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. ASSUMPTION AND I"nDIFICATION AGREEMENT ~ ~ /
~ THIS AGREEMENT made this day of /jf/~'~ , A.D., 197', by and between
RICHARD D. FO TSR and NARION R. FOSTER , hereinafter
called Purchasers, an~ BANKERS TRUST COMPANY '
herei~after called Mortgagee: p ~
WHEREAS, a certain mortgage dated the 14thday of July , A.D., 197 8was ~(p•
given by Frank J. Veqh and Elaine T. Veqh . , hereinafter
referred to as Mortgagor, to Mortgagee which secured a mortgage note in the
principal sum of Fil~y _Oa~ J.'rhonts~~• ~Th7rsa ~ Ynndred and no/lU0 , f
which said Mortgage was recorded in Official Records Book 290 , at Page 1256, of
the Public Records of St. ~ LucieCounty, , Florida, encumbering the '
following described property, to-wit:
Unit No. 603, of SEA PINBS TOWER CONDOMINIUM, according to the
Declaration thereof, recorded January 24, 1978 in Official Records
' Book 280, at page 2622, Public Records, St. Lucie County, Florida,
toqether with all the appurtenance~thereto, all accordinq 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 ~rovertv 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,
NUW THEREFORE, in consideration of the premises, it is hereby agreed by and between
the parties hereto as follows:
1. TNAT the mortgage note for Fif ty One Thousand Three Hundred and no/100
($51,300.00) , executed on the 14th day of July , 19 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 J u ly 14, 1 9 78 , recorded
in Official Records Book 290 , at Page 1Z56 ~~f the Public Records of St. Lucie
County, Florida;
3. THAT Purchasers do hereby agree and acknowledge that the interest rate on the t
~ indebtedness is being changed from a rate of Eight and three- er cent ( 8, 75
; per annum to Ten per cent ( 10 per annum, quart~rs
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= 4. Tt1AT Purchasers do hereby expressly assume and agree to pay the aforementioned
= unpaid indebtedness Fifty One Thousand Twenty Six Dollars and a6/100
€ ($51,026.46) , the principal and interest to be payable in monthly installmenEs
~ of $ 449.65 , and bearing interest at a rate of Ten per cent ( 10 7.)
i per annum, and to be personally liable therefor as fully and to the same extent as ~
~ though they were the original debtors and or'.ginal makers of said note_and mortgage,
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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,
Frank J. Vegh and Elaine T. Vegh , are hereby released of
~ all liability under said original note and mortgage;
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~ 6. TNAT the property hereinabove described shall remain subject tQ 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 tne benefit of and binds all parties
~ hereto and their respective tieirs, legatees, devisees, administrators, executors,
~ 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.
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Signe :~and sealed and livered in the presence of: ,
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~ ! 'I
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~ --i, ~ J tic-m. " ~ -~i (SEAL)
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~ WITNE RICHARD D. FOSTER ;
~ -c-"'~c / Gr/~+,~-l c:-!i ~L- ~ ~='G~-"rC. (SEAL) _ t
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~ {dITNESS MARION R. FOSTER
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