HomeMy WebLinkAbout1627 4~~14 ARLENE POLIFRONI 1
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MODIFICATION, RELEASE, AND ASSUMPTION AGREEMENT
LOAN / 6115 DATE: March 1, 1980
The parties to this agreement are The Wi111amsDurgh Savings Bank
hereinafter called "Lender"
and Vincenzo Roselli and Mar Louis Roselli his Wife and Charles Tota
an unmarried man hereinafter cal led "New Obligors
WHEREAS, Catherine McCain
hereinafter referred to as "Original Obligor s " executed a promissory note or assump-
tion thereof on the 22nd day of December , 19 75 , evidencing a
principal indebtedness of enty Four housan ve Hundred and No/100-..-..-..
Dol tars , securad by a mortgage upon rea]
property said mortgage being recorded n the Public Records of St. Lucie
County under Clerk's File Number 324049 , and Boo an age
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 Lender may accelerate
the balance due secured by said mortgage 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 *_he 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 a]] obligations under the mortgage and note, and
WHEREAS, the parties have reached such an agreement and wish to reduce same
to writing;
NOW THEREFORE, in consideration of the mutual pra:nises and covenants
contained herein the parties agree as fol]ows:
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 Twent Three Thousand Six Hundred Fort Ei ht
and 37/100.-.--.-.----- ---~Do]lars 2,64 .37 due according to the terms and
conditions of the.aforementioned note and mortgage without defense or offset and agree
tp be:tieble therefore as fully and to the same extent-as if the original maker or
Origina] Obligor(s). thereon. to addition the undersigned New Obligor(s) agree to
personally peP`fornr and to fully abide by al] 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 jline and Seven Eighthspercent (9. 87~ per annum,
effective March 1. 1980
(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
Thirteen and 14/100---.----------.. Do] Lars 213.14 ) due and payable on the _
same dav, of each wn~i evPrv month as cal lpd fo:- by the «~hjec*_ ~?rom'sssory no*_~,
effective _ April 1, 1y~0
3. The Lender recognizes the New Obligor(s) on the subject loan, approves
the credit of same, and hereby re]eases the Original Obligor(s) from further obligation
or liability under the 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 mortgage the provisions
of which are specifically reaffirmed by the New Obligor(s). 2
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