HomeMy WebLinkAbout0149 the time o~P p~yment of said notes and to xhe ffiadificetir~ a! th~c ~rine t,hercof .
NO`+t~ THLS INnSlPY[JFiE W~`~i: ~at the undersigned~ for
and in consideratiom of the agrcemen~ of ~ Pl~UL1~Y''PIAI. II~SURA~~I(~ Ct1~PArIY OF
A1~RZCA, the par~ty of the second part, to contaolidate and coardinate all of
said mortgages ae aforese3d and to modity and extend ~he tt.zm~ oY sai.d notes
as aforesaid, eind i.n l~arther cansideration o~ the suaa of TBN DOIdARS and at.her
valuabl.e considerations to ee~ch of the undersi~ed paid by the said party of
the second ~rt at or before the er~sealing and delivezy of these presents, the
rece~pt i+hereo! is hereby acluzo~]~dged~ do hereby covenant and agree to and
with the said pe~rty of the second part as ~al].oWS: :
FIRST: 'IIYe aY'oresaid three mortg~.ges e6rs hereby made coord3nate aad egual
and are hereby cambined and consoltdsted, so that ~;ogether they constitute in
lax aad in egu3ty b~at oae mortgsge, a aingle v~lid tirst lien upoa~ t~e pre~.i.s~~
hereinbefore reterred to, ~ri.th the smmt e2Yect as though they ~ere ene mortgag~;
and that thc premises hereinbefore referred to sre sub~ect to the par~ount
lien of such caa~soltdated martgages and are to stand es secur3ty for the pay-
ment thereo~ arid the lien of the mort~sgee recited in P~aragrsph 1 and 2 abrnre
arz hex~by spread to encim?ber aad became a lien upon tht additional ].ands
rePerred to in the ma~gage referred 1:o ir~ ParaBraPh 3~?bove, ead it i~ ~grec~l
~that the pre~mi.ses referred to in the mortgage referred to in pere,grsph 3 abave
are and shsll contii~ue ta be sub~ect to the ~.ien of eaid t~ mortgages as
hereby consolidated ~rith the same ~orce at~d etftet eue~ tho~u~ the clcscriptian
therein cant~ined had betn initiall~ aad original]y ~nclud,ed in t,he de~criptia~?
o~ the mort~ges reeited in Paragraph 1 aad 2 abwe; thst the entire premises .
as described in the mortgage referred to in Paragraph 3 aboqe are sub~ect to
the paremount litn o~ sai~l c~solidated mortgages e~nd are to st,~nd as secur~.ty
~or the peym~nt of the debt secured thereby.
SE~~D: 7he atoresaid principal balauces of saSdtY~ notee, aggregating
the principal evem ot ~,000.00, s+~ith interest thereac? Pram ~vw~,t~r i5 1965
at the rate o~P six (6 per cent per antnaa, ehall be paid upon the dates an~.
i~a the ~modifYed and c~bia~d emvwats a.s foIlws: ~te pri~acipal ~ oY
$lO,tX~0.00 plus ac~x~~ed interest is due and pay~abl~ on or be~'ore ~t,~~~.~,~, ;c~
auld a ltlse st~m annuslly thereafter oo the day oS July, -
oP ea~h aud every year 'to snd including tt~e day oi
, and the r~ne?ining principal balance aud intrcrest e Yaan at the
ove re,te shall became due and payable au the ~5~ day of
both principe~l atir~ intereet baing payable at the ofPice of the pay+ee
at l~ewark, in 1~ Jcrsey or gt such other pLrce a~s the holder of ssid notes
may designate in xriting, in la~l money oP the LTnited S4~?tes ot A~nerica.
7AI1~D: The pr~psymcn+.. privil,eg~c~ now in efYect shall. be moditied azid
that hereafter, efYectiv~e as oP and fram the ~ate of this agreementi the ~olla~ting
prepayment privilege, applicab].e to the present princiga"1 aaaount of the ind~bt-
edness aSoresaid, shall be en~orceables
Prior ~ ten yeeucs fxam d~te, privi7.ege is given to tna~ke add~.tio~na~l p~,,,v-
ments a~ the principal o~ this indebtedneas in s~.ane of $],AO or multip]~es
therEa~ o~a ar~y dste ~hen intexest beca~ea due a~ad payable; paro~rided, ho~never,
that the amaunt go p~id during ar~r y~ar ~nding at au aaniv~ersary ot the date
Pa•am rahich interest accru.es hereunder, added to obligstory princip~l pe~yments,
if anY~ fa113n8 dwe ~rithin such ~e y+~ar period~ shall aot exceed ~+0~000.40~
provided fla.rther that additianal pgyments msde under the ~erms of thi~
privilege ahall at aa~r tlmQ thax~aiter, upo~ the Writtan request of the owner
of the grvpex~ty ~ecurin8 t2~is ix?d~ebte~ss, be conaidered as hev~ng been made
in lteu oP ttiture obli~tory principal pe.~mente to the exten~ anly oi' the
smo~unt A~ such additional pa~yments.
Provic~d ~1~xther that after tive years sud prior to ten y~ears t'~^am date,
p~?ment ia Ri11 0~' ~his indebtadness may be made on sr~y 3ntere~t due clay iP
t~here is a],ssr psid a prepny~aaent cansideratican ot' t~iree (3) Pez' cent of that ;
part o~ such pe~yment in f~ll t~ich z~oceeds t~2ae ermowat that mt~y be pQid, at
the time of such pe~rment, wi~vut prc~+meut coasidcratiean.
gooK 131 143
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