HomeMy WebLinkAbout1907 4•~~8a3~ ` ~ ~1tls instrument was prepared by: • I
ARLENE POLIFRONI
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MODIFICATION, RELEASE, AND ASSUMPTION AGREEMENT
LOAN / b335 DATE: February 1, 1979
The parties•to~.Lh~s'$~reement..are The Williamsburgh Savings (3ank
, hereinafter called "Lender"
and Art ur M
hereinafter called "Rew Ob igor s
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WHEREAS, C e
hereinafter referred to as "Original Ob gor s " executed a promissory note or assump-
tion thereof on the ,~~6th day o .,..192? evidencing a
principal indebtednesls..of - ~ ^ ~
- _..r+-- ~~1~` l~l'i+ 4.?fllrs y n?(~r'~Q,1QQ us~n rat -4?-«e.-.~ '
ggrop~rty .sal .mortgage. being recoraad<,i,n,•'th_e Public Regords of i,,l~~P
County under Clerk's File Number 3?tS476' and
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WHEREAS, said Original Obligor(s) are conveying the property to said '
mortgage to the New Obligor(s), and ~
WHEREAS, paragraph 17 of said mortgage states that the Lender may accelerate
the balance due secured by said mortgage upon said conveyance unless the Lender and 3
the person(s) to whom the subject property is conveyed reach agreement in writing
that the credit of such person(s) is satisfactory to Lender and that the interest
payable on the sums secured by the mortgage shall be at a rate acceptable to the Lender
and
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WHEREAS, in the event such an accord is reached the lender is then required
to release the Original Obligor from all obligations under the mortgage and note, and
WHEREAS, the parties have reached such an agreement and wish to reduce same
to writing; '
NOW THCREFORE, in consideration of the mutual promises and covenants
contained herein the parties agree as follows: .
{ 1. The undersigned New Obligor(s) hereby expressly assume and agree to ~
pay the indebtedness represented by the aforementioned promissory note which
indebtedness is r~av the sum of Twenty~Three Thousand Nine Hundred and
~ No/100------------------Dollars 23.900.00 due according to the terms and
conditions of-the aforementioned note and mortgage without defense or offset and agree
to be liable therefore as fully and to the same extent as if the original maker or
Original Obligor(s) thereon. In addition the undersigned New Obligor(s) agree to
~ personally perform and to fully abide by all of the-terms and conditions set forth in
1 the aforesaid note and mortgage.
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2. Tl~e provisions of said note and mortgage are hereby expressly reaffirmed
except as follows:
(a) Interest on the subject obligation shall henceforth accrue to the
Lender at the rate of Nine and One Half percent ( 9.50 per annum,
effective February , _
(b) The regular amortizing monthly payment due in accordance ?vith the
terms of the aforementioned note shall henceforth be in the sum of Two Hundred and.
' Three and No%10_0_=---------------r Dollars (S 20-3.00 ) due and payable on the
sa~e+.: day of each and every month as ca~led~for by the subject promissory note, A
r of fc.c t i ve March 1, 1979
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3. The Lender recognizes the New Obligor(s) on the subject loan, approves
the credit of same, and hereby releases the Original Obligor(s) from further obliga4ion
or liability under Lhe mortgage or note referred to above.
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4. Except as specifically csesignated herein, nothing here shall constitute ~
a change or amendment to the aforerc~entioned promissory note and mortgage the provisions
of which are specifically reaffirmed by the New Obligor(s). ~(C`~
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