, encumbering the
following described property, to-wit:
Condominium Unit No. 1004, of Sea Pines Tower Condominium, according
to the Declaration of Condominium thereof dated the 20th day of
December, 1977, recorded in Official Records Book 280, at page 2622
et. seq., of the Public Records of St. Lucie County, Florida;
together Kith all the appurtenances thereto, all according to the
said Declaration of Condominium and Exhibits attached thereto.
WHEREAS, said original Mortgagors have sold or are about to sell and convey the
above described property to the Purchasers, 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 Fifty Three Thousand One Hundred and nol100
(~53,100.00~ ~ executed on the 25th day of November ~ 1978, by the origina1l
ortgagor, s all 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 November 25, 1978 recorded
in Official Records Book 299 , at Page 161 , 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 ofEight and three-quartp~scent ( 8.757.)
per annum to Nine and three~ler cent ( 9 .7~0) per annum.
quarters
4. THAT Purchasers do hereby expressly assume and agree to pay the aforementioned
unpaid indebtedness Fifty Three Thousand Seven Do ar and 67J 1 0
( $ 53 , 007 .67 ) the principal and interest to be paya~e ~n mtonthly installme 9 7 5
of $ 456.07 and bearing interest at a rate of Nine and $~~g~€ cent ( 70)
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,
~ S. THAT by the Purchasers express assumption of liability in full effect under the
original note and mortgage as herein set forth, the original Mortgagors,
~ James Campolo and Rose Campolo 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
i
~ 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
a 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,
successors and assigns.
q 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 p esence of:
_ ~ ~
/ ~RI~wC. _ ~ ~ c ~ (SEAL)
r fitness ~~~ir os flew ;~~se• ~ ES F. BESWICK, JR. ~
~j •~r n ~ picas April I4, 19d0 ~
~ X "'~i Lt,~ ( SEAL)
s Witne s/qL /1T , T/~Hie , dSQ, ~1RBARA A. BESWICK
/rv~ss SASS w- Ta , fS4. 1
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