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HomeMy WebLinkAbout1205 • ~ 3 CONDOMINIUM UNIT NUMBER 616 This instrument was prepared by ATLANTIS CONDOMINIUM, BUILDING "B" Richard J. Wachtel, Vice~Hreaident #130240 1st National 8k & Tr Co of Riviera Sc 3700 Broadway, Riviera Beach, FL '48.3019 ASSUAQ'TION AGREEMENT THIS AGREEMENT, ,made this 10th day of April , 1980 , by and between FIRST NATIONAL BANK AND TRUST C~XAY OF R a corporation existing under the laws of THE UNITED STATES OF AMERICA , and having its princi- pal place of business in the City of ' RIVIER~? BEACH , Florida, hereinafter called the Lender, and ERWIN & DOR hereinafter called the Seller; and JOSEPH F , , hereinafter called the Purchaser; ~~,~5 WITNES•SETH : • WHEREAS, the Lender is the owner and holder of a certain mortgage note executed and delivered by the Seller to the Lender, said note being dated October 11, 1978 , in the principal amount of $ 31;200.00 , secured by certain mortgage which is re- corded in Official Record Book 296 , page 9 Public Records of St. Lucie County, 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 Lender to consent to said sale, and. the Purchaser has agreed to assume said note and mortgage and has asked the Lender to consent to the~Purchaser's assump- tion of said note and mortgage as part of the purchaser price, and; WHEREAS part of the consideration for consenting to said sale and the. Purchaser's _issumption of said note and mortgage is that Lender approve the Purchaser's credit and that the interest payable on said note and mortgage shall be at such rate as the Lender shall request. - NOW THEREFORE, in consideration on the mutual covenants contained in this Agreement and in said note and mortgage, and for other good and valuable considerations, the receipt ~,i which are hereby acknowledged by the Lender, it is mutually agreed by and between the ::arties hereto as follows: _ principal 1. That the unpaid balance of the mortgage note assumed by the Purchaser is ~ 30, 405.61 as of April 10 1980 , 2. That~the credit of the Purchaser is satisfactory to the Lender: 3. That (a) the interest rate in said original note is changed to 1 2.50 per cent per annum, and the monthly payments of principal and interest in said original note are changed to $ 361.48 per month, beginning April 11 , 19 80, and j (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 ' ~.~hich are not inconsistent with this Agreement,, are hereby expressly ratified and declared to be in full force and effect. S. Lender agrees to release the Seller, ERWIN LIEBERMAN and DOROTHY M. LIEBERMAN, his wife and n/a ,nder aforesaid note and wort a e and said . individually, from all obligations g g person(s) is/are hereby released from all personal liability for the payment of said above described note in consideration 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 ;aid mortgage, as modified bjr this Agreement, is a first lien upon the property described 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 an_y 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 Agree- r1z'nt, ur in the event that there has been some intervening interest which affects the ~ :-a lidity or priority of said mortgage, or in the event that the mortgaged property has not `..~?en duly conveyed by the Seller to the Purchaser as of the date of this Agreement, then the release of the Seller and of the individual(s) above-stipulated shall be of no force ~r effect. 7. That it is not intended that this Agreement constitute the creation of a new debt, not the extinguishment of the debt evidenced by said 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 said mortgage. BOOKJ~ PAGE~.~?lJ`t i