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- 486S3a3 ARLENE POLIFRONZ S
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MODIfICAT10N, RELEASE, AND ASSUMPTION AGREEME
LOAN 7376 ~ DATE: February 1, 1980
The parties .to this agreement are The Williamsburgh Savings. Bank
hereinafter ca_ a "Lender"
and a r c ar an our e . ar , s w fe
h~reina ter cal ed "New Obligors
WHEREAS, Ramon Ubieta and Mercedes B. Ubieta, his wife
hereinafter referre to as 'Original Ob igor s " executed a promissory note or assump-
tion thereof on the 4th day of December , 19~, evidencing a
principal indebtedness of hirt Ei t Thousand Four Hundred and No 100---- .
••~-.-•,•-~.-.--~-.-~.-~--~------Dollars .00 secured by a mortgage upon real
property sa mortgage being recorded n the Public Records of St. Lurie
County undec Clerk's File Number 4 29005 , and
WHEREAS, said Original Obligor(s) ale conveying the property to said
mortgage to the New Obligor(s), and -
WHEREAS, paragraph 17 of said mortgage states that the Lender :nay accelerate
the balance due secured by said nartgage 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 THEREi=ORE, 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
pay the indebtedness represented by the aforementioned promissory note which
indebtedness is now the sum of
_ _ _ - _ _ - ~ Dollars 0.- due according to the terms and -
wnd tions of t~ie.aforementioned note an mortgage without defense or offset and agree
to be liable~tKetef~dr~ as fully and to the same extent-as if the original maker or
Original.Obliggr.(s) thereon. In addition the undersigned New Obligor(s) agree to
personally perfdrm 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 hths percent ( 9.87 per annum,
effective Peb 1, 19 0 •
tizin monthl a ment due in accordance with the
(b) The regular amor g y p y
terms of the aforementioned note shall henceforth be in the sum of Three Hundred .
Twenty Two and 73/100-------------- Dollars 322.73 ) dus and payable on ~ the
sarr~ d,y of each and every ~aenth as tailed for by the subject promissory note,
k effective March 1, 1980
- 3. The Lender recognizes the flew 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 oc 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 reaffirmed by the New Obligor(s).
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