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ASSUMPTION AND MODIFICATION AGREEMENT
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^ THIS ASSUMPTION AND MODIFICATION AGREEMENT is entered
into this 14tl;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
' ~~;T~~ called "Mortgagee"), and Bernard L. Denker and / , (hereinafter
' ` called "Grantees;' whether one or more than one . Margaret A. Denker
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~IITNESSETH
- ~i.
~ WHEREAS, Marguerite Strauss (Mortgagor have given to
' ~ r ~ Allstate Enterprises Mortgage Corporation, an Ohio corporation, (herein,
- ~ "Allstate"), a certain mortgage, dated December 29 , 1976 re-
. • • corded in Official Records Book261 ,page , o t e Public Records of
> ~ ~ St, Lucie County, Florida (said mortgage is hereinafter called the "Mort-
. : ' • gage"); and
WHEREAS, the Mortgage secures an indebtedness evidenced by a Note
executed by Mortgagors on or about December 29 , 1976 , (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 Mortgage and Note to First Newport Realty Investors, a California
business trust, and First Newport Realty Investors assigned its interest in
y; said Mortgage and Note to First Newport Corporation; and
WHEREAS, at the date hereof, the unpaid principal balance on the
Note is $ 4 3 , 2 6 9.8 8 ,and interest has been paid thereon to
December , 19 ;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
the indebtedness secured by the Mortgage 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-
- garee 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
Mortgage 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. ~ ~
Rsaiwd t ~ in Payment Of Taxes
- DW On psss °C" intangible Personal Property.
PutlYftfit To C1Npte? 71.134. Acts Of 1971.
FNC-Oceana ROGER
11 / 79 Page 1 of 3 putt greuk Court, Et. Ludo, Co.. Fla.
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