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s OOCUMENTARYs.°'~.,~_STAMP 1A~ ) ~as°~~ This : Cntt!'iNnD Was~~iared by;
" OEPt, F REVENUE , G
ARLENE POLIFRONI
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MODIFICATION, RELEASE, AND ASSUMPTION AGREEMENT
LOAN; ~ 6312 DATE: Julyr 1, 1979
The parties to thi s agreement are THE WILLIAMSBURGH SAVINQS HANK
ere na ter ca ed lender"
and EDWIN KLA
EN d ME
- ere na ter ca ed 'New b Igor s •
WHEREAS, JURGEN ANKENBRAN
hereinafter i^eferre to as 'Or ginal Ob gor s "executed a promissory note or assurtip-
tion thereof on the rd day of Junta , 19?~, evidencing a
principal indebtedness. o Twenty Eight Thousand Three Hundred _and o/100---
----------F--~~~..--- Dollars 2S 00.00 secured by a mortgage upon real
property sa mortgage being recorde n t e Public Records of St. Lucie •
County under Clerk•'s FI le ~ Number 370148 - and
• WHEREAS, said Original Obligor(s) are conveying the property to said
mortgage to the New Obligor(s), and
WHEREAS, paragraph 17 of said nartgage states that the Lender may accelerate
the balance-.due secured by said nartgage 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 is then required
to-release the-Original Obligor. from all ob9_i~ations 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 is now tf~e sum of Tir nt ven Thousand Ei ht Hundred Fift Three
end O1/100-.----.---- - -_.11011 r.Slr ~ - pl due according to the terms and
conditions of the a orementioned 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
Original 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 Nine and Seven Eighthspercent (9.875 per annum,
effective 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 ofTwo Hundred Forty
t Four and 79/100-:---~--~-.----~.---..-.-poi cars 2~b.79 ) dce and payable on the
same day of each and every month as called for b•~ the s;sb;ect promissory note,
effective August 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. 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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