HomeMy WebLinkAbout2915 _ _
This In t nt pared by.
_ ~ ~ ARSE.
NE POLIFRQNI
MODIFICATION, RELEAS~ti~AND ASSUMPTION AGREEMENT
LOAN / 6079 ,#,s,~~!`~ ~ OATS: May ~ 1979
The parties to this agreement are The Williamsbur h Sevin s Bank
an Prescott rown an enn rown, s wife ina ter ca ed Lender'
ere na ter ca led 'New Ob igor s
WHEREAS, Omer E. Kronenwetter and Helen Kronenwetter his wife
hereinafter referred to as "Ortgina Ob igor s " executed a promissory note or assump-
tion thereof on the 26th day of November ~ 19 75 ,evidencing a
principal indebtedness o _
~ila.w!?~.~.r. ~.w'w~.w www-ww Dollars S secured by a~mortgage upon real
property said mortgage being recorded n the Public Records of St_Luei e
County under Clerk's File Number X21 829 and
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
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
` _
WHEREAS, in the event such an. accord is reached the Lender i~s~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 THEREFORE, 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 dote evhieh
indebtedness is now the sum of Thirty Six Thousand Eighty and 88/100-------
Do ars , due according to the terms and
conditions of the aforementioned note and mortgage without defense or offset and agree
to be.li.able therefore as fully and to the same extent as if the original maker or •
Origieal 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
the aforesaid note-and mortgage.
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 Nines end Seven.-Eighths Percent ( q, 875 per annum,
effective Mav 1,, 1979
(b) ~ The regular amortizing monthly payment duc in accordance with the
terms of the aforementioned note shall henceforth be in the sum of Three Hundred
€ + Twenty Three and -No/100.-•-•-~-~~-~--.-~ Dollars (S323.00 ) due and payable on the
-same day of each and every month as called for by the subject promissory Hate,
` effective June 1, 1979
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 obligation
or liability under the mortgage or note referred to above.
4. Exce t as s ecificall dzsi Hated herein nothin here shall constitute
P. P Y 9 . 9
a change or amendment to the aforementioned promissory note and mortgage the provisions
of which are specifically reaffirmed. by the New Obligor(s).
;TATS Ft..:.U~i~
UC.UMEN;ARY,<`:.s%;. STAMP 'l~,. ~c~f~_ -
{,i .I ;PT. t~f REVENUE ¦ MrI~IT OF TA>tQ
~ - ~~~"F`~~~~ ~ 5 4. 15 ~l : os cuss ~ INTAM~Lt ?~so„At ~wortimr
w~v21'74,`:r~ ,p~-` BJ.:(ti TO fNAPTE.Q 71-1 A ~
Panes
. ...x a.:c.uR cousT, ~ sT. trct ea„ 1k
- BdUK3~.4 P1~2!~07 ~ - .