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MORTGAGS ASSUMFTION AGREEI~lBNT
TH8 BQUITABL$ LIFS ASSURANC$ SOCIETY OF
T8S UNITSD STATES
LOAN NO. F-190653
TBIS MORTGAGB ASSUMPTION AGRBF.!lENT is made this U day =
of December , 1985r by and between THS EQUITAHLE
LIFB
ASSURANCIB SOCIBTY OF TH8 ONITBD STATB3, a New York corporation,
hereinafter referred to as •Bquftable", and eOLLIMAN GROVB, INC.,
a Florida corporation, hereinafter referred to as 'Owner".
WITNBSSETH:
WBSREAS, Equitable owns and holds a certain promissory note
dated I?!~y 25, 1984, in the principal sun of $210,000.00, and the
first mortgage securinq same from Frank H. Fee, III and LeVan N.
Fee, his wife, fn favor of 8quitable, dated May 25, i984, and
recorded in Official Record Book ~33 at paqe 152 of the public
records of St. Lucie County, Floridaf and
WBSR$AS, title to the real property more fully described in
such first mortqaqe is being transferred and conveyed to Owner
who Wishes to obtain Equitable's consent to such transferf and
WHERBAS, Bquitable is aqreeable to the transfer to Owner
provided Owaer expre$sly assumes and aqrees to pay debt evidenced
by the promisaory note secured by the aforesaid mortqaqe.
NOW, THSR$FORS, in consideration of the covenants and
promises contained herein~ and for other qood and valuable ~
considerations, it is hereby agree~ by the parties as f~~lows:
1. The principal balance of the promissory note secured by
the aforesaid mortgage as of the date of this Aqreement is
$210,000,00
2. The undersigned Ormer hereby expressly assumes,
promises, and aqrees to pay the indebtedness owed to Equita~i~ in
accordance with the terms set forth fn the aforesaid note, a true
copy of which 6aving beea delivered to Owner, the receipt of
which is acknoNledged.
' 3. Za order to secure to Equitable repayment of the sum
' aqreed to be paid by t3~mer, Owner conffrms Equitable's ownership
~ of the first mortgaqe encumbering the lands beinq transferred to
~ Owner and described in the mortgaqe.
~ 4. Bquitable recoqnizea Owaer as a new Obligor on the
mortgaqe debt, tvithout release of the oriqinal obligors or any
~ quarantors), and approves the transfer to it of the title to
~ the real and personal property servinq as its security.
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