HomeMy WebLinkAbout1405 `v.~l" PS-3276 Eye, Martinez
~ V
MODIFICATION, RELEA$~,-ANO ASSUMPTION AGREEMENT '
~ - l_ _ rJ
LOAN ~ 6080 = _ ~ ~ ~ ~ ~ DATE: A
= ~e ~ ..a+-.•si ~ • ~ =e 4 ~ 5 ~ - aril 1. • 1980
The parties to this agreement are williamsb a '
hereina ter called "Lender'
and . A
hereinafter called "New Obligors
WHEREAS, d
hereinafter referred to as "Original Ob igor s " executed a promissory note or assump-
tion thereof on the 26t_h day of November , 19 evidencing a
principal indebtedness of Twen -e' a d
------L------- Ool 1 ars $ Z8 300.00 - secured by a -mortgage upon real
property said mortgage being recorded n the Public Records of ST. I.~UCIE
~:c~u~riy ands: Clsrk's !:l le Nur.~bsr 321831 - ,and Book 246, Page 60A .
WHEREAS, said Original Obligor(s) are conveying the property to said
mortgage to the New Obligor(s), and .
. WHEREAS, paragraph 17 of said mortgage states that the !.ender may accelerate
the balance due secured by said mortgage upon said conveyance unless th_e Lender and -
the person(s) to whom the subject property is conveyed reach agreement in Nriting
that the credit of s~:ch 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 OSiiyor 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 THEREFORE, i:. consideration of -the mutual promises and covenants ,
contained herein the parries agree as follows:
i. The undersignei I:ew Obligor(s) hereby expressly ass~~me and agree to
pay the indebtedness represented by the aforementioned promissory note which -
indebtedness is now the sum of Twent -seven Thousand Two Hundred Sixt -ei ht
and 34/100 -Dollars 27, 268.34 due according to the terms and
conditions of the. aforementioned note and mortgage without defense or offset and agree
to bf; liable therefore as fully and to the same extent-as if the original maker or
~ Original Obligor(s) thereon. In addition the undersigned New Obligor(s) agree to
personally perform and to ~uliy~$bide by all of the terms and conditions set forth in
~ the aforesaid note and rortgage. -
~ - 2. The provisions of said note and mortgage are hereby expressly reaffirmed
~ extent as follows: - •
F -
~ -
(a) Interest on the subject obligation shall henceforth accrue to the
Lender at the rate of Fifteen percent ( 15 per annum,
effective April 1. 1980 -
i (b) The regular amortizing monthly payment due in accordance with the
~ terms of the aforementioned note shall henceforti~ be. in the sum of Three Hundred
Fourty-nine and 70/100 ----------Dollars ($349.70 ) due and payable on the
•5ame day of each and every month as called for by the subject promissory note,
I etrect i ve I"~y 1, 1980
i -
3. The Lender recognizes the hea? Obligor(s) on the subject loan, approves
the credit of same, and hereby releases the Original Obligor(s) from further obligation
or liability under tfie mortgage or note referred to above.
4. Except as specifically designated herein, nothing here shall constitute
a change or amendment to the aforementioned promissory note and rzortgagz the provisions
of which are specifically reaffirmed by the ijew Obligor (s) . 'DOC . L{ G • 9 J^
-
Sy
~vt~;ent OfT~ -
~ursurnt .o Chspt~r Tt, 13~t, /l011011g1. (IR~~ i'l.G~~~
CNrtt CtrouR Court, >k Lwl~ f~„ !1a 7 . .
S