HomeMy WebLinkAboutAssumption Agreement 654 Frederick Street 2019 DOC# 1790788
ASSUMPTION AGREEMENT NATALIE 17907 EYER
REGISTER OF DEEDS
Document Number Document Title WINNEBAGO COUNTY, WI
AGREEMENT made this I h-� day of riA;PC� 06/05RECORDED ON:
2019 by and between the CITY OF OSHKOSH ("OSHKOSH") and DANA ECOR NG 02:21 PM
P. DAUGHERTY AND ANGELA R. DAUGHERTY ("BUYER"). RECORDING FEE: 30.00
PAGES: 2
EXPLANATION OF AGREEMENT **The above recording information
verifies that this document has
On this date, DANA P. DAUGHERTY AND ANGELA been electronically recorded and
R. DAUGHERTY intend to purchase certain property from ADVOCAP RecordinR.rgetturned to the submitter**
Inc. ("SELLER") located at 654 Frederick Street, in the City of
Oshkosh, Winnebago County, Wisconsin. SELLER had previously Name and Rcnnn Address
given to CITY a promissory note("NOTE") and mortgage ("MORTGAGE") City Attorney's Office
dated December 21, 2016 and recorded in the Register of Deeds Office Oshkosh,WI 54902-1 1 30
on December 29, 2016 as Document No. 1730872 wherein SELLER
obligated themselves to pay CITY FIFTY THOUSAND AND NO/100
DOLLARS ($50,000.00). There presently is due and owing under that NOTE 9{i7-0444-t
the sum of Fifty Thousand and NO/100 Dollars ($50,000.00). Parcel Identification No.
DANA P. DAUGHERTY AND ANGELA R. DAUGHERTY hereby intend to assume all obligation under the
respective NOTE and MORTGAGE for $50,000.00. That is the purpose of this Agreement.
AGREEMENT
NOW. THEREFORE, IT IS AGREED.
1. DANA P. DAUGHERTY AND ANGELA R. DAUGHERTY hereby assume all obligation of SELLER
under the NOTE and MORTGAGE and the parties agree that the balance due under the NOTE and
MORTGAGE is 550,000.00.
2. This Agreement shall be binding upon the parties hereto, their heirs,personal representatives and
assigns.
3. In all respects, the parties agree that the terms of the NOTE and MORTGAGE, except as varied
by this Agreement, shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have hereunto set their hands and seal as of the date above written.
654 Frederick Street
The South 40 ft. of Lot 8, Block B, according to the recorded Plat of Reuben Parkinson's Subdivision of Part of
Block 45, 7th Ward, City of Oshkosh, Winnebago County, Wisconsin.
CITY OF OSHKOSHAs
A P. DAU HERTY5"e/j— M A. Rohloff, City Manager
0(.at,
AN LA R. DA IER Angel . Joe el eputy City Clerk
STATE OF WISCONSIN )
SS
COUNTY OF WINNEBAGO)
Personally came before me this /(p day of 2019,the above named Mark A.Rohloff,City Manager and Angela
J. Joeckel, Deputy City Clerk, to me known to be officers f the City of Oshkosh, a municipal corporation and who executed the
foregoing instrument and acknowledged the same.
C)
Notary Pubjic,State of Wiscolhsin
My Commission (is-permrseect)-(expires)
STATE OF WISCONSIN )
SS
COUNTY OF WINNEBAGO)
Personally came before me this I T day of I 2019, the above named Dana P. Daugherty and Angela R.
Daugherty to me known to be the persons who exewe4I alpt ffsg instrumen?and
acknowled(geed the same.
��T'4,Q •
N� ublic, state t�f 0! i�sconsln[Z
E _ �f41 ornmission(- _E,tr aafrcrttJ(expires) D � ; 40,
Document drafted by: N `. A0B LAG
Darlene Brandt.City of Oshkosh,WI -y], ',2
OF'INI SGC)a``
c
RE: 654 FREDERICK STREET, OSHKOSH,WI
DEFERRED PAYMENT PROMISSORY NOTE AND BORROWERS CERTIFICATIONS /
HOMEBUYER ASSISTANCE
As an applicant for a loan to be financed by the City of Oshkosh Housing Improvement Homebuyer
Assistance Program, I hereby acknowledge and agree as follows:
1) I authorize the City of Oshkosh to make any and all documents pertaining to this loan available
to the Department of Housing and Urban Development (HUD), the City of Oshkosh or their agents.
2) I certify that I have record title to or an equitable interest in the property to be acquired and will
occupy it on a permanent year-round basis.
3) I am aware that any false statement or misrepresentation made in connection with this loan may
subject me to criminal and civil penalties under United States and Wisconsin law.
4) On or before the sale or transfer of property which is secured by a mortgage assumed from
Advocap Inc. dated December 21, 2016 and recorded in the Register of Deeds Office on December 29,
2016 as Document No. 1730872, for value received, the undersigned, (their) heirs, executors,
administrators, and successors, or if this property should cease to be occupied by the undersigned,
jointly and severally promise to pay to the order of the City of Oshkosh, Winnebago County, Wisconsin,
at the office of the Department of Community Development, City Hall, 215 Church Avenue, Oshkosh,
Wisconsin, the principal sum of FIFTY THOUSAND DOLLARS and NO/100 ($50,000.00).
5) I agree to provide my household income information to staff of the Department of Community
Development upon request so long as the mortgage securing the City's Homebuyer Assistance loan is in
effect. If my household income is ever higher than 80 percent of the HUD median income guidelines
for a given year, I further agree to negotiate a loan repayment schedule with the staff of the Department
of Community Development. This payment shall be at a level such that my total housing related
payments do not exceed 30 percent of my gross household income. I understand that when I reach the
age of 62, this provision does not apply.
6) I will notify the City of Oshkosh Department of Community Development, 215 Church Avenue,
P.O. Box 1130, Oshkosh, Wisconsin 54903-1130 UPON THE TRANSFER OF THE PROPERTY OR
WHEN IT CEASES TO BE MY PRINCIPAL PLACE OF RESIDENCE.
(PLEASE NOTE THE SINGULAR I ALSO INCLUDES THE PLURAL "WE" IF THERE IS MORE
THAN ONE SIGNATURE APPEARING BELOW)
This note is secured by a mortgage on real estate dated December 21, 2016 and an Assumption
Agreement dated May 17, 2019.
Dated this I 1 day of m ajt , 2019.
Li4 ti
DANA P. DAUGH.,5 T� 4O4
LA R. DAUGHI jTY O
STATE OF WISCONSIN )
) SS
COUNTY OF WINNEBAGO )
Personally came before itet'�t�risF� ''Qf / f1tj. ç , 2019, the above named Dana P.
Daugherty and Angela R. Daug erk4o nip knc r6td}be the periods who executed the foregoing instrument
and acknowledge the same. if \-\(:)
Nam ,'•• UB LAC' co
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