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~ t.. c -~T" C~..~.rv , l „t w This instrument was prepared by: o }
Loan Number I001??99 c: ; _ Linda Hollingsworth
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'THIS AGRBEMENT, made this __3th_ day of December_ 19~Q.,
by and between PIDELTTY FEDERAL SAVINGS AND LpAN ASSOCIATION OF WEST PALM BEACH, a corporation
existing under the laws of the United Status of America, and having its principal place of business in the Qty of West Palm
John H._Gleason and Elizabeth G eas~~orr~~
Beach, Florida, hereinafter called the Lender, and ercinatoer called the Seller;
~r`ummon an ~,r tt~~~So~well
and Kenneth M. Drummond and Elizabeth S~ hereinafter cane the ,
WTTNESSETH:
WHEREAS, the Lender is the awnei and holder of a certain mortgage note executed and delivered by the Seller
to the Lender, said note being dated February_ 8~__~77- in the principal amount of s?7.,444~Q4___-----_-_-_, '
secured by a ortain mortgage which is reoordod in Official Record Book ____~?3_.____, page ____247.8___ Public Records of
--_-_St. Lucie---_,_,__---_---__-.__ County, Florida, encumbering the property described thereiq and;
WHEREAS, the Seller is selling the real property described in said mortgage to the Purchaser and has asked the
Lender to wnsent to acid axle, and the Purchaser has agreed to assume said note and mortgage and has asked the Lender to
consent to the Purchaser's assumption of acid note and mortgage as part of the purchase price, and;
WHEREAS part of the consideration for consenting to said sale and the Purchaser's assumption of said note and
mortgage is that the Lender approve the Purchaser
s credit and that the interest payable on said note and mortgage shall be at
such me as the Lender shall request.
NOW THEREFORE, in consideration on the mutual covenants contained in this Agreement and in acid note and
mortgage, and for other good and valuable considerations, the receipt of which are hereby acknowledged by the Lender, it is
mutually agreed by and betv~reen the parties hereto as follows:
1. That the unpaid balance of the mortgage note assumed by the Purchaser is S-___~2~~_
~G__-__ as
of __-__-_-__--December 7 19___ 79
2. That the credit of the Purchaser is satisfactory to the Lender.
3. That (a) the interest rate in said original noteis changed to ~ 11 •-71 -per cent per anmim, and the
monthly payments of principal and interest in said original note are changed to Z- 23-Z.3G - - - - ,per month, beginning
_Fr~uary._1- _ - 193Q___ and (b) that the Purchaser hereby assumes said mortgage and shall perform each and all
of the covenants, agreements and obligations in aforesaid original note and mortgage as modified by this Agreement.
4. 'That all ten~ns, covenants and conditions in aforesaid original note and mortgage which are not incensistent
with this Agreement, are hereby expressly ratified and declared to be in full force and effect_
S. Lender agrees to release the Seller, --.,TohII_H~Si1ga~I1.-i~drE~.],~~~t}t- }3.---G],eas~---------------
- - and - - - - - - -
individually, from all obligations under aforesaid note and
mortgage, and said person(s) is/are hereby released from all personal liability for the payment of said above dearnbed note
in consideration of the agreement by the Purchaser to assume and agree to pay and perform each and every obligation under
said note and mortgage as modified by this Agreement.
6. The Seller and Purchaser warrant and represent co the Lender that the lien of acid mortgage, as modified by
this Agreement, is a first lien opus the property deacn'bed therein and that there is no second mortgage or other subsequent
lien, right, or claim of lien, outstanding against the property desrn~bed in the acid mortgage. In the event that there is any
such judgment or lieq 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
or priority of said mortgage, or in the event that the mortgaged property has not been duly conveyed by the Seller to the Pur-
chaser as of the date of this Agreement, then the release of the Seller and of the individual(s) abovestipulated shall be of
no force or effect.
That it is not intended that this Agreement constitute the creation of a new debt, nor the extinguishment 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-
trators, successors and assigns of -the respective parties hereto.
9. rThe Seller het+aby 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 costs of the recording of this Agreement and any documentary stamps,
intangible tact: or other costa pertaining to the reoording of the Agreement.
I1. 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.
IN WITNESS WHEREOF this instrument has been executed by the parties hereto in manner and form sufficient
to bind them, as of the day and year first above written.
L~ 1iR
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