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ASSUMPTION AND MODIFICATION AGREEMENT / !
` 1'~
'THIS AGREEMENT made this 25th day of April , A.D., 19$x, by and between
Arthur W. Kush and Augusta B. Kush, his wife . hereinafter
called Purchasers, and Bankers Trust Company, A New York Corporation ' ,30
hereinafter called Mortgagee: rig
WHEREAS, a certain mortgage dated the 17th day of November , A.D. , 197 8 was
given by Dal j it Kaur Singh and Gulshan Hhag Singh hereinafter
referred to as Mortgagor, to Mortgagee which secured a mortgage note in the
principal sum of Fifty Two Thousand Six Hundred Fifty Dollars and no/104
which said Mortgage was recorded in Official Records Book 2 9 8 at Page 9 34 , of
the Public Records of Dade County; , Florida, encumbering the
following described property, to-wit:
Condominium Unit No. 902, of SEA PINES TOWER CONDOMINIUM, according
to the Declaration of Condominium thereof dated the 20th day of
December 1977, recorded in Official Records Book 280, at Page 2622
• et. seq., of the Public Records of St. Lucie County, Florida;
together with all .the appurtenances thereto, all according to the
said Declaration of Condominium and Exhibits attached thereto.
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 Fifty Two Thousand Six Hundred Fifty and no/100
($52,650.00) executed on the 17th 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 17 , 1978. , recorded
in Official Records Book 298 , at Page 934 , of the Public Records of Dade
County, Florida;
3. THAT Purchasers do hereby agree and acknowledge that the interest rate on the
indebtedness is being changed from a rate ofEight and thre er cent (8.75 .
~uarterPs
per annum to Twelve per cent ( 1 2 per annum.
4. THAT Purchasers do hereby expressly assume and agree to pay the aforementioned
f unpaid indebtedness Fifty Two Thousand One Hundred Thirty Seven and 89/100
($52,137.89) the principal and interest to be payable in monthly installments
of 538.96 and bearing interest at a rate of Twelve per cent ( 12 7.)
F per annum, and to be personally liable therefor as fully and to the same extent as
though they were the original debtors and original makers of said note and mortgage,
a
S. THAT by the Purchasers express assumption of liability in full effect under the
original note and mortgage as herein set forth, the original Mortgagors,
Dal j it Kaur Singh and Gulshan Bhag Singh are hereby released of
all liability under said original note and mortgage;
6. THAT the property hereinabove described shall remain subject to the lien, charge
and encumbrance of said original mortgage and nothing herein contained or done pursuant
thereto shall in any manner or way affect, alter or modify any of the terms and
conditions of said original mortgage, except as herein changed and modified;
•7. THAT this Agreement applies to, inures to the benefit of and 'binds all parties
hereto and their respective heirs, legatees, devisees, administrators, executors,
successors and assigns.
IN WITNESS WHEREOF, the parties hereto have caused these presents to be duly
executed and their seals affixed on the day and year aforesaid.
~ Signed and sealed and delivered in the presence of:
• <.c _Cc _ ~ • (SEAL)
~ WITNE$~ r' ART R W. KUSH
~ / ! ~ ' (SEAL)
TNESS - / AUGU A B. KUSH
~ - 1 - BO~O~f(JJ~ PAGE~a:~U
M"~~ lAW OFFICES OF .IO~iEP?1 M FITZGERAID. P A .502 SECURITY TRUST BUILOWCa. MIAMI. FLORI!]A 33131 (30x1359.7143
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