HomeMy WebLinkAbout0947 ' ~~•a4~369 Thts Instrument was prepared by:
ARLENE POLI~'RONI
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MODiFiCATION, RELEASE, AND ASSUMPTION AGREEMENT r
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LOAN / 9137 DATE: Ju~ 1, 3979 -
-The parties to this agreement are The Williamsburgh Savings ~ Bank
here Wafter called "Lender" {
and Haro r.. omson r. an ar n J. Thomson his wife
hereinafter called "New Obligor s
k'~IEn~AS, Loren 1). Hebler and Henrietta P. Hebler h~.s wife
hereinafter referred to as !'Original Obligor s " executed a promissory note or assume- ~
tion thereof on the 11th day of Apri 1 19 77 ,evidencing a
principal indebtedness of wen y Eight ousan ree Hunared~ and No/100
-------`-------------Dollars , secured by a mortgage upon rea I
property said mortgage being recorded in the Public-Records of St. Lucie
County under Clerk's file Number 36 3560 and
WHEREAS, said Original Obligor(s) are-conveying Lhe property to said {
mortgage to• the New Ob 1 i gor (-s) , and ` ~ 3, i=~s j " ~
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 acceptabie_to the lender
ands -
" WHEREAS, in the event such an accord is reached the Lender is then required
to release the-Original Obligor from all o3ligations 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 fol-lows: -
- 1. The undersigned New Obligor{s) hereby expressly assurrw and agree to
pay_the indebtedness represented by the aforementioned promissory note which
indebtedness is now the sum of ant Se n Thou nd E t Hundred Thirt Tw _
~3A~ 69100-•--------------Dollars 27 ~ $32.6q due according to the terms and
conditions of the aforementioned note and mortgagz without defense or.offset and agree
'~~~q be _1 fable therefore as fully and to the same. extent as i fthe--original- maker or
~,a;¢rigirtal'Obligor(s) thereon. In addition the undersigned New Ob-ligor(s) agree to
~ersohelly perform ana to fully abide by all of the terms and conditions set forth in
he•a,,foresaid note and mortgage.
2. The provisions of said note and mortgage are hereby expressly reaffirmed
except as follows:
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(a) Interest on the subject obligation shall henceforth accrue to the
Lender at the rate of Nine and Seven/Eighth~ercent ( 9.875 per annum,
effective June l , 1 79 ~ -
(b) The regular amortizing monthly payment due in accordance with the
terms of the aforementioned note shat l henceforth be in the sum of T'wo Hundred -Forty
i?our and 75/100=--~--------•-----•---0ollars 244.75 ) due and payable on the
same day of each and every month as called for by the subject promissory note,
of fPCt i ve July 1, 1978
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).