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,.~~ey,}:-.,1>r,:~~ i Thls instrument was prepared by:
..~'i- ',~i'` ~ 3 8. ~ _0 1 44i~26s ARLENE POLIFROfJI ~ i
MODIFICATION, RELEASE, AND ASSUMPTION AGREEMENT
LOAN a 63~3 DATE; September 1, 1979
The parties to this agreement are The Williamsburgh Savings Bank
hereinafter called "Lender"
and re rzes ns an tephanie Krzesinski his wife
hereinafter called "New Obligors
WHEREAS, Michael I. Alex and Olive M. Alex, his wife
hereinafter referred to as "Original Obligor s " executed a promissory note or assump-
tion thereof on the 10th day of June , lg 77 ,evidencing a
principal indebtedness of Twent Six Thous nd d
Dollars 2 ,000.00 secured by a mortgage upon real
property said mortgage being recorded in the Public Records of St. Lucie
County under Clerk's File Number 369577 , 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 tho Lender
and .
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
k?tEREAS, the parties have reached such an agreement and wish to reduce same
to wri tir~g; _
NOW TiiEREF02E, 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
;.oy the is::~-^.'.~t~a^e~~ r-°_~'•°~?!?~'t_'-'~ by tlTe aforementioned-promissory note which
indebtedness is now the su:n of Twenty Five Thousand Five Hundred Fifty Two
and OI/100--------------=Dol 1 ars
2 ~ SS2_01 due according to the terms and
conditions of the. aforer..entioned 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 Eighths percent ( 9.875 per annum,
effective September , ,
(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 Four and 82/100------------Uol tars 224 • 82 ) due and payable on the
same day of each and ever month as called for by the subject promissory note,
effete i ve October 1, y1979
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).
RECE[YEO f J I• ~ V IN PA`'11t:'1T QE tAXf$
• GU_ 8:! CL: SS 'C' IgiRK6 8LE ?:::~;;,:SL P;~??E+iTY,
FUnS5~N1 TO iHAFT_•i 71-•. 4, ata;i Gf i911.
~:v~~: F:IT ~S ao~X 319 Pa~E2747'
Ct.fiK G~CUiT COUNT, Si. LIJ:,iE Cq; F(~'. J ~ "