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ASSUMPTION AND MODIFICATION AGREEMENT
9 05.
THIS ASSUMPTION AND MODIFICATION AGREEMENT is entered
into this 4th day of December , 19 79 , by and between
First Newport Corporation, successor to First Newport Realty Investors by
reason of merger, formerly Alison Mortgage Investment Trust, (hereinafter
called "Mortgagee"), and Harold E. Welborn and Myrtle S. / , (hereinafter
called "Grantees;' whether one or more than one . elborn
w/ITNESSETH
WHEREAS, Francis H. Lightfoot (Mortgagors) have given to
Allstate Enterprises Mortgage Corporation, an Ohio corporation, (herein,
"Allstate"), a certain mortgage, dated June 14 19 76 re-
corded in Official Records Book 253 ,Page 2869 , o t e Public Records of
St. Lucie County, Florida (said mortgage is hereinafter called the "Mort-
" • ~ - gage"); and
~ - WHEREAS. the MortRaRe secures an indebtedness evidenced by a Note
- executed by Mortgagors on or about June 14 ly 7(i , (said note
is hereinafter called the "Note"); and
WHEREAS, Allstate assigned its interest in the Mortgage and Note to
_ Finisterre Corporation, and Finisterre~ Corporation assigned its interest in
said 1.~lorigage and Note to First Newport Realty Investors, a California
business trust, and First Newport Realty Investors assigned its interest in
} said Mortgage and Note to First Newport Corporation; and
_ ~ WHEREAS, at the date hereof, the unpaid principal balance on the
• Note is $ 60.661.34 ,and interest has been paid thereon to
• November 1 , 19 79 ;and
WHEREAS, Mortgagors have conveyed or will convey the premises
• ~ described in the Mortgage to Grantees, and as part of consideration for such
conveyance, Grantees have agreed to assume and agree to pay the indebted-
ness secured by the Mortgage; and
WHEREAS, under the terms of the Mortgage, Mortgagee may declare
I the indebtedness secured by the tilortgage due and payable at once because
of said conveyance; and
WHEREAS, Grantees have made application to Mortgagee and re-
quested it to (a) approve Grantees' credit; (b) waive Mortgagees' right to
~ accelerate the indebtedness; (c) advance credit to Grantees in accordance
with this Agreement; and
WHEREAS, upon condition that this Agreement be executed, Mort-
gagee has agreed to forebear the aforesaid right of acceleration in this
instance and its right to payment in full of the indebtedness secured by the
1rlortgage at this time, and to advance credit to Grantees in the amount of
the indebtedness; and
WHEREAS, the Mortgage provides that should Mortgagee permit an
assumption of the indebtedness, the Mortgagor shall be released from
liability.
` NOW, THEREFORE, in consideration of the foregoing, the covenants
and conditions contained herein, and other good and valuable consideration,
" the receipt of which are hereby acknowledged, the parties hereto, intending
to be legally bound, hereby agree as follows:
1. Mortgagee hereby advances credit to Grantees in the amount of
the unpaid principal balance of the Note.
E~>r~32~ P~ i87
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