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ARLENE POLIFRONI ~ r
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MODIFICATION, RELEASE. AND ASSUMPTION AGREEMENT of ~
7601 _ .January 1,. 1980 ~
LOAN / DATE• {
The parties to this agreement are
ereina ter ca ed 'Lender j
and an a eiganQ. and Karen Wei and hi f '
hereina ter called 'New Ob igor s
WHEREAS, Americo Bertoli and Ida Bertoli his wife
hereinafter referred to as 'Original Ob igor s executed _a promissory note or assump-
tion thereof on the 25th day of January , 1979 evidencing a
principal indebtedness of Thirt Two '
----------------L-=--Do ars 2 0 secured by a mortgage upon real
property sa mortgage being recorded n the Public Records of St _ i.u~i P
County under Clerk's File Number ~~35752 ,and
WHEREAS, said Original Obligor(s) are conveying the property to said
rtwrtgage to the New Obligor(s), and
WHEREAS, paragraph 17 of said mortgage. states =that =the L•eM1er may accelerate
the balance due secured by said mortgage upon'saiti-~~dhveyanl;~~,i,ii~i ~ss"" he Lender and
the person(s) to whom the subject property i~ conVdyed'`'r~e'~i agre~~ in writing I
that the credit of such person(s) is satisfactory to Lender and that the interest i
payable on the suns 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 than 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;
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NOW THEREFORE, 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 Twe
N0/100--------------------Do1 tars 29 , 250.00 due according to the erms and ~
conditions of the.a orementioned note and mortgage without defense or offset and agree
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to be,l~1 ~bje?therefore as fully and to the same extent•as if the original-maker or
OriginalF Obligor(s) thereon. In addition the undersigned New Obligor(s) agree to
personally perform and 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:
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~ {a) Interest on the subject obligation shall henceforth accrue to the
Lender at the rate of Nine and Seven Eighth~ercent ( 9.875 per annum,
I effective January 1,
{b) The regular amortizing monthly payment due in accordance with the
terms of the aforementioned note shall henceforth be in the sum of Two Hundred Fifth
~ Six and 93/100--------~-------~-.-,Dollars 256.93 )due and payable on the
Dante day or' each and every ~ ntl~~ as cbi lcd far by the sub}ect promi ssary ao~e,
~ effective February 1, 190
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3. The Lender recognizes the IJew 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 or note referred to above.
's - k. Except as specifically desigria'[ed~fi'i~t;~~'f~h'~~!~ ere shall Constitute
a change or amendment to the afoeement fo~`~'d' PPaiii~s~s~'~y ~!e a~nlit~~lfnbrtgage the provisions,
of which are specifically reaffirmed by the New Obligor(s).
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