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. Thi. nstrument was prepay ed by: 1
SU2,' ~ ARLENE POLIFRONI
MODIFICATION, RELEASE. ANO ASSUMPTION AGREEMENT
LOAN N 7027 DATE: March 1, 1980
The parties to this agreement are the Williamsbur~h ~a~ins~.s _Ra„k
hereinafter called-"Lender"
and Budzonsk Max E. an unmarried man
hereina ter tailed "New Obligors
WHEREAS, James B.. Bemis and Charlotte Bemis his wife
hereinafter referred to as "Original Obligors " executed a promissory note or assump-
tion thereof on the • 25th day. of August , 1978 ,evidencing a
principal indebtedness of wen y Eight ousan ive Hung. red and NO 100------
-------"--""-`--''----~allars 28,500.00 secured by a mortgage upon real
property said mortgage being recorded in the Public Records of St. Lucie
County under Clerk's File Number 417963 , and Book 294 Page 2229
WHEREAS, said Original Obligor(s) are conveying the property to said
aartgage 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 pesson(s) is satisfactory to Lender and that the interest
payable on the sums secured by the mortgage shall be at a rate acceptable to tide Lender
and -
WHEREAS, in the event such an accord~~s reached 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; -
h01~1 THERE!'ORE, i n consideration of tfte mutua l promises and covenants
contained herein the parties agree as follows: '
1. The undersig led 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
_and 35/100----------------0ol Lars _2g,186.3~ due according to t e terms and
conditions of the_aforet»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) theceon. In addition the undersigned New Obligor(s) agree to
personally perform any to fully abide by all 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 FIFT~Fty percent ( ~ S n0 per annum,
effective Mar _i•t i
98~
(b) The regular amortizing-monthly payment due in accordance with the
terms of the aforementioned note shall henceforth be in the sum of ~rPP HttndrPr3
_t: ii~•, Li:,::t u::~ ~~~1(1n----------_ Dollars ($58.27 ) due and payable on the
same day of each and ever;r month as calieci fur Ly t':;: ~ab~pcr promissory note,
effective April 1, 1980
3. The Lender recognizes the New Obligor(s) on the subject loan, approves f
the credit of same, and hereby releases the Original Obligor(s) from further obligation
or liability under the mortgage or note referred to above.
4. Except as specifically designated herein, nothing hers 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).
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