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ASSUMPTION AND MODIFICATION AGREEMENT Q~~
.THIS AGREEMENT a~ade this ~e7~ day of ~v~~ , A.D., 1979, by and between
THOMAS D. DURKAN and DONN~ M. DURKAN , hereinafter
callcd Purchasers, and BANKERS .TRUST COMBANY '
hereinafter called Mortgagee:
WHEREAS, a certain caortgage dated the lOth day of November , A.D., 1978 was
given by Paul P. Walker and Ethel A. Walker , hereinafter
referred to as Mortgagor, to Mortgagee which secured a mortgage note in the
principal sum of Fifty Siqht Thousand Eight Hundred and no/100 ,
which said Mortgage was recorded in Official Records Book 2 9 8 , at Page 72 , of
the Public Records of S t. Lucf e County, , Florida, encumbering the
following described property, to-wit:
Condominium Unit No. 501, of SSA PINES TOT~IER CONDOMINIUM, according
to the Declaration of Condominium thereof dated the 20th day of ,
December, 1977, recorded in Official Records Book 280, at Paqe 2622
et. seq., of.the Public Records of St. Lucie County, Floridas together
with all the appurtenances thereto, all accordinq to the said Declaration
of Condominium and.Exhibits attached thereto.
WI~REAS, said original Mortgagors have sold or are about to sell and convey the
above described property to the Purchasers, and
WI~REAS, 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,
NpW 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-Eight ThoLSand Eight Hundred and no/100
($58,800.00) , executed on the lOth day of November , 1978, 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 November lOth, 1978 , recorded
in Official Records Book 29g , at Page 7 2 , of the Public Records of .S Lu~ie
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 ( g~
per annum to ten per cent ( lp'o) per annum.
4. THAT Purchasers do hereby expressly assume and agree to pay the aforementioned
! ` unpaid indebtedness gifty-Eight Thousand Five Hundred Eiqhty-Tw and 40/100
~ ($58,582.40) , the principal and interest to be payable in monthly ~nstallments
~ - of $ 515.50 , and bearing interest at a rate vf ten per cent ( lp 9'.)
~ 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,
; Paul P. Wa2ker and Ethel A. Walker , are hereby released of
~ all liability under said original note and mortgage;
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~ 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, slter or modify any of the terms and
~ conditions of said original mortgage, except as herein changed and modified;
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7. THAT this Agreement applies to, inures to tne benefit of and binds all parties
r hereto and their respective heirs, legateea, devisees, administrators, executors, ~
~ ` successors and assigns.
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~ IN WITNESS WHEREOF, the parties hereto have caused these presents to be duly ~ ~'s
. ~li~~=
executed and their seals affixed on the day and year aforesaid:
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Signed and sealed and delivered in the presence of : ; p~p ~r Cour~tl=~ri
` M~r Can~s9on E~v~ Oet. 25. ~t
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C-l _ ~ d)'w'° E$~r~/~i~- • .
TNE THOMAS D. DURKAN , ~ -
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~'I'1- , =(s~., 7•,
~ WI ESS ' DONNA M. DURKAN ~G ~I `
311 ~a~: 2816 - ~ - . ,
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