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A.SSiMPTION AND I~DIFICATION AGREEMBNT =
~ TRIS AGREEMBNT made this /dam day of 3A~t~IVi~Gr, A.D., 19~ by and between
` FOREST D. BAILEY AND LINDA M. RAILBY ,hereinafter
called Purchasers, sad Bankers Trust Conipsny , a1
hereinafter called Mortgagee:
WHEREAS, a certain mortgage dated the 4th day ofFebruary. , A.D., 1979 vas
given by Robert S. 8oeh ,hereinafter
referred to as Mortgagor, to Mortgagee which secured a mortgage note in the
principal sum of Fifty one thousand seven hundred fifty dollars and 00/00.
which said Mortgage was recorded in Official Records Book 304 , at Page 329 , of
the Public Records of St. LucieCounty, ,Florida, encumbering the. -
following described property, to-wit:
Condominium Ufiit No. 101, of SEA PINES TOWER CONDOMINIUM, according to
the Declaration of Condominium thereof dated the 20th .day of December,
1977, recorded in Official Records Book 280, at Page 2622 et. seq., of
the Public Records of St. Lucie County, Floridaf together witR all the
appurtenances thereto, all according to the said Declaration of
Condominium and $xhibits attached thereto.. _
~-s WHEREAS, said original Mortgagors have sold or are about to sell and convey the
above described property to the Purchasers, and
i WHEREAS, the terms of the mortgage include a provision allowing Mortgagee to change
the rate of interest upon any transfer of title-and to accelerate the loan balance if
~ title is transferred without Mortgagee's consent,
. `...g
f~ NOW THEREFORE, in consideration of the premises, it is hereby agreed by and between
- i the parties hereto as follows:
1. THAT the mortgage note for Fifty one thousand seven hundred fifty and 00/100
$51,750.00 ~ executed on the 4th day ofgebruary , 19)9, by the original
Mortgagor, shall remain in full force and effect except as hereinafter modified.
2. THAT the Purchasers hereby agree and acknowledge that the said promissory note
shall be secured by the original mortgage dated February 4th, 1979 ,recorded
~ in Official Records Book 304 , at Page 329 , of the Public Records of St. Lucie
County, Florida;
3. THAT Purchasers do hereby agrees and acknowledge that tae interest rate on the
indebtedness is being changed from a rate of eight and three-fours cent (g 3/4X)
per annum to twelve per cent ( 12 ~G) per annum.
4. THAT Purchasers do hereby expressly assume and agree to pay the aforementioned-
unpaid indebtedness Fifty one- thousand four hundred seventy -four and 07/100.
$51,474.07 , the principal and interest to be payable in monthly installments
~ of $ 530.90 ,and bearing interest at a rate of twelve per cent ( 12 x)
E per annum, and to be personally liable therefor as fully and to the same extent as
though they were the original debtors and original makers of said note and mortgage,
S. THAT by the Purchasers express assumption of liability in full effect under the
~ original note and mortgage as herein set forth, the original Mortgagors,
Robert S . Hoch are hereby released of
all liability under said original note and mortgage;
6. THAT the property hereinabove described shall remain subject to the lien, charge
and encumbrance of said original mortgage and nothing herein contained or done pursuant
thereto shall in any manner or way affect, alter or modify any of the terms and
conditions of said original mortgage, except as herein changed and modified;
7. THAT this Agreement applies to, inures to ttie benefit of and binds all parties
hereto and their respective heirs, legatees, devisees, administrators, executors, -
successors and assigns.
IN WITNESS WHEREOF, the parries hereto have caused these presents to be duly ~
executed and their seals affixed on the day and year aforesaid.
Signed and sealed and delivered in the presence of: -
(SEAL)
b~ '
W S FOREST D. BAILEY
(SEAL)
WI SS LINDA M. ~AILEeYt
- 1 - BOOM ~ fA~
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