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ASSUMPTION AND MODIFICATION AGREEMENT
1TkIS AGREEMENT made this 23rd day of November ~ A.D., 197 9 by and between
PIERRE M. SIGWALT AND CHEN CHEN SIGWALT hereinafter
called Purchasers, and Bankers Trust Companj , ~
hereinafter called Mortgagee: -
WHEREAS, a certain mortgage dated the 9th day of February A.D., 1979 was
given by JBCk M. English and Diane J. English hereinafter
referred to as Mortgagor, to Mortgagee which secured a mortgage note in the
principal sum of Forty six thousand eight hundred and no/100 ,
which said Mortgage was recorded in Official Records Book 30 3 at Page 17 66, of
the Public Records of St. Lucie County, Florida, encumbering the
following described property, to-wit:
Condominium Unit No. 403, of SEA PINES TOWER CONDOMINIUM, According to the
Declaration of Condominium thereof dated the 20th day of December, 1977,
recordAd in Official Records Book 280, at Page 2622 et, seq., of the Public
Records of St. Lucie County, Florida; together with all the appurtenances
thereto, all according to the said Declaration of Condominium and Exhibits
attached thereto.
WHEREAS, said original Mortgagors have sold or are about to sell and convey the
above described property to the Purchasers, and
WHEREAS, the terms of the mortgage include a provision allowing Mortgagee to change
the rate of interest upon any transfer of title and to accelerate the loan balance if
title is transferred without Mortgagee's consent,
NOW THEREFORE, in consideration of the premises, it is hereby agreed by and between
the parties hereto as follows: -
1. THAT the mortgage note for Forty six thousand eight hundred and no/100.
$46, 800.00 ~ executed on the• 9th day of February , 19 7~ by the original
Mortgagor, shall remain in full force and effect except as hereinafter modified.
2_ 'I~AT the Purchasers hereby agree and acknowledge that the said promissory note
shall be secured by the original mortgage dated .February 9th, 1979 recorded
in Official Records Book 303 at Page 17.66 , of the Public Records of St. Lucie
County, Florida;
3. THAT Purchasers do hereby agree and acknowledge that the interest rate on the
{ indebtedness is being changed from a rate of eight and th per cent ( 8 3/eQ.)
per annum toeleven and One-per cent ( 113 per annum.~~Pdrters
quarter
~ 4. THAT Purchasers do hereby expressly assume and agree to-pay the aforemen~ione~
unpaid indebtedness Forty Six Thousand Six Hundred Seven Dollars an 32 100
($46,607.32) the principal and interest to be payable in monthly ~_nstallments
of $ 453.79 and bearing interest at a rate ofeleven and on ~~r.~~rrcent (113
per annum, and to be personally liable therefor as fully and to the ~'~tent as
though they were the original debtors and original makers of said note and mortgage,
S. THAT by the Purchasers express assumption of liability in full effect under the
original note and mortgage as herein set forth, the original Mortgagors,
Jack M. English and Diane J. English and Bennett are hereby released of
all liability under said original note and mortgage; Werner
6. THAT the property hereinabove described shall remain subject to the lien, charge
and encumbrance of said original mortgage and nothing herein contained or done pursuant -
thereto shall in any manner or way affect, alter or modify any of the terms and
conditions of said original mortgage, except as herein changed and modified;
7. THAT this Agreement applies to, inures to the benefit of and binds all parties ~
hereto and their respective heirs, legatees, devisees, administrators, executors,
successors and assigns.
IN WITNESS WHEREOF, the parties hereto have caused these presents to be duly -
executed and their seals affixed on the day and year aforesaid.
Signed and sealed and delivered in the presence of: _
~ (SEAL)
WITNESS M.A. HAMBOUR~ M. SIGWALT
(MICHEL A. HAMBOURG) 'CQ-~,~,t (SEAL) ~
WITNESS CHEN CHEN SIGWALT _
~ NICOLE M. HAMB RG _ l _ gp~~/~+•J P~
M-580 LAyy OFFICES OF ,JOSEPH M FiTZGERALO. P A ,502 SECURIT V TRlJST BVILpMV(' MIAMI. FLORIDA 33131 130r1 358.7143