HomeMy WebLinkAbout0943 ~3`7253 i ' " ` D 5
ASSUMPTION AGREEMENT ~
WITHOUT REI.EASE
Loan No. ML~i1010106231
' ~
WHEREAS, UNITED SAVINGS OF AMERICA. 1=.A.. .
loaned Dale W. Johnson and Ray P. Elmblad, A Partnership
P
the sum of Fifty-eight Chousand dollars and 00/1.00 7~
($58,000.00 evidenced by note, and mortgage dated January 20th, 198$
and recorded January 21st, 1988
in O.R.Book 0572 Page 1009 Public Records of St. I.ucie Countv,
Florida.
WHEREAS, said Sellers have sold property to the undersigned Purchasers and said Purchasers
desire to assume and agree to pay said indebtedness and perform aIl the obligations under
said Loan Contract, and said Association is willing to consent ta said transfer of title
and assumption of said indebtedness, but is not willing to reZease said Sellers from their
present liability on said note and ~ortgage;
THEREFORE, in consideration of the mutual convenants and agreements herein contained, IT IS
HEREBY AGREED as follows:.
1. The Association does hereby consent to the sale and conveyance of said premises by the
aforesaid Sellers and Purchasers.
2: The Purchasers do hereby a,ssume and agree to pay said mortgage indebtedness evidenced
by said note and mortgage, and to perform all of the obligations provided herein, it being
agreed and understood that as of this date said indebtedness is Fiftv-one thousand six
hundred dollars and 00/1.00-------------------------------------Dollars 51,600.00 )
and that the interest rate shall be 8.00* X per annum, and that monthly payments, beginning
the first day of March , 19 88 , shall be in the sum of Three hundred seventy-eieht
dollars and 62/1.00-------------------------------------------- Dollars 378.62 ) ~
to be applied first to interest and the balance to principal until said indebtedness is paid
in full, and that, in addition, said Purchasers will pay the sum of Fiftv-three dollars and
38/1.00--~------------------------------------------------------ Dollars (S 53.38 )
estimated to be sufficient to pay taxes and insurance on said property, which estiniate may
be revised, making a total current payment of Four hundred thirty-two dollars and 00/I.OU--
-------------------------------------------_-_Dollars.~S 432.00 ?
3. The Sellers agree that their present liability under said mortgage loa» shall not be .
impaired, prejudicer3 or affected in any way whatsoever by this Agreement, or by sale or con-
veyance of said premises, or by the assumption by the said Purchasers of said mortgage loan,
' or by any subsequent change in the terms, time, manner or method of payment of said indebted-
ness, or any part thereof, contracted by the Association and the Purchasers or the transfer- ~
ees of the Purchasers, whether or not such changes or such transfers have been consented to 1
by the Sellers. This assumption by said Purchasers is joint and several and shall bind them, ~
their heirs, personal represer.tatives, successors and assigns. ~
4: Purchasers agree to provide evidence of adequate Fire Insurance, and Flood In~urance if
' so required to the Association at the time of closing. (Brokerage Insurance is not accept-
' abZe. Insurance must be written by an agent located in the county in which the property is
! located or an adjoining county).
IN WITNESS WHEREOF: The parties have hereunta executed this instrument this fifth day of
~ February , 19 88 . Dale W. John on ~ Ray P. Elmblad, A Partnership,
~1'~c~,~ u ac~
Witness as to Seller D W. Joh so Seller
~
, ~
Witne s as to Seller R Elmb ad Seller
_ o-iu.u ~_w ~o~i -
Witness as to Purchaser Gary ' am Purchaser
~~A ~1~~ `E` ~~VLtu y` . ~ .
Witnes as to Pnrchas Deborah A. Whi , wi~e Purchaser
UNITED SAVINGS OF AMERIC F.
By :
~ Witness p~~j~ Jo B. Thomps n.
$Gul~ ~ p V e-Presiden
F_ * This is an ad~ustable rate loan which provides or an interest rate change every twelve
~c~c~n,ths. Your interest rate will not ~hange by more than 2~ points on any ~iven chan~e date
ner by mpre than 6% points over the life of the loan.
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