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' ~ 4'f.~841. This instrument was prepared, by:
~ ~ ~ ~ ARLSNE PQLIFRONI D /
. _
MOD 1 F I CAT I ON, RELEASE, AND ASSUMPT 1 ON Af RCEMENT (1~~,7
a:_~air` E~, ~ iaF ` ` ~ ~ ~ Sri ,
LOAN 7 ~ _ „r3.~,' ~ GATE: Se tember 1, 1
The parties to thi$ agrearaent_are The -~lilliamsbur h Savin s Bank
hereina ter ca le 'Lender"
and. Eugene Swain and rends Swain his wife and Kenneth P. Lombardo
- ~ hereina ter ca ed `Nrw Obl gor s
- tiTriEREAS, Kenneth P . Lombarclb, _ a single man
hereinafter referred to as "Original Ob gor s " executed a pram-ssory note or a
ssor
a
Lion thereof on the 8th day of Naver~ber 19 78 ,evidencing a
.principal indebtedness o 1,,,,-___
Dollars ~o ~gp~sQn _ secured by a a~rtgage upon real
property sa d mortgage being record-ed n the Pub 1 i c_ Records of st _ T.:~ e j P
County under Clerk's-File Number 425460 ,and
WHEREAS, said Original Obligor(s) are conveying the property to said
mortgage to the New Obligors}, and
WHEREAS, paragraph 17 of said mortgage states that the Lender may. accelerate
the balance due. secured by. said mortgage upon said conveyance unless the fender and
the person(s) to whom the subject property_is conveyed reach agreement i~n writing
_that the credit of such person(s) is satisfactory to Lender and that the interest
payable on Lhe suns secured by the mortgage shall iie at a rate accept-able to the Lender
anct _
',IHEREAS,-in the event such an accord is reached the_Lender is then required.
to release the Original Obligor from all obligations under-the mortgage and note, and
' 'WHEREAS, the parties have reached such an agreement and wish to reduce same
to writing; -
:iON THEREFORi:, in consideration of-the mutual promises and covenants
contained herein the parties agree as follows;
i. The undersigned New Obligor(s) hereby expressly assume and agree to
pay the indebtedness represented by the aforementioned promissory note which -
indebtedness is now the sum of Fi.ft Thousand Two Hundred Fort Four and 61 100
------------------------~Dol l ars 50 , 2 1 due according to the terms and
conditions-of the. aforer.~entioned note and mortgage without defense or offset and agree
to be liable therefore as fully and to the same extent.as if the original maker or
Original Obligor(s) thereon. In addition the. undersigned New Obligor(s) agree to
personally perform and to fully abide by all of the terms and conditioRS set forth in
the aforesaid note and mortgage. -
- 2. -The provisions of_said note and mortgage are hereby expressly reaffirmed
except as foliaws:
(a} Interest on the subject obligation shall henceforth accrue to the
Lender at- the rate of Nine and Seven Eighths percent ( 9-.875 per annum,
effective September , -
(b) Tha regular amortizing monthly p~.yment due in ac:.ordance with the
terms of the afore~rentioneu note shall henceforth be in tl:e sum of Four Hundred
Forty and 86/100-------.~-----____ Dollars ($~~40.86 )due and payable on the
same day of each and every month as cat led for by the subject aromissory note,
2ffectiv~ Octa~rer . 1979 .
3• The Lender recognizes the New Obligor(s) on the subject loan, approves
the credit of same, and hereby releases the Original Obligor(s) from further obligation
or liability under the mortgage or note referred to above. "
- 4. Except as specifically designated herein, nothing here shall constitute
a change or amendment-to the aforementioned pra~~issory note and mortgage the provisions
of which are specifically reaffirmed by .the New Obligor(s).
R.cahrod s OO. ~ - .
- ~ O~ On Class "C" Inta ~flMflt O<TaxK
+?BiDtb Pt?sona~
~ ~rs~~ aptar 7
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C~ Circuit Coup. St,1.,ucis. fv., ~~a.