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' f'~'~~• ~ ~ri~~81329 Thls Instrument was prepared by:
- ARLENE POLTFRONI
MODIFICATION, RELEASE, AND ASSUMPTION AGREEMENT 1 ~'~O .
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LOAN / 6640 DATE: December 1, 1979
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The parties to thi s agreement are The W3111amsburgh Savings Bank
here Wafter ca ed "Lender"
and os , s wife
hereinafter called."New Obligor s
WHEREAS,
hereinafter referred to as "Original Obligors " executed a promissory note or assume-
Lion thereof on the day of_ March 191, evidencing a
principal indebtedness o F ~
_1b11 ars ~0 ~ 000 . QO secured by a mortgage upon rea 1
property said mortgage being recorded ~n the Public Records of St. Lucie
i;ounty under Clerk's File Number 399 082 , and
WHEREAS, said Original Obligor(s) are conveying the property to said -
mortgage to the New Obligor(s), and
WHEREAS, paragraph 1] 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 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 the Original Obligor from all obligations under the mortgage and note, and
WHEREAS, the parties have reached such an agreement and wish to reduce same
to writing;
NOW THEItEFUItE, in consideration of the mutual promises and covenants
contained herein the parties agree as follows:
1. The undersigned New Obligor(s) hereby expressly assume and agree to i
pay the indebtedness .represented by the aforementioned promissory note which -
indebtedness is now the sum of Forty Nine Thousand Three Hundred Fifty Three
I~! and 54/100--------------- Dol 1 ars -
9.35 3.5 due according to the terms and
! conditions of t:~e 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 New Obligor(s) agree to.
j personally per•farm am.1 to fully abide by all of the terms and conditions set forth in
the aforesaid note and mortgage.
i
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 Eighthspercent .875 per annum,
effective December , .
E (b) The regular amortizing monthly payment due in accordance with the
terms of the aforementioned note shall henceforth be in the sum of pour Hundred j
i Thirty Five and 77/100--------~---Dollars (5435.77 ) due and payable on -the
same day of e~~h snd ~v^ry rnc?nth as called for by the subject promissory note,-
! effective January 1, 1980
4 3. The Lender reco nizes the New Obli or(s) on the subject loan a
g g ~ pproves
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 specifically designated herein, nothing here shall constitute
a change or amendment to the aforementioned promissory note and mortgage the provisions
of~which are specifically reaffirmeJ by 'the New Obligor(s).
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OR
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_ ~ i~~OK328 Pai;E~.445
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