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This ~nclrument p~epared by A.\ i l ~. .. 1\' :'` (: S
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W. H. Walker. Jr., AttorneY . : s ~ • ~ 'ti ~ ~
MienFirs~ Federal Buadug Un~~ ~. 1:. ~! l~i,~~: ;.
One S.E. Thi~d Avenue • ~ ~• ~' ~
M~arr-~. Flaba 3313~ ~~i:uui. 1~ lc:ricLi .i.:I.i j ~
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MODIFICATION~ RELEASE AND ASSUMPTION AGREEMENT
LOAN~ _ 45-100812-7- ---__ --------- Date .---6 19 0---------
The parties to this agreement are AMERIFIRST FEDERAI SAVINGS AND LOAN ASSOCIATION. tormerly known as FIRST FEDERAL SAVINGS
AND IOAN ASSOCIATION OF MIAMI, here~nafter called "Assoc~atwn' and Gjyj,ijd W~ pRTHURS
here~nafler Called "New OW~gor~s) .
WHEREAS. JAMES E. MC CABE AND ELISABETH R. MC CABE, HIS WIFE
here~naRer referred to as "Ong~nal Oblgor{s- exocuted a prom~ssory note a assumpta~ thereoR on the _-~ 13th __ day of Februa r~ _ _
19 ~_L_ , ew0enc~ng a pnncipal ~ndebtedness ot F IFTY N INE THOUSAND N N U~1 RED AND NO/ 100 ------- ------
-------------------------------------------- Dollars E S~~ ~~~.U~ 1 secured by a mortgage upon real
property sab mortgagQbBU~ tecorde~ u~ the PuW~c Records ol _-_ ~L~ Lll~ --- -- unty under CIBrk'S
Fde Number _-- -43~401 -- -- ----- . and Ott~aal Records Book _--- ~~ --- Pagelsl ---~ . ar-d
WHEREAS sa~d Or~g~nai ODl~gor~sl ~s convey~ng the property sub~ect to sa~d mortgage !o the New OW~gor~sl. and
WHEREAS. paragraph 17 ot sa~ mortgage states that the Assocwtan may acce~erate the balance due secured by sa~d morfgage upor~ sa~d
conveyance uNess the Assoc~atan and the person~s) to whom the sub~ect property ~s conveyed reach agreement ~n wnt~ng that the cred~t ot such person(s) ~s
sat~stactory to the Assoc~at~on and that the ~merest payable on the sums secured by the mortgage shau be a~ a rate acceptable to the Assouabon and
WHEREAS m the event such an accord ~s reached. the Assouat~on ~s the~ reqwred to re~ease the Orgmal Obt~gor from all obtigat~ons under the
mortgage and note. and
WHEREAS. the part~es have reached such an agreement a~~d w~sh to reduce same to wnUng
NOVH THEREFORE m consbe+auon ol the mutual prom,ses and cuvenants conta~neo he~e~n tne part~es agree as foibws
t The unders~gned New Obl~gor~sl-~e~eby expressly assume and a~rees to pav the ~ndebtedness represented by the atorementaned prom~ssory
note wh~;.~ ~~debtedness ~s now the sum ot FIFTY NINE THOUSAND THRSE HUNDRE~ SfiN~ITY 1~10 AND 91/100-----
---------------=------------ -.Uoilars IS ~9, 72.919e~k ) due aecording to the terms
and cond~uo~s of the aforementaned note an~ r,artgage w~thoul defense or ofiset and agree to be babie ~herefore as tuily ar.d to the same extent as d the
o~g~na~ maker~s) or Obhgor~5) the~eon In add~t~on the unders~gned hew OW~gor(s- agrees to persanatly perform and ro fu!!y ab~de by aN ot the te~ms and
r,or:ddion5 5e1 !orth m Ihe atore5a~d note and mortgage
2 The prov~s~ons ol sa~a note and mortgage are hereby ezpressly reaH~rmed excep! as to the amount ol the atorement~oned pnnc~pal batance and
ezcept as totlows
(a) Interest an the subject obligati~n shall henceforth accrue to the Associatinn at
the raee of FOURTEEN PER CENT (24.007.) per annum, effecti~•e the month fo:lowing
your closing.
{b) The regular amartizing monthly payment due in accordance with the teoms of the
aforementioned note shaLl henceforth be in the sum of SEVEN HUNDRED SEVEN AND
72/lOt~ Dollars ($7Q7.72) due and payable on the same day of each and every
month as called for b}i the subject promissory note, effective the month
following your tlosing.
** Balance after application of July's payment.• a~~Gi~~~
1981 N~-R 20 ~i~ i1= 20
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St l~~'F ~C;;~'Y'.i; •
_. RC,'fie~R i'C17:i,:S
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3 The Assouabon recogrnzes the New'J~i~gor~si as tne Obi~goris; on the sub~ect ~oan app,ovesthc cred~t o~ same and hereby reieases the
Onginai pbhgorls) from further obl~gat~On or ;~ab~~~ty under tne mortgage,or note reie~~ed to above
4 Except as specficalry hes~gnated nerem nothmg ~ere shaH concHtute a change or amendment to the atoremenb~ned promi55ory ~ote and
mortgage tt~e prov~s~ons of wr~~ch are speut~cauy reaft~rmed by the New ODl~gorls~
5 7n~s agrsemen: is u~ntimy uNv~~ ii~e i~r~~5 driu nS~~yr~~ oi ii~e pari:es
~YITNESSES as to New b~~gorisi r~EW LIGORISi
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.. ~~ ~ c ~Lc'' GLENV N. ARTHURS ; ~~ .,~~~ ~
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jTATE O~ r ----- ~ - - -- - - ~ sir•o ~ ~ , j~~ .
55 y~/ a r
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COi1NTY OF ' _- -------- -- - - -4 - - - ,~ ,
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i HE/R1EBY CERTIFV that on th~s ____L_ _ day ot __ ___ _ ~g _rL..~ . before me personafiy came ~ 4` ~
// Ci~~~~~`~ ~ ,.. % ~ '•, 'r a~-
Ir ~-- .- '_ _--______-'.__________._ ___ ..--__ .__ _ ..__.___--._ _. -'_ ~ t • _
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to me known to be the mdw~duals descr~bed ~n and who executed the }orego~ng agreement and they acknowiedged Defore me that they executefrthe s~i{ae ibf_
the purpose therem expressed • -~ ~ ~
WITNESS my hand ar.d off~aai seal at _- `~!~ sa~cYGcunty and State o the day ar~d year wnnen
~ ._r,,~.4
----~(~' . - ~ / ~~ ~ - - - - --
• My Comm~ssan Exp~res Nota ~ Fcbl , Sbi~,~ :,fx ~~tR
C~w!,'tzC ir. E~ c r ,::.~Y
,~ ~ A~iIERIFIRST FEDERAL SAVINGS AND IOAN ASSOCUTiO % - ~~~Y ~j~s~`: `j,.;rc ./ ~•; ~ 30. 19 ~~
_'~ j _ r / ~
Attest ------ --- " /---- -- - -- - By -- -~ ~ ~ ~ ~ --~- --
_ y Ass~stant Secretary Ass~stam V~ce Prasident
LS 271 Rev 10 79
. ~,
Legai : Unit 202 ofXZliZ~}~li2iY~XS~XY Hutchisen Is. Condu. 257-674
8~OK351 ~~i~E ?~1