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n. WHEREAS, the mortqa~ors have requested, and the
mortgagees are willing to grant, an ex~ensipn of the term~ of
said note and the modificati~on of said mortgage deed to the extent
and upon and subject to the terms and conditions hereinafter set
forth;
NOW, THEREFOR~, in consideration of the premises, upon
the terrns, conditions, conv~yances arid agreements h~r~inaft~r set
forth,
IT IS AGRE~D between the said mortgagors and the said
mortgagee~ as follows:
I. The martqagors agree promptly to pay and the mortgagees
agree to accept in full payment of said promi~sory note the sum of
$64,000 payable upon installments of principal and intere~t as
foll~ws:
(a) Tre stxm of $Z,585.28 upan the execution ~f
this Aqreement, which, ~ogether with $3~~14.72
heretofore paid on accaunt of principal,
aggregates $5,000.00, thereby r~ducing said
pLincipal indebt~dness fram $64,000 to $59,000.
(b) Interest upon said $64,000 fram October 26,
1964 to Octnber 26, 1965.
(c) The balance of 559,000 in nine (9) ins~allments
of $~,000 each, payable on ~he 26th days of
October of each of the nine (9) succeeding
, calenciar years, comrnc~ncing October 26, 1966,
and a final paymenc of $14,000 on ~ctober 26,
1975.
(d) Interest at the rat~ of five (5$) per cent per
annum payable on the 26th days of Octoher of
each year on the amount of said principal
indebtedness ~ram tirne to time unpaid.
SOOK
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