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DO~UMENTARY~.- ST/AMP 1t.x, 456'T73
tlEPi.C~t~kEYEiVUE •~?t`t ~ This in;tr nt wd p red b •
- P. - :.x:;2!'79 1~~~; 3 9. f 5 ~ ~ t 1 y.
=.t ARLENE p0~FR0
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MODIFICATION, RELEASE, AND ASSUMPTION AGREEMENT
LOAN ~ 6917 DATE: July 1, 1979
The parties to thi s agreement are THE WILLIAMSBURGH SAVINGS BANK
here na ter ca led "Lender"
an , swfe
• hereina ter ca led "New Ob 9or s
t
WHEREAS, MARTIN C . STETZE
hereinafter referred to as 'Orig nal Ob gor s executed a prom ssory note or assump-
tion thereof on the 10th day of June 19~, evidencing a
pr i nc i pa 1 i ndebtedness o Twent Six Thous nd
------.r..-_w_......_..w.•_ DOI tars 2 200.00 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 411900 , 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 acceptali'le to the Lender
and . ~ f • ~ ~ . ~
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 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 note which
indebtedness i s now the sum of Twent Six Thous nd Tw"
Do ars 2 .012.15 due according to the terms and
co.~ditions of the aforementioned note and mortgage without defense or offset and agree
t~ be.Jiable therefore as fully and to the same extent as if the original maker or
t?rigihal Ob.ligor(s) thereon. In addition the undersigned New Obligor(s) agree to '
j 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
E 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, ~
I of fect i ve July 1, 1 .
(b) The regular amortizing monthly payment due in accordance with the
~ terms of the aforementioned note shall henceforth be in the sum of Two Hundred Twenty
j Eight and 61/100-~---~---~--.-~.__ Ool lar•s 228.61 ) due and payable on the
same day of each and every month as called for by the subject promissory note,
~ effective Aug 1, 1979
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i 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.
f
E 4. Except as specifically designated herein, nothing here shall constitute
a change or amendment to the aforementioned promissory note and mortgage the provisions
of which are specifically reaffirmed by the New Obligor(s).
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ANi OT ~'M1AMj'I8:[ PERSAMAI PNQpERTY
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