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- ASSUMPTION AND MODIFICATION AGREEMENT
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' THIS AGREEMENT made this Srf'~- day of ~iL , A.D., 19~, by and between
.LEO J.. REUTHER, III AND BETTY GALEN REUTHER , hereinafter
'called Purchasers, and g~KTy~ TRUST COMPANY., A NEW YORK CORPORATION,
hereinafter called Mortgagee:
WHEREAS, a certain mortgage dated the 13thday of November , A.D., 1978 was
given by WILLIS D. EBERLY AND FRANCES S. EBERLY hereinafter
referred to as Mortgagor, to Mortgagee which secured a mortgage note•in the
principal sum of Thirty-Nine Thousand Six Hundred and 00/100 ,
which said Mortgage was recorded in Official Records Book 2 98 at Page 9 2 5 , of
the Public Records of St.Lucie County, , Florida, encumbering the
following described property, to-wit:
Condominium Unit No. 206 of SEA PINES TOWER CONDOMINIUM, according
to the Declaration of Condominium thereof dated the 20th day of
December 1977 recorded in O.R. Bk. 280 at Page 2622, public records
of St. Lucie County, Florida; together with all appurtenances
v, ~ thereto, as per Declaration of Condo. and exhibits attached
~G ~ thereto.
7 WHEREAS, said original Mortgagors have sold or are about to sell and convey the
above described property to the Purchasers, and
WHEREAS, the terms of the mortgage include a provision allowing Mortgagee to change
the rate of interest upon any transfer of title and to accelerate the loan balance if
title is transferred without Mortgagee's consent,
NOW THEREFORE, in consideration of the. premises, it is hereby agreed by and between
the parties hereto as follows:
1. THAT the mortgage note for Thirty-Nine Thousand Six Hundred Dollars and 00/10
($39,600.OA)executed on the 13th day of November 1978, by the original
Mortgagor, shall remain in full force and effect except as hereinafter modified.
2. THAT the Purchasers hereby agree and acknowledge that the said promissory note
shall be secured by the original mortgage dated November 13th, 1978 , recorded
in Official Records Book 298 , at Page 925 of the Public Records of St. Lucie
County, Florida;
3. THAT Purchasers do hereby agree and acknowledge that the interest rate on the
indebtedness is being changed from a rate of eight and one=half per cent ( 8.5
per annum to Twelve per cent ( 12~.) per annum. -
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4. THAT Purchasers do hereby expressly. assume and agree to pay the aforementioned
unpaid indebtedness Thirty-Nine Thousand Two Hundred Twenty-One and 75/100
j 39,2 21.7 5) the principal and interest to be payable in monthly installments
of $ 405.31 and bearing interest at a rate of Twelve per cent (12 7.)
per annum, and to be personally liable therefor as fully and to the same extent as
't though they were the original debtors and original makers of said note and mortgage,
5. THAT by the Purchasers express assumption of liability in full effect under the
original note and mortgage as herein set forth. the original Mortgagors,
~ WILLIS D. EBERLY AND FRANCES S . EBERLY are hereby released of
all liability under said original note and mortgage;
6. THAT the property hereinabove described shall remain subject to the lien, charge
and encumbrance of said original mortgage and nothing herein contained or done pursuant
thereto shall in any manner or way affect, alter or modify any of the terms and
conditions of said original mortgage, except as herein changed and modified;
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~ 7. THAT this A reement a lies to inures to the benefit of and binds all
~ g pp , parties
hereto and their respective heirs, legatees, devisees, administrators, executors,
successors and assigns.
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IN WITNESS WHEREOF, the parties hereto have caused these presents to be duly
E ,executed and their seals affixed on the day and year aforesaid.
Signed and sealed and delivered in the presence of:
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WITNESS (SEAL)
LE J. REU E
(SEAL)
W TN S BETTY GAL REUTHER
- 1 - 80t9i~(~ P~Cf~e~
M-5~ LAW OFFICES OF JOSEPFI M FTZGERALO. P A .502 $ECURiT V 717UST BUILOWG MU?MI. FLORIDA 33131 (305i 358.7143 ~