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HomeMy WebLinkAbout1053 new rnr;x~r ~~tcr:, in consiaeration or une nuna*•ea ana uu/tuu pp~,~Rg ( $ 100.00--------------------- ) and other good and valuable consideration, receipt of which is hereby acknowledged by Mortgagee, it is mutually agreed by and between the parties hereto as follows:,, 1. That the credit of the Purchasers is satisfactory to the Mortgagee and that the Purchasers are accepted for membership in the Mortgagee. 2. That as a part of the purchase for said real estate the Purchasers hereby assume and agree to pay the above-described note _ and mortgage to the Mortgagee and that the Purchasers hold said property subject to said note and mortgage and that they will make the prescribed monthly payments thereon to said Mortgagee and perform all other requirements in accordance with the terms~of this Agreement and said note and mortgage. 3a. That the parties hereto agree that the interest rate of 13.25 per cent per annum as set forth in said original note hereinbefore described is hereby amended to 15.25 per cent per annum and the parties hereto further agree that the payment of $ 588.15 per month as set forth in said original note is amended to $ 670.48 for each and every month hereafter. 3b. That the parties hereto agree that henceforth the default interest rate of fifteen (15.0$) per annum as set forth in said original note hereinbefore described is hereby amended to 18.00 I per cent per annum. 4. That all terms, covenants and conditions in said original note and mortgage referred to which are not inconsistent herewith are hereby expressly confirmed, ratified and declared to be in full ~ force and effect. Kevin Peck, Ann Peck, Individually, ~ Alden F. Peck, Jr. Individually, Peck 5. Mortgaggee hereby releases Construction Company (a/k/a Peck C.a~struction ~ Co.), Alden F. Peck, Sr., President, Alden F. Peck, Sr., Individually as Mortgagors under the hereinbefore described note and mortgage, from all personal liability on said note and mortgage. 3 6. This Agreement does not constitute the creation of a new debt, nor 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 above- described premises. i nsc1AA ~ gp~(e~,j~ PAGE 1VJG ~ ~ . - - _ .