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MODIFICATION - FIARIDA
ASSUMPTION AGREEMENT
THIS AGREF.MII~1'P is entered into as of the 1st day of October , 19 79 ,
by and among Jim B Crawl and Diana S Craven, lush of the
State of ,and County of Ottawa (hereinafter
referred to as "Original Borrower"), and RZ A S air and Lee W Sinclair
. of the State of Illinois ,County of (hereinafter
referred to as "New rrower ,Mortgage Investment Securities, Inc. by ARVIDA MORTGAGE
COMPANY, its successor by corporate merger, a Florida corporation (hereinafter referred
to aS "ARVIDA", and CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICACI), a .
national banking association (hereinafter referred to as "CINB");
W~EiERFAS, Original Borrower executed a Promissory Note (hereinafter referred to as
the "Note") in favor of ARVIDA dated May 5 19 78 in the original principal
sum of $ 85, 000.00 , repayable at ei,, t & e percent ( 8.75 per- annum'
in oonsectutive monthly installments beginning July 1, 1978 with the last
payment of all unpaid principal and interest due on June ,which Note
was endorsed by ARVIDA to the order of CINB;
WHCREAS, repayment of Note is secured by a Nbrtgage (hereinafter referred to as
the 'R~lortgage") from Original Borrower to ARVIDA, dated May 10, 1978 ,filed for
record in Official Records Book 286 ,Page 2 , St. Lucie County,
Florida, which Mortgage was absolutley assigned to CINB by instnunent dated
April 26, 1978 ,and recorded in Official Records Book 286 ,Page ,
aforesaid records, and which Mortgage encumbers the following described property:
mat certain O~ondoninium Parcel, being Unit No. 901, a Oondominiutn in
accordance with and subject to the oovpnants, vonditions, restrictions,
~ terns and ottner provisions of the "Declaration of Oondaninium for
Hutchinson Island Club, a Oondominium" recorded in O.R. Boole 254, Page
2128, et seq., Public Iaecords of said Oounty and all Amer>dments thereto,
including an t>ndivided interest in the Oomron Elements of said Oon3ominium
as set forth in said Declaration as aa~nded.
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as well as the other property described in the Mortgage (the foregoing is hereinafter
~ called the "Property");
WHEREAS, Original Borrower has contracted to sell the property to New Borrower:
WHEREAS, New Borrower, as a portion of the consideration for said conveyance
desires to assume the Note and the Mortgage pursuant to paragraph 17 of the Mortgage:
WE~REAS, ARVIDA has approved the credit of the New Borrower;
WHEREAS, CINB will allow the assumption of the Note and Mortgage only if (a) New
-Borrower will agree to repay the outstanding principal balance of the Note atL a higher
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New Borrower performs his obligations pursuant to this Agreement;
Zfiis instrwnent prepared by Donald A. Bacek, Cofer, Beauchamp & Hawes ~ Brown, Suite 200,
Peachtree & Broad Building, Atlanta, Georgia 30303, and when recorded please return
to ARVIDIA MORTGAGE COMPANY, P. 0. Box 6515, Clearwater, Florida 33518, Attention:
Assumption.
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