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~ ASSUMPTION AND 1~pDIFICATION AGREEMENT ~~ ~~
gHIS A~Ft~~Nfi made thta ~~ dey of Va~ui , A.D., 19f~/, by and between ~S.
Jo~e~1~Ma~chese ar~d Louise Marchese, husband and wife . hereinafter ~,fi.
~a e rc asers, an gankers Trust Company, a New York Corporation ~
hereinafter called Mortga~ee:
WHBRBAS, a certain mortgage dated the 20th day of November, p.D. , 197 8 was
given by John A. Penello and D a~is R. Penello, his wife , hereinafter
xeferred to as Mortgagor, to Mortgagee which secured a mortgage note.in the
principal sum of Forty-Six Thousand and 00/100 ,
which said Mortgage was recorded in Official Records Book 29Q at Page 361 , of
th~ Public Records of St. Lucie County, , Florida, encumbering the
following described property, to-wit:
Condominium Unit No. 704, of SEA PINES TOWER CONDOMINIUM, according to
the Declaration of Condominium thereof dated the 20th day of
December 1977, recorded in Official Records Book 280, at Page 2622,
et. seq., of the Public Records of St. Lucie County, Florida;
together with all the appurtenances thereto, all according to the
said Declaration of Condominium and Exhibits attached thereto.
Wt~REAS, said original Mortgagors have sold or are about to sell and convey the
above described property to the Purchasers, and '
WHEREAS, the terms of the mortgage include a provision allowing Mortgagee to change
the rate of interest upon any transfer of title and to accelerate the loan balance if
title is transferred without Mortgagee's consent,
NOiI THEREFORE, in consideration of the premises, it is hereby agreed by and between
the parties hereto as follows:
l. THAT the mortgage note for Fbrty-Six Thousand and 00/100
($46, 000. 00). ~ecuted on the 20th day of November , 19 ~$ by the original
Mortgagor, shall remain in full force and effect except as hereinafter madified.
2. THAT the Purchasers hereby agree and acknowledge that the said promissory note
shall be aecured by the original mortgage dated November 20, 1978 , recorded
in Official Records Book 298 , at Page 361 , of the Public Records of S t. Lucie
County, Florida;
3. THAT Purchasers do hereby agree and acknowledge that the interest rate on the
indebtedness ~A bpino r~fAnoat~ frnm a rsto nf FiA~'1t a*1!~ e~nn~l~sal f i R S ~r~
j.~~ ~.c-a~. \ ~ ' ~ /~I
~ - ---- -- - -r- - -'--- --'- "~--
per annum to Fourteen a d er cent ( 14.5%) per annum.
~ one-~ial f
4. THAT Purchasers do hereby expressly assume and agree to pay the aforementioned
unpaid indebtedness Forty Five Thousand Four Hundred Fourteen and 44/100
($4 5,4 14.44) , the principal and interest to be payable in monthly installments
of $ 558.76 , and bearing interest at a rate ofFourteen and ~~ ~etr cent (14.5~)
per annum, and to be personally liable therefor as fully and to ~ie s~me extent as
though they were the original debtors and original makers of said note and mortgage,
5. THAT by the Purchasers express assumption of liability in full effect under the
original note and mortgage as herein set forth, the original Mortgagora,
Jennings Earl Leppert and Charlene C. Leppert, a e hereby released of
a11 liability under said original note and mortgage; hi s~ai ~e
6. TEiAT the property hereinabove described shall remain subject to the lien, charge
and encumbrance of said original mortgage and nothing herein contained or done purauant
thereto shall in any manner or way affect, alter or modify any of the terma and
conditions of said original mortgage, except as herein changed and modified;
7. THAT thie Agreement applies to, inures to tne benefit of and binds all partiea
hereto and their respective heirs, legatees, devisees, administrators; executors,
successore and assigns.
IN WITNESS WHEREOF, the parties hereto have caused these presents to be duly
executed and their seals affixed on the day and year aforesaid.
Signecy.and sealed and delivered in the presence of:
I ,. i
WITNESS
-~ -
(SEAL)
(SEAL)
- 1 - BOD J~ f'Ji~~.i)~
M'~ 1./~W Of'F1CES Of J08EPH M. FfTZaERALD. P. A. SOQ SECVRITV TRUST BU4.OMVC. MU1M1. F'IO~OA 33131 130'51 336 7 1 43