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HomeMy WebLinkAbout1178 • i ' ~D ~1 Thia instrument was prepared by: 9 290301+85 Susan L. Donnell - ASSUMPTION AGRBBMBIYT of poEttn ~c~ snvurcts awa w~?t+ ~ssocunorr ~ w~ s~?cM to oon~o sK.a ~ 0 Wa1 ~d. Mode. fk.ido asr02 THIS AGP:EEMBNT. made tltis _3.______ day of r; 7 ~__~___r--__., 19~, by and between FIDELITY FEDERAL SAVINGS AND LOAN ASSOCIATION OF WEST PALM BEACH, a corpontion existing under the laws Hof the United States of America, and having its principal place of business in the Gtty of Went Palm ~ cl~~lori~a,l~~reia~fter ~lled t~e Lender and David K~ Lehman & Lunn L. T.Phma,, hereinafter called the Seller; o arc an Bet Mae March .?s~ s E. SPnngl l n .Tr, ~~'-P„~ra_K.- Eenne].~diereinafter called the Purchase; WITNESSETH: . WHEREAS, the Lender is the owner and holder of a certain mortgage note executed and delivered by the Seller to the Lender, acid note being dated March ls, 1q~8--------------- - in the principal amount of s_-23,~QQ.4S1--------_y secured by a certain mortgage which is recorded in Official Record Book page ___2936_-____, Public Records of St.- Lucie--__-~_~ Cvunty, Florida, encumbering the property described therein, and;. WHEREAS, the Seller is selling the real property described in said mortgage to the Purchaser and has asked the !.ender to consent to said axle, and the Purchaser has agreed to assume said note and mortgage and has asked the Lender to consent oo the Purchaser's assumption of acid note and mortgage as part of the purchase price, and; WHEREAS part of the consideration for consenting to said sale and the Purchaser's assumption of acid note and mortgage is that the Lender approve the Purchaser a credit and that the interest payable on said note and mortgage shall be at such me as the Lender shall request. - NOW THEREFORE, in rnnaidention on the mutual covenants contained in this Agreement and in said note and mcxtgage, and for other good and valuable considerations, the receipt of which are hereby acknowledged by the Lender, it is mutually agreed by and between the parties hereto as follows: 1. That the unpaid balance of the mortgage note assumed by the Purchaser is 23:~~~_ ~8_____.___-______.-_- as ' of .------A~ril_____3-___-. 19_8_Q__. . K%~~ 2. That the credit of the Purchaser is satisfactory to the Lender. ',j, ~ - ~ 3. .That (a) the interest me in said original noteis changed to _ __1?+.ZS`~-___ .per cent per annum, and the monthly payments of prindpal and interest in said original note are changed to S -97..8_.6___. ,per month, beginning NSa-~.________~. _ 19__85.2_ and (b) that the Purchaser hereby assumes said mortgage and shall perform each.and all of the covenants, agreements and obligations in aforesaid original note and mortgage as modified by this Agreement. 4. That all terms, covenants and conditions in aforesaid original note and mortgage which are not inconsistent with this Agrcement, are hereby expressly ratified and declared to be in full force and effect. S. Lander agrees to release the Seller, .David K. Lehman and L.ynn-~~---j~~na~.---------------- r and - - individually, from all obligations under aforesaid note and mortgage, and said person(s) is/are hereby released from all personal liability for the payment of said above descnbed note in considention of the agreement by the Purchaser to assume and agree to pay and perform each and every obligation under said note and mortgage as modified by this Agreement. - 6. The Seller and Purchaser warrant and represent to the Lender that the lien of said mortgage, as modified by this Agreement, is a first lien upon the property deacdbed therein and that there is no second mortgage or other subsequent lien, right, or claim of lien, outstanding against the property described in the said mortgage. In the event that there is any such judgment or lien, right; title or interest against or in said property in favor of any party or parties not a party hereto as of the effective date of this Agreement, or in the event that there has been some intervening interest which affects the validity or priority of said mortgage, or in the event that the mortgaged property has not been duly conveyed. by the Seller to the Pur- chaser as of the date of this Agreement; then the release of the Seller and of the individual(s) abovestipulated shall be of no force or effect. 7, That it is not intended that this Agreement constitute the creation of a new debt, nor the extinguishment of the debt evidenced by acid note and mortgage, nor does it in anywise affect or impair the lien of said mortgage, which lien is a valid and existing first lien on the property described in acid mortgage. 8. That this Agreement shall be binding upon and shall inure to the benefits of the heirs, executors, adminis- trators, successors and assigns of the respective parties hereto . 9. The Seller hereby authorizes the Lender to give the Purchaser credit for any escrow balance which might be heW bq the Lender. ' 10. The Purchaser agrees to pay the costs of the recording of this Agreement and any documentary stamps, intangible tax or other costa pertaining to the recording of the Agreement. 11. The use of the terms "Purchaser" and "Seller" as used in every instance shall denote the singular and/or plural and the masculine- and/or feminine and/or neuter whenever and wherever the context so requires or admits. IN WrTNESS WHEREOF this instrument has been executed by the parties hereto in manner and form sufficient to bind them; as of the day and year first above written. coo ~ P~~~ ~t~~ F~~~~~TY ~DERAi.