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-•ti~,.~,;:~ - ~ ~~~!LS8 ~ . ' Thin Instrument was prepared by:
ARLENE POLIFRONI
MODiFICATtON, RELEASE, AND ASSUMPTION AGREEMENT
LOAM / 6385 DATE: July 1, 1Q?9
The parties to this agreement are .The Williamsburgh Savings Bank
- hereinafter called "tender"
and n ony tanzolilla and Joseuhine Man, ~
hereina ter called "New Obligors
ar ore ausam,a single woman and Anita J. Smillie, a
WNEREAS,single woman as oint tenants with the rights of survivorship*
hereinafter referred to as "Original Obligor s " executed a promissory note or assump-
tion thereof on the day of ~e~t~mher 19__x, evidencing a
rinci al indebtedness o ,
_..___~,__.L'ol :ars ~ 37 X000.00 ~etuiad by a ntivi~tgaye li~,Gn real
property said mortgage being recorded in the Public Records of 4t_ 1.u .iP
County under Clerk's File Number 378689 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 the 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
WHEREAS, the parties have reached such an agreement and wish to reduce same
to writing;
i~Ow i HEREF~RE, i ~crs i dc: ~ ~ i or, of ;he mutua 1 pr~mi ses 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 the sum of _
- -
- _-~_Dollars 31 000.00 d.ue accor rng to the ter,rs and
conditions-of the-aforementioned note and mortgage without defense or of;set and agree
to be liable therefore as fully and to the same extent as if the original n~aker or
~:riginal Obligor(s~,xheFeogr,,)n addition the undersigned New Obligor(s) agree to
per::ona) ly pr: form~and-'to~ fully abide by al l of the terms and conditions set forth in
the aforesaid rate and mortgage.
2. The provisions of said note and mortgage are hereby expressly reaffirmed
Pxczf•t a ; Fc; i 1 ows : .
(a) Interest on the subject obligation shall henceforth accrue to the
Lender at the rate of Nine and Se~~en Eighthspercent ( g . $75 per annum,
effective July 1, 1979
. (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
Seventy Two and No/100----------- Dollars 272.00 ) due and payable on the
same day of each and every month as called for by the subject promissory note,
eff~rtive August 1, 1974
3. The Lender recognizes the New Obligor(s) on the subject loan, approves
the credit of same, and here~~ 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 constitutes
a change o: zmendment to the aforementioned promissory note and mortgage the provisions
of which are specifical-ly reaffirmed Ly the New Obligor(s-).
* and not as tenants in common ~ ~
etccivEn , 6 a t+~ . 'r~AVMCrrr of T~xEs
GU: 3N CtwSS 'C' E P~R~O!t~l rxt ERTY,
FUFSoAtti TO ~MAPi 3 f.7-~.4, »LiS Of tl71.
e~X 319 p~E 2~~. _ ~ R ~ ,
. ct~K cncuR couaz,