HomeMy WebLinkAbout23645~2338 Tt~is instrument w~s p~~p~red by: ~'
Julie A. Mi llc~i
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MODIFICATlQN, RELEASE, AP~D ASSUMPTION AGREcNENT
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! OAN 1~~326 177618 DATE:_ Uctaber 1, 19t3G ~
Tha parties to this ag~eement are TtIE WILLIr'1~:SBURGI! SAVINGS BANK,
a New York_Corporation _^__ , he~einafter called "Lencfer"
and JACK L. WEf3B and ~~pR~n.• r 1.R-R~}
• ereinafter called "New Obligor s ".
WHEREAS~ NOf2M11h L. SELIGbtAN and ANITA SELIGMAN, his wife__
hereinafter referred to as "Original Obligor(sj" executed a promissory note or assump-
t i ~n -_he reof on *_he 1~th d~ ~ of .JUi1C , 1~ 7? , ev i denc i ng a
principal indebtedness of Tw t~:i ht ~ho~sand 'l~ro tiunared and 00 100------------
________________________ Doi lars $ 28,200.00 secured by a mortgage upon real
property said mortgage being recorded in the Public Records of st. L:~ciP
Cuu~ity unaer Clerk`s ~ile Number 369935 , and O.R. Book 269 Page 2935
WHEREAS, said Original Obligor(s) are conveying the property to said
mortgage to the New Obligor(s), and
WHEREAS, paragraph l7 of said mortgage states that the Le~der ir.ay accelerate
the balance due secured by said mortgage upon said conveyance unl~s; thp Len~~:r and
the person{s) to r~hom the subject property is conveyed reach agreer~ent in writing
that the credit of such person(s) is satisfactory to Lender ancf that the ir,terest
payable on the sums secured by the mortgage shall be at a rate acce~tablz to :he Lender
and
WHEREAS, in the evznt such an accord is ~eached the Lender is then required
to release the Original Obligor from all obligations under the mortgage and note, and
w'~IEP.~r~S, the p~rt ies have : eac~iea such an agreement and r~i sh io reduce same
to ~•:: E t i ng ;
NOW TFi£ZEF4RE, in ~~nsideration of the mutual promises and covenants
cc~r.tained herein the parties agree as follot~s:
l. The undersignzd New Obligor(s) hereby expressly assume and agre~ to
'~ nc?`: 'iFl? ir;~nti~nrl~..~.SS .~'.iCSc:::.:'C: ~J'jr ~~"~C r3'FVi"c~:~~~l~lUflt:u pro~issc.ry (WtE W~11Ch
inde5tedn~ss is now Lhe su~n a~ Twenty Seven Thousand Four Hundred Thirty Five
dt'iu' 4~LiO~---_°_°°°,°------- 1~1 ~3C5 ?Z~4~~.45 ~1£ c3CC4t'~tR~ t0 t~lP LP!'!Rc ~n[~
conditions of the aforer~rsti~ned note and mortgage without defense or offset and agree
to be liable therefore as fui?y and to ths same extent as if the original maker or
Original ~bligor(s) ttier~on. In addition the undersigned New Obligor(s) agree to
p~rsonal•ly perforn and tc T::'.iy abide by all of the terms and conditions set forth in
the aforesaid n~te and r:or~ya~e.
2. The provisi~:,s of said note and rnortgaqe are hereby expressly reaffirmed
except as foi lo~.~+s:
(a) Intpr~~t on the subject obligation shall t~enceforth accrue to the
Lend~r at the rate of Fc~ur n n~~~onp~uarter P~rcent (_ 14.250 _ ~G) per annum,
eT TEGt i V2 nr.tnhpr j~ 1 98n_ _
(b) The regular
ter~~s of the aforement ioned no~e
Thi rtv Thr[~n and 3~j,/100--------
sa~~ day oF each and every nonth
eiiective November 1, 198u _
a~!iort i z i ng monthl y payment due i n accorda~ce ~•: i th the
shall henceforth be in the sum uf Three I~undr~d
__Ool!ars (y 333.33 ) due and payable on Lhe
as called ~or by the subject pror~issory note,
3. lhe Lender reco~nizes the New Ubligor(s,~ or. th~: subjec[ lo~n, approve;
th~ credit of same, and iiereby releases the Original Obligor(s) from further vuliyation
or liability under thc n:ortgage or note referred to above.
4. Except as specifically designat~d t~erein, nothing t-ere sh~ll co~stitute
a change or amen:~rr:en*_ t~ the aforerientioned pror~issory note a~d rortqage the provisions
of w'~ich are specifically reaffirmed by the tve:•i Obliaor(s).
- ~ ~ ;~~ 351 ~ A~E 2360