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' ASSUMPTION AND MODIFICATIO:t~AGRBEMENT
. ~ - `
THIS A6RB8M8NT made this 21 day of A.D., 19~p, by sad between
~ N8h8Ol1 Ca1A11~hBR0 and COHC$FCI0~1 CABALLBRO ~ hereinafter
called~_Purchasars, as g~gggg TRUST. COMPANY ~ ~ ' 9S
hereinafter~ealled Mortgagee: ~ b•
NHBREAS, a certain mortgage -dated the 31st day of August , A.D., 1978 was
given by Jcihn R. Natts ~ a single man ,hereinafter
referred to as Mortgagor, to Mortgagee which secured a wort age Hots in the
grincipal sum of Fifty One Thousand Seven Hundred Fi~ty and. no/100
which said Mortgage was recorded in Official Records Book 293 at Page 205Q of~
tha Public Records of St. Lucie County, ,Florida, encumbering. the.
following described property, to-wit: .
Co~~ni Uni No. 703, Of SEA PINBS TOWER CONDOMINIt11K, according
to"-die Dec~ara~on of CQn4io~ni f~~a thereof dated the ~Oth da of
December, 77 r aasd 1n O is a11 R ors k 28 a e 2622,
etc. seq. , o~ tfie ~ug~ic. Recor~ o~ St.~uc~e ~°oounty, ~'lo~i
tog~ther With all ~he awc ~b is attached thereto ~ ~e said .
D station of Con ~Iin
i~HBRBAS, said original lortgagors have sold or are about to sell and convey the
above described property to the Purchasers, and
WHBREAS, 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,
NOW THBREFORB, in consideration of the premises, it is hereby agreed by and between
the parties hereto as follows:
1. TMT .the mortgage note for Fifty One Thousand Seven Hundred Fifty and no/100
($51,750.00) , executed on the 31st day of Auqutst, 1~8, 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 August 31, 1978. ,recorded
in Official Records Book 293 , at Page 2050 of the Public Records of St. Lucie
County, Florida;
3.-THAT Purchasers do hereby agree and acknowledge that the interest rate on the
indebtedness ie being changed from a rate of Eight and thrrter~sr cent (8.75
per annum to Twelve per cent ( 12 7L) per annum.
4. THAT Purchasers"do hereby expressly assume and agree to pay the aforementioned
unpaid indebtedness Fifty One Thousand Two Hundred go=ty Six Dollars and- 63/100
($51,24 6.63) ,the principal, and interest to be payable in monthly installments
of $ s29 ~ 75 ,and bearing interest at a rate of Twelve per cent (12 x)
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,
5. THAT by the Purchasers express assumption of liability in full effect under the
original note and mortgage as herein set forth, the original Mortgagors,
John R. Watts and Rose A Watts ,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, imires to ti?e benefit of and binds all parties
~ hereto and their respective heirs, legatees, devisees, administrators, executors,
successors and assigns.
~ IN WZTtiESS WHEIU±OF, the partieE hereto have caused the presents to be duly
~ 'executed and their seals affixed on the day and year afo a aidRECE{vEO f,11/o,rc£x PA71e{R Of TAB
~ DHE 071 CUSS 'C {Mi1W 8LE PcRSONRL ~ROPER'fY~
Signed and sealed and delivered in the presence of : PuRS~7ult TO uuPi~ n-, °4. ncTS of wn.
ROGER P41TItAS m
m{aKr . sr. ~ aa8-
~ (sEAL)
WITNESS NE CABALLERO
(SEAL)
WITNESS COMCEPCION CpArB~AeL~LERO
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