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HomeMy WebLinkAbout1766 /~9~ • 4'72~cr26 ASSUMPTION AND MODIFICATION AGREEMENT THIS ASSUMPTION AND MODIFICATION AGREEi~1ENT is entered into this 14th day of December 19~_, by and between First Newport Corporation, successor to First Newport Realty Investors by reason of merger, formerly Alison Mortgage Investment Trust, (hereinafter called "Mortgagee"), andBernard L. Denker and / , (hereinafter called "Grantees;' whether one or more than one . ~ argaret A. Denker ~IITNESSETH ------'-ana Marguerite Strauss WHEREAS, gold A. Strauss / (Mortgagors) have given to Allstate Enterprises Mortgage Corporation, an Ohio corporation, (herein, "Allstate"), a certain mortgage, dated December 29 , 1976 , re- corded in Official Records Book 261 , Pag , 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 , 19 76 , (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 said Mortgage and Note to First Newport Corporation; and WHEREAS, at the date hereof, the unpaid principal balance on the Note is $ 3 9 , 6 3 9.7 0 ,and interest has been paid thereon to December 1 , 19 79 ;and - y 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- . Hess secured by the Mortgage; and WHEREAS, under the terms of the Mortgage, Mortgagee may declare E the indebtedness secured by the Mortgage due and payable at once because Ii _ of said conveyance; and r WHEREAS Grantees have made a lication to Mort a ee and re- PP g g 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 - 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. _ G~ ~ ;n P y~nt Of Taxes Rece~wd • Dus On Class C" intenyiWe Personal Property. Pursuant To Chapter 71,134, Arta Of 1871. FNC-Oceana pOGEp pOITRAB ~ y'•'~ _ 11/79 e~~ Page 1 of 3 aooli cK?J P4cE~~~ ci.rk ctr«,i< coon. tuor'M. Ca. Fla.