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. ASSUMPTION AND MODD~ICATION AGREEMENT - - -
- THIS ASSUMPTION AND MODIFICAT#,ON AGREEMENT is entered
into this 14th day of aeczmber , 1979 , by and between
First Newport Cor~cauon: successor to irst~Pew pat
fealty Iriyestors by - -
reason of merger, forcherly Alison Mortgage Investment Trust, (herelnafter -
called "Mortgagee"), and Joser~i Rosselli and _ ,.(hereinafter -
ca!!ad "GraRtecs," whether a.~e a more t _ one . _ jJoann Rossel~li
- ~1TigESSLT`H -
- _ ~ and_ Jean E. i~tessendorf -
- WI-iERF~S, Rt<bert ~,~-lAieh~e~i~~rf° (~~tQ
gars) have-given to -
- Allstate Ente-cprisea octgage arpara:::..:; Ohio ~rparati~~i-(l~cein, _ _ _ _
"All crate")3 a certain mo: tgaAe dated npri 1 11 - 19? 8 re-
carded in Ofilclal Rids wok ~8b I;ag~~~i,
t:`~ublic fiords t~f
St. Lucie County, Florida {said mortgage is hereinafter called the "1~#t:.rt-
gage'~~ ~ -
W~IEREAS, -the Mortgage s~c:sres an indcbted~ess evidenced by ~ Note
executed by Mortgagors on or about April 11 , 1978 ,(said note
is hereinafter called the "Note"}; and
- .WHEREAS, Allstate assigned its interest !n the Mortgage and Note to
Finisterre Corporation= and Finisterre Corporation- assigned its irite,~est in
- said Mortgage and Nate to First Newport Realty Investors, a California
business trust, ,and Hest. Newport Rzaity Investors assigned its interest in -
said Mortgage and Note to First Newport Corporation; and
WHEREAS, at the date ~reof,_ the unpaid principal ba......... h_ ~m
- .Note is $ 4 4 , 54 9 . $ 4 - , and interest has been paid thereon to ` ` ~~tt w~~
December 1 - , 19 7 9 ;and - - ~
_ _
- ~fiHEREAS, Mortgagors have con:eyed or will- t~nvey _ihe premises ~ti
described in the ~~ior:oage to Grantees, aexl as part of consideration #sr s~~ch r'
- oanveyance, Grantees have agreed to assume and agree to pay the indebted- !
j _ rj=1 k'
Hess secured by the :'lortgage; and ' '
. ~~,~u:~
~rHERF.AS, t~der-the t€rms of- tl~.e :::,.:gage, :~'Etx:tgagee may de~are r ~:a t~--
the indebtedness secured b the Mort ~a a due artd able at once because ~ ~ ~r L
Y 8 S PaY ~ i3 F .
R of said conveyance; and ~ T -
~
- - WHEl2EA5, Gras:sL°s s,,aVe made ap~:~•-?tof? to Mortgagee and re- ~ ~ Y'
- quested it to (a) appmve Grantees' credit; {b) -waive Mortgagees' right to " - -
accelerate tie ii~cb'aC:~~g; advance credit to Grantees in accordance _
~ -o with *_h~ Agreement; and -
c a,.
S1 ~ WHEREAS, u~pa~ condition fnat_ this Agreement be- executed, Mort-
- 7 ~y - gages has agreed to forebear the aforesaid right c:f- acceleratic~ 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 ~cont«°ned herein, and other good and valuable consideration,
the receipt of whin: are hereby acknowledged, the parties hereto, intend?ng
to be legally bound, hereby agree as sodows:
_ _
1. Mortgagee hereby advances credit to Grantees in the amount of
the unpaid plrincipa! balance of the Note. -
FtvC-0cear?a _
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