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. • - ~ This instrument was prepared by:
• t 4,~~2 ARLENE POLZFRONI ,
MODIFICATION. RELEASE, AND ASSUMPTION AGREEMENT 33~
JOAN / 6069 -DATE: October 1, - 1979
The parties to this agreement are The Williamsburgh Savings Bank
hereina ter ca ed "Lender"
and Arthur W. Potter and Katherine A. Pott r -
hereina.ter called "New Obligors s
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WHEREAS, Prescott H. Brown and ulenn R. Brown i
hereinafter referred to as "Original Obligors 'executed a promissory_note or assump-
tion thereof on the 13~h day of November • , 19 ,evidencing a
principal indebtedness of-~en~y Two ousan our undred and No 100------- - ,
Do ars ~ t secured by a mortgage upon real
property said mortgage being recorded n the Public Records of St. .u _i _
County under Cierk's~ Fi le Number ~2i 1107 , and
• WHEREAS, said Original Obligor(s) are. conveying the property to said
mortgage to the New Obligor(s), and -
WHEREAS, paragraph 17 of said mortgage states that the Lender may accelerate
ihs balance de!e secured by said mortgage upon said conveyance unless the Lender and
the person(s) to whom the subject property is conveyed reach agreeme~~t in writing ,
that the credit of sash person(s) is satisfactory to lender and that :he interest }
payable on the sums secured by the mortgage shall be at a rate acceptable :o the Lender `
and - - - -
WHEREAS, in the e4eni such an accord is reached the Lender is then required s
to release the Original Obligor from all obligations under the mortgage and note, and
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WHEREAS, the parties have reached such an agreement--and wish to reduce same
to writing;
NOW TiiEREfORE, in consideration of the mutual promises and covenants
contained herein the parties agree as follows:
i. - The undersigned hew Obligor(s) hereby expressly assume and agree to
pay the indebtedness represented by the aforementioned promissory note which
indebtedness is now the sum of Twenty One Thousand Six Hundred Ninety
Four and 71/100----------~Ool 1 ars , due according to the terms and
conditions of the_aforementioned note and mortgage without defense or offset and agree
~ to be liable th~r~e~re a~ fully and to the same extent-as if-the original maker or
Original Obligo (s tier on. In addition the undersigned New Obligor(s) agree to
personally perform and to fully abide by all of the terms and conditions set forth in
the aforesaid note and mortgage.
2. The provisions of said note and mortgage are hereby expressly reaffirmed
except as follows:
(a) interest on the subject obligation shall henceforth accrue to the
Lender at the rate of Nine and Seven Ei~hthspercent ( 9 , $75 per annum,
effective October 1, 1979 •
(b) The regular amortizing monthly payment due in accordance with the ~
terms of the aforementioned note shall henceforth be in the sum of One Hundred
Ninety Four and 93/100----------------Dollars 194.93 ) due and payable on the
same day of each and every mo~~ci~ ds .:aiie~S fcr b/ t: .object pror~iss~ry note,
s effective November 1, 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. {
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- 4. Except as specifically designated herein, nothing here shall constitute 3
a change or amendment to the aforementioned promissory note and mortgage the provisions
~ of which are specifically reaffirmed by the New Obligor(s).
;.tom ,_.,3.00 ~ ~ ~ ~
~ _ - _ - ~ BOOK .