HomeMy WebLinkAbout0941 • -
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4'~3~1~. This ia+t~eat prepared by:
_ X31.453.._ _ _ _ ~ ~ Susan L. _I?s~ne]
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~ r ; , ~ - ~ ~ ' ASSUMPTION AGR~PTT o~ ~iY aa?vatos taut
S i F_t ri : i ~ A~SOCL?TION a! WE31 MtM MACH
Ise YT v~ .'tFt.'iJ4 - o 'jt/ t#~rr SIrw1
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Tt;II3 AG
-P,BB~I~f. made-thv 4 da of _ January 1 8____0 ,
by and betvsoea PIDBII'I`Y FEl)BRAL SAVINGS AND LOAN ASSOCIATION CAF WEST PALM BBA(~i, a corpo9rzcion
existirq( under the taws of the Unioea Braces of America, and• having its prindpsl place of bttsincas is the City of West Palm
Beach, Florids, 6erednafter callod the Leader, and Marion A Teter _ heteittafoer ailed the-Seller;
~ Charles M. Philli~o & Kathe H: Phil hereinafter utlod the Purchaser; .
WT1TIP.SSIs"I~i: ~ -
. . VVHBRBA.S, the Leader is the vavtnr and holder of a certain mortgage sore ezecuteci sad delivered by the Seller
co the-Deader. said sore being daeod - March 3, 1`~8 ,.__._.-----~y ~ the rrinciPal amount of s____.~Ivt4Q.~___^,
sauced by a acrtain mortgage which is r?,eosded is Offi~at ltecard Boolt 283._.__., page Public Records of ~ .
-__Y-_ ~t-~~lrie County. Florida, encumbering the property deacn~od therein, and;
WIiI:REAS, the Seller is the real property deeai~cd in said mortgage eo the Pru~c:haaer and has asked the
Leader to coaseat to said sale, and the~Ptuaser has agreed to assume said note and mortgage and has askod the Larder to -
cansent mthe Purchaser's a~ssumptioa of said none and mortgage as part of the. purchase Price, and: .
WHEREAS part of the consideration for eonsentiag eo said sak and the Purchaser's assumption of acid note and
mortgage is that the L~ approve the Purchaser's audit and that the intueat payable an_ said noes sad mortgage shat! br at
sorb rate as the bends shall rcquost. -
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NOW THEREFORE, in ooasidention on the mutual cavenants contained is this Agreement and in acid note sad
mortgage, and -foe other good and valuabk eonsidesa.~~., -the receipt of which are hereby acicnowtodged by the Lender, it is
mutually agreod by and be~c? the parties ha'eoo as follows:
~0 1. Tbat the unpaid balance of the mortgage note assumed by the Purchaser is =~._-28~~8~,_-__-~-.~- - as
of - ~Tanuazy 19_$Q. -
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2. 'That the audit of ,Fhe Pcuchaser is satisfaceory eo the Lender.
3. 'T'hat (a) the interest rata is said original noteis changed to ~~7?~?-_ -per Dent per annum, and the
monthly Payments of prinapal and interest is said original Hate are changed to 3--;-~5•-~~------- psr month. be8inning
~_F~bra,A~ 19~ and (b) that the Purchaser hereby assumes acid mortgage and shall perform each and all
of the covenants, ag=-eemmLs sect obligations in aforesaid original none and mortgage as modified by this Agreement. .
4, -That all germs, oovenatnte and conditions in aforesaid original note and mortgage which are not inoonsiatent
with this Agreement; are hereby ezpreasly ratified and dochred to be in full force and effect.
S. Lender agrees eo release the Seller, 1!'~!~~ A. Teter
,____r and
,individually, from. all obligations under afo~aaid note and
mortgage, -and acid person(s) is/at+e-Hereby released from all persona; liaMlity for the payment of said above desazbed note
in oonaide*ation of the agreement by the Purchaser to assume and agr~oe ~ pay-and perform each and every obligation under
said note and mortgage as modified bq this Agreement.
6. The Seller sad Purchaser warrant and represent to the Lender that the lien of said mortgage, as me .lified by
this Agreement, is a first lies upon the property deaaibed therein and that there is no aee~ond mortgage or other subsequent
lien,-right, or claim of lien, outstanding against the property deacn`bed in the acid mortgage. In the event that there is .any
such judgment of lien; right; title or intereest against or in acid property in favor of say party or parties not a party hereto as
of the effective date of this Agramait, 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 conveys; by the Seller to the Pur-
chaser as of the dice of this Agrcement, then the release of the Seller and -of the individual(s) afire-stipulated shall be of
no force or effect.
7. That it is not intended that this Agreement constitute the creation of a new debt, nor-the etinguiahment of
the debt evideaeod by said note and ~~octgage, nor dons it in anywise affect or impair the lien of said mortgage, which lien is
a valid eaistirtg first lien on the pn~peaty dea~n7~ed in said mortgage:
8. That this Agreement shall be banding upon and shall inure to the benefits of the heirs, executors, adminis- ~
trators, auxeorora and assigns of the respective parties hereto.
9. tThe Seller hereby authorirrs the Lender m give the Purchaser r_~it for any escrow balance which might be
held by the Lender. - -
10. 'The p arrhaaer agrees to pay the costs of the recordin of this •
intangible tea; or other caste pertaining to the recording of the Agreement. Agreement sad any documentary stamps,
l l . The vsG of tht terms- "P'urchaaa° 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 wherevu the oonte:ct so requires or admits.
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IN WITNESS V4'HEItEOF this instrument has been executed by the parties hereto in manner and fora suffiaent
co band them, a of the day and- ytar first above written... -