HomeMy WebLinkAbout0409 .
•
~?7896e~ This instrument was prepared by:
' ~ ~ ~ ARLENE POLIFRONI
• ~dd /
MODIFICATION, RELEASE, AND ASSUMPTION, AGREEMENT ~ ~'D ~
LOAN N 7362 DATE: November 1, 1979
The parties to this agreement are The Williamsburgh Savings Bank
hereinafter called "Lendec"
and a ae a ancour an a e ancour , s wife
hereinafter called "New Obligors
WHEREAS, Donald A. tdonti a sin le man
hereinafter referred to as "Original Obligor s " executed a promissory note or assump-
tion thereof on the 6th day of November , 19 79-, evidencing a
principal indebtedness of Thirt Two T s d n
Do ars 32,000.00 secured by a mortgage upon, real x
property said nartgage being recorded in the Public Records of St. Lucie _
County under Clerk's File Number U273~18 ,and
WHEREAS, said Original Obligor(s) are conveying the property to said
mortgage to the New Obligor(s), and
t
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 the subject property is conveyed reach agreement in writing
that the credit of such person(s) is satisfactory to Lender and th,~t the interest
payable on the sums secured by the mArtgage shall be at a rate acceptable to the Lender
and -
WHEREAS, in the evert such an accord is reached the Lender is then required
to release the Original Obligor from all obligations under the mortgage and note, and
' - Wi:EREAS, the parties have reached such an agreement and wish to reduce same
to writing;
~:n'~t THER~rORr, in consideration of the mutual promises and covenants
contained ~:~rein tha parties agree as follows:
1. 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 Th in One T
Dol tars 31.800.66 due according to the term$ and
conditions of the. aforementioned 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 hew Obligor(s) agree t~
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 ( q , 87 , per annum,
effective November 1 , 1979
(b) The regular amortizing monthly payment due in accordance with the
terr.?s of the aforementioned note shall henceforth be in the sum of Ewa ,yndr d
Sevens N_{n_e_and 33/100-- - Dollars- (S 2'9,~~ _ ) du. and n3;a±-Ia or, t'~~
same day of each and every month as-called for by the subject promissory note,
effective December 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.
4. Except as specificblly designated herein, nothing here shall constitute
a change or amendment to the aforementioned prom•issgr~ ~iiQ mortgage the provisions
of which are specifically reaffirmed by the New Obligor(s).
Received 6 • ~ ie Pi~1lMiAt 01 T~ ~ - ~ -r,
Due On Cues "C" irNan0i6Nh1MIM1t~y~ I;HICh,GL _ ~?„r 1i`~Y
..y . Pursuant To Ch~ptK 71,1l~, Awq 1~. r 2 ? ~ - } t
i ~ % ROG>iA <~0l1~ . ~c~
clerk circuk Court. !t t,aM~ralbi~ BO~~i~.1 P~Gf ~ ~°s~-7
~k7