HomeMy WebLinkAbout1248 4~~5 I This instnunent was prepared by:
290301+93 - Susan L. Donnell
ASSUMP'TEON AGRI3BMBNT tx ntaEUn t~tt~t uvtHas ~ tout
~ssocunan of WEST N?tN? BEACH
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THIS AGREEMENT, made this -12 day of SNto.
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by and between FIDELITY FEDERAL SAVINGS AND LOAN ASSOCIATION OF WEST PALM BEACH, a corponpon
existing under the laws of the United States of America, sad having its principal place of business in the City of West Palm
Beach, Florida, hereinafter callod the Lendu, and moans & Ann D. E~rans hereinafter called the Seller;
and Henry L. Math~g $~.,~~othv__~ie~?tl~s hereinaftu called the Purchaser; Q~ ~
WITNESSETH: • ~ ~
WHEREAS, the Lender is the awnu and hotdu of a certain mortgage note executed and delivered by the Seller
to the Lender, said note being dated FP}+r+~Arv--1~,-1g7B . in the prindpa! amount of S-_28,$QQ.UQ---
secured by a certain mortgage which is rtcorded in Official Record Book ___2~...__._, page ~-2r8______, Public Records of
__.St. Lueie.,____w______-.___ County, Florida, encumbering the property deaaibed thuein, and;
WHEREAS, the Seller is selling the real property described in said mortgage to the Purchaser and has asked the 1
Lender to consent to acid sale, and the Purchaser has agreed to assume said note and mortgage and has naked the Lender to
consent oo the Purchaser
a assumption of said note and mortgage as part of the purchase price, and;
WHEREAS part of the considention for consenting to said sale and the Purchasers assumption of acid note and
mortgage is that the Lender appmve the Purchaau
a credit and that the interest payable on said note and mortgage shall be at
such rate as tho Lender shall request.
NOW THEREFORE, in considention on the mutual covenants contained in this Agreement and in said note and
mortgage, and for other good and valuable rnnsidentions, the receipt of which are hereby acknowledged by the Lender, it is
mutually agreed by and between the parties hereto as follows: •
1. 'That the unpaid balance of the mortgage note assumed by the Purchaser is ;______2$,25~z.1$__ as
- 2- That the credit of the Purchased is satisfactory to the I.ender.
3. That (a) the interest rate in said original Hotels changed to l7._.75~i. _ per cent per annum, and the
monthly payments of principal and interest in said original note are changed to S29'1.31 ,per month, beginning -
__December_ 1__-__ 19.74_ and (b) that the-Purchaser hereby assumes said mortgage and shall perform each and alt
of the covenants, agreements and obligations in aforesaid original note and mortgage as modified by this Agreement. F
4. That all ienns, covenants and conditions in aforesaid original note and mortgage which are not inrnnsistent
with this Agreement, are hereby expressly ratified and declared to be in full force and effect.
S. Lender agrees to release the Seller, - _ James H~ 'tratzs and--~n_D*--_l'~ans------------------
- - and - - - -
individually, from all obligations under aforesaid note and
mortgage, and said person(s) is/are hereby released from all personal liabiyity for the payment of said above descnibed note
in consideration of the agreement by the Purc$?aset ,tb assume and agree to pay and perform each and every obligation under
said note and mortgage as modified by this Agreement. _
6. The Sella and Purchaser warrant and represent to the Lender that the lien of said mortgage, as modified by _
this Agreement, is a first lien upon the property described therein and. that there is no second mortgage or other subsequent _
lien, right, or claim of lien, outstanding against the property described in the said mortgage. In the event that there is any
such judgment or lien, right, title or interest against or in said property in favor of any party or parties not a party hereto as
of the effective date of this Agreement, or in the event that there has been some intervening interest which affects the validity
ur priority of said mortgage, or in the event that the mortgaged property has not been duly conveyed by the Seller to the Pur-
.haser as of the date of this Agreement, then the release of the Seller and of thz individual(s) above-stipulated shall be of
no force or effecrt.
7. That it is not intended that this Agreement constitute the creation of a new debt, nor the eztinguishment of
the debt evidenced by said note and mortgage, nor does it in anywise affect or impair the lien of said mortgage, which lien is '
a valid and existing first lien on the property described in said mortgage.
8. That this Agreement shall be binding upon and shall inure to the benefits of the heirs, executors, adminis-
tratora, successors and assigns of the respective parties hereto.
9. The Seller herr~by authorizes the Lender to give the Purchaser credit for any escrow balance which might be
held by the Lender.
10. The Purchaser agrees to pay the costa of the recording-of this Agreement and any documentary stamps,
intangible tax or other costs pertaining to the recording of the Agreement.
11. The use of the terms "Purchaser' and "Seller" as used in every instance shall denote the singular and/or
plural and the masculine and/or feminine and/or neuter whenever and wherever the context so requires or admits.
IIJ WE'T'NESS WHEREOF this instrument has been executed by the parties hereto in manna and form sufficien~
to bind them, as of the day~~and year first above written. -
Receivetf ~~1'A`t ~'~In Payment a Tezet
Oue On Ctass "C" tntanQible Persone~ procN?rtr;
aursuant To ChR~EA'POI~ REI~'f ~~~f~D~LfTY fEDERA~