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- Thls Instrument was prepared by:
ARLENE POLIFRONI
Q 83204 -
. M~•~5
MODIFICATION, RELEASE, AND ASSUMPTION AGREEMENT •
LOAN / 6520 DATE: March 1. 1980
The parties. to this agreement are The Williamsbtir h Sevin a Bank
, ereina ter ca a Lender
and o er o sc an a en o isc hie wife
ere na ter ca led New Ob gor s
WHEREAS, Hobart W. Jenkins and J se h n
hereinafter referred to as Orig na Obligor s ' executed a promissory note or assump-
tion thereof on the 30th day of December 19~~, evidencing a
principal indebtedness of Thirt Tw
rr~_w_~.. ~.-~.-rw..j__rw. Dollars 2 000 00 secured y a mortgage upon real
property sa d mortgage being recorde n the Public Records of St. Luci e
County under Clerk's File Number 390475 , and Book .280 page 8~-0.
WHEREAS, said Original Obiigo~(s) are conveying .the property to said
mortgage to the New Obligor(s)., and - - -
WHEREAS, paragraph 17 of saiq ~tgas? states that the Lender may accelerate -
the balance due secured by said mortgage upon said conveyance unless the tender and
the person(s) to whom the subject proper is conveyed reach agreement in writing
that the, credit of such person(s) is sat~~factoryifo`~:~rider 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-~1s"reafc~ed the Lender is then 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; -
NOW THEREFORE, in consideration of the mutual promises- and covenants
contained herein the parties agree as follows:
1. The undersigned Jew Obligor(s) hereby expressly assume and agree to
pay the indebtedness represented by the aforementioned promissory note which -
indebtedness is now the sum of ur Hundred Twent Two
_ _ - -Dol ars X1.422.99 due according to the terms and
Condit ons of the.eforer~entioned note and mortgage without defense or offset and agree
to be 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.
f personally perform and to fully abide by all of the terms and conditions set forth in
j 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 Twelve and one half percent (12.50 per annum,
~ effective March 1, .
(b) The regular amortizing monthly payment due in accordance with the
terms of the aforementioned note shall henceforth be in the sum of Three Hundred
` Thirty Nine and 38/100----------- Ool tars ($339.38 ) due and payable on the
t same day of each and every mtx~ti~ as called for 'uy tie s~:Sjac.~ pror:~:ssory note,
effective April 1, 1980
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- 3. The Lender recognizes the New Obligor(s) on-the subject loan, approves
the credit of same, and hereby releases. the Original Obliyor(s) from further obligation
or liability under the mortgage or note referred to above.
I 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).
I ~ r e~
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