HomeMy WebLinkAbout0874 assumed by the Buyer is $12,671.83 as of February 1 , 1980.
2. That the interest rate shall be 12 1/2 per cent
- per annum, and the monthly payments, as of March 1, 1980,
shall be $196.37 per month, and that Buyer hereby assumes
said Articles, as modified, and shall perform each and all
of the covenants, agreements and obligations in aforesaid
original Articles of Agreement, as modified.
3. That all terms, covenants and conditions in aforesaid
original Articles, as modified, which are not.incohsistent
with this Agreement, are hereby expressly ratified and
declared to be in full force and effect.
4. The Seller and Buyer warrant and represent to
the Lender that the lien of said Articles, as modified,
is a first lien upon the property described therein and that
there is no second mortgage or other subsequent lien, right or -
claim of lien, outstanding against the property described in
said Articles. In the event that there is any such judgment
or lien, right, title or interest against or in said property
in favor of any party or parties not a party hereto as of
4 the effective date of this Agreement, or in the event that there
has been some intervening interest which affects the validity
i
f
or priority of-said Articles, or in the event that the
encumbered property has not been duly conveyed by Seller
to Buyer as of the date of this Agreement, then the release
of the Seller and of the individuals below-stipulated shall
be of no force qr effect.
5. Lender agrees to release the Sellers, individually,
from all obligations under aforesaid Articles, as modified,
and said persons are hereby released from all personal liability .
for the payment of said above-described Articles in consideration
of the agreement by the Buyer to assume and agree to pay and
~ perform each and every obligation under said Articles, as
¢i
8
modified. -
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