HomeMy WebLinkAbout0372 This instrument was prepared by: ~
Jr~212g Julie A. Miller
pu .t„~.t-.~~
~r~~~d..,.
MODIFICATION, RELEASE, AND ASSUMPTION AGREEMENT ~+s-~ -~l 3~'~~
~ ~
LOAN ~ 7372- 182779 GATE: MaY 1, 1980
The parties to this agreement are THE WILLIAMSBURGH SAVINGS BANK
A New York Corporation. , hereina ter ca led "Len er"
and LAWRENCE-CRIVELLO and T ERESA CRIVE LO his w f
here na ter called "New Ob igor s -
ayron, an unmarried woman and
WHEREAS, Maria L, Toledo and Joaquin Toledo, her husband
hereinafter referred t~7at~ "Original Obligor s " executed. a promissory note or assump-
tion thpeareof on the Y ay of ovember ~ 19 78 ,evidencing a
princi 1 indebtedness of ~ Five ousan Nine Hundred and 00/100
• Dollars ~ , secured by a mortgage upon real
property said mortgage being records n the Public Rec9rds of St. Lucie
County under Clerk's Fi 1e Numbar 430922 , ands. R. Boo Page 80
- WHEREAS, said Original Obligor(s) are conveying the property to said
mortgage to the New Obligor(s), and
WHEREAS, paragrap;~ 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 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 Obiigar from all obligations under the mortgage and note, and
WFI:REAS, the parties have reached such an agreement and wish to reduce same
to writing;
NOW THEREFORE, i:t consideration of-the mutual promises and covenants ,
contained herein the parties agree as follows:
i. The undersian~d New Obligor(s) hereby expressly .assume and agree to
pay the indebtedness rApresented by the aforementioned promissory note which
indebtedness i s now the su.:~ of $7'wenty Five THousand Six Hundred Fort Four
and 51/100-----------~-- -Dollars due according to the terms and
conditions of the-aforementioned 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
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 rtartgage are hereby expressly reaffirmed
except as fol tars:
t_ -
.,(a) interest on the subject obligation shall henceforth accrue to the
Lender at the rate of Fifteen percent ( 15.00 per annum,
effective May 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
Twenty Five and 89/100 Dollars. 325.89 ) due and payable on the
sari. day of cacti andlc~v80ry r.~nt:: as ca' 1.•d fo; by the sc!b,ect promissory sto±c, i
effective June 1,
3. The Lender recognizes the New Obligor(s) on the subject loan, approves
the credit of same, and hereby releases the Original Obligor(s) from further obligation
or liability under the mortgage oc 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).
- ~ _ R- 3
r ~ ~ U. ~ V i D~/~A1 V ate/ 1'A~ ~ -
.