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3 5, i ~ ARLENE POLIFRONI
1 ~ .
MOOIFiCAT10N, RELEASE, ANO ASSUMPTION AGREEMENT
LOAM N 6039 DATE: August 1, 1979
The parties to this agreement are The Williamsburgh Savings Bank
' r hereinafter called "Lender"
and a een er, a s ng a woman
hereinafter called "New Obligors
WHEREAS,
hereinafter referred to as "Original Obligor s " execute a prom ssory note or assump-
tion thereof on the 19th day of _ September , 19 7 evidencing a
principal Indebtedness of ~
floltars 24 .100.00 secured by a mortgage upon real
property said mortgage being recorded in the Public Records of St_LLeiP _
County under Clerk's File Number _ 37795 _ , and _
WHEREAS, said Original Obligor(s) are conveying the property to said
mortgage to the New Obligor(s), and
WHEREAS, paragraph l7 of said mortgage states that the Lender may accelerate
the baiante 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
aril
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 re~+uce sarrf.
to writing; ~ -
.NON THEREFORE, in consideration of the mutual promises and covenants
contained herein the parties agree as follor:s:
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 the sum of Twent Three Thousand Three Hundred Fort One
and 64/100-------------- Dollars 23,3 1. - due according to the terms and
conditions of the aforementioned note and mortgage without defense or offset and agree
to b~ 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 ar"oresaid Hate 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 August 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 Nine
and 73/100-----------------------Dollars (c 209 73 ) due arz~. payable on she
~d~~?e day of each and ercry month as called for by the subject promissory note,
effective September 1, 1979.
3. T; a Z~.-~d~r ica:pc:~;«:, i;,a l~cwubl iyu+'(~) on the subject iuan, 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 arxndment to the afores?~entioned promissory note and mortgage the provisions
of which arc specifically reaffirmed by the New Gbligor(s).
RECt!YED f L li . IN PAY!l.EHT OF TARE= _
GUF W.1 C17.SS 'C' iNT!!R6 BlE P~FS }'t,i:l Psr1?ERTY.
'~S, ~ O PU~St'7iNT TO :.k~PT::? 11-•:'4, ..TS Of 1971.
RL'GEA Pi;ITi.A3 a~X~~~ ~~GE2~~5
CL:fEK gftCUJT COURT, ST. LY:.IE C~, flJl M r