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~TA-'`:-= ~r'~Ft_C~ ~ l J This instrument was prepared by:
DOCUMENTARY s; s'{1~MP ; t. a Ar~pCC~ _ /
•t-cF f~E:YENUE.:~ 'z 't ~~7VV ARLENE POLIFRONI
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MODIFICATION, RELEASE, AND ASSUMPTION AGREEMENT
i
LOAN / DATE: Novetnbe~_ 1._ 1979
The parties to this agreement are The Williams S nga Bank
here na ter called "Lender" 44
and Geor a K. Letts and Florence Letts his wife
hereinafter ca led "New Obligors
WHEREAS, Theodore L. Van Buren and Therese C. Van Buren his wife
hereinafter referred to as 'Origina Obligors " executed a promissory note or assump-
tion thereof on the 31st day of Jul . , =g 75 ,evidencing a
principal indebtedness of s' One ousan E3gh~'Hundre3 and No/100------ 1
.~w~.w~.w.~r..~wwwwo.w~.~~...+.. Doi cars , ~ _-Secured--by_a_..mOrtga e- ~up~.n~ -real ~
property said mortgage being recorded n the Public Records of St. ~ueie
County under Clerk's File Number 315271 ,and
WHEREAS, said Original Obligor(s) are conveying the property to said _
atortgage to the New Obligor(s), 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 Lender and
the person(s) to whom•fhe SuGject property is conveyed reach agreement in writing
that the credit of such person(s) is satisfactory to Lender and that the interest
payable on the sums secured by the mortgage shall be at a rate acceptable to the Lender
and - .
WHEREAS, in the event such an accord is reached the Lender is then required,:
to release tha Original Obligor from all obligations under the mortgage and note, and
WHEREAS, the parties have reached such an agreement and wish to reduce same
:o writing; _ •
NOW THEREFORE, 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 h r T o x H dyed e e d
_ 85/1Q0.-~------w...--.~-~.-.~..- ~Dol arc 30.667.85 due according to the terms and
conditions ~g~#•t~e.afore~entioned note and mortgage without defense or offset and agree
to be ~~a~s~e ~herefore as fully and to the same extent-as if the original maker or
Orig~n~ Obl i"gor,(~ Ltl~ereon. In addition the undersigned New Obi igor(s) agree to
personally perform and to fully abide by all of the terms and conditions set forth in
the afo~sesaid t~t~,•And mortgage. - i
' °'`2 Tht~?~trovisions of said note and mortgage are hereby expressly reaffirmed ~
except as folla'vs"~ -
{a) Interest on the subject obligation shall enceforth accrue to the
Lender at the rate of Nine and Seven Eighths percent ( 9 • ~75 per annum,
effective November , .
(b) The regular amortizing monthly payment due in accordance with the
terms of the aforementioned note shall henceforth be in the sum of Two Hundred
• Seventy Six and 62/100------------ Dollars 276.62 )due and payable an the
camp d.~Y a` teach ~sid e:•_ry ^~ntt~ ws ca:lcd far by the s::bject prom:s:.o~7; note,
effective De eember 1; 1979
3. The Lender recognizes the New Obligor(s) on the subject loan, approves
the credit of~sarne, 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 promissory note.and mortgage the provisions
of which are specifically reaffirmed by the New Obligor(s).
" n.~.wea • ~ ~ hrntxK a t~ - ~
Oue On Ctaas "C' 1 ~tiraorNl~rM, i
ov.suarn To C+~aptK 71.134, ACM 0~ 13?!. '
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~~.~~t, ~4 cw.~ Cr?cult Court, $t.1.uCM. co., FN?.