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-1 s~i'E F~u~~:~~ 45~.608 ~
DOCUMENTARY ~¢•;.~STt~MP x ~ . This~ i~strua~n~~ was p~~~ed by: .
• OCYT.~ENUt%:'~ . ~ ' :
_ p~ ~,~.Id'~9~: .r• f: 4 4. T U ~ AR .N PnT.TFR~)NT , i
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6 MODIFICATION, RELEASE, AND ASSUMPTION~AGREEMENT j
~O~ ~ i
~ppN / 69p3 OATE:M~v 1. 19~Q
The parties to this agreeme~t a~e The Williamsbur h Savin s Bank
~ hereina ter cal ed 'Lender"
and ~
~ hereina ter ca led "New Ob igor s'.
,
,
~
WHEREAS~ '
herei~after referred to as "Or ginal Obligor s" executed a p~omissory note or assump- ~
tion the~eof on the ~7~~~ day of i~,~v . 19~_, evidenci~g a
principal indebtedness of - ~
Dollars secured by a mo~tgage upon real ~
property said mortgage being recorded ~ the Public Records of ~t= Lucie___ ~
County under Clerk's File Number q~p$$2 , and ~
~
WHEREAS, said Originai Obligor(s) are conveying the property to said '
mortgage to the New Obligor(s), and
WHEREAS, parag~aph 17 of said mortgage states that the Lender may accelerate j
the balance due secured by said mortgage upon said conveyance unless the Lender and =
the person(s) to whom the sub,ject 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 shali be at a rate acceptable to the Lender
and ~ =r~~~=>;:~
WHEREAS, in the event such an accord is reached the Lender is then ~equi~ed ~
to release the Original Obligo~ from all obiigations under the mortgage and nots, and :
;
WHEREAS, the parties have reached such an agreeme~t ~nd wish to reducc sars:e ~
:
to writing;
NOW THEREFORE, in consideration of the mutual promises and covenants ~
contained herein the parties agree as follov~rs: ~
~
1. The undersigned New Obligor(s) hereby expressly.assume and agree to
pay the indebtedness represe~ted by the aforementioned promissory note which f
i ndebtedness i s now the sum of Twent I~ine Thousand Seven HUNDRED Fort ~ ~
~ On~and 07/100~-~--r-----~ > ars 29 .7 1. 07 due accord i ng to the terms and ~
cond~tions 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 ~
Ortginal Obligor(s) thereon. In addition the undersigned Ner+r Obligor(s) agree to y
` personally pPrform and to fully abide by all of the terms and conditions set forth in ;
the aforesaid note and mortgage. ~
v
4
2. The 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 Seven Eighthspercent ( 9.875 per annum,
effective May 1,
(b) The regular amortizing monthiy payment due in accordance with the
terms of the aforementioned note shall henceforth be in the sum of Two Hundred
~ Sixty and 96/100~---~-~---~-~--r~-~-~-Dolla~s (S 260.96 ) due and payable on the
~ same day of each and every month as called for by the subject promissory note,
a' ef fect i ve June 1, 1979 _
~
~ 3. The Lender recognizes the New Obligor(s) on the subject loan, approves :
~ thc credit of same, and he~eby releases the Original Obligor(s) from further obligation ~
~
~ or Ilabllity under the mortgage or note referred to above.
~ -
~
4. Except as specifically designated herein, nothing here shall constitute `
~ a change or amendcnent to the aforementioned promissory note anJ mortgage the provisions
of which are specifically reaffirmed by the Nevi Obiigor(s). ;
s~ ~
~Iwd • M Phrmsnt Oi T~xes ~
~M ~ C~'~C"' k~Ml~i~ P~tsonai Propsrty.
"~w~nt Te Ch~a? 71. t a4. Aas Of 1871. ~
~~f.!;~ TlT~_~ ,~c~;,? ~ ~ : r ~ ~;t?!'~R~y A0~11 l~OtZMS ~L ~ i
` ~ ~ _ ~ • _ ~ : - • ` 6n~K ~1~ PdGE ~VU a"~` a"~"~ Cw1,.le. tr~M, Ca Ha ~ ~
~iJt:l f iZ;\~.::, t=..ii til~a 3.:r'f;~~ _ . ~ ~ ~
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