HomeMy WebLinkAbout1052 herein contained and for other good and valuable considera-
tion, it is
UNDERSTOOD and AGREED as follaws:
1, The foregoing recitals are true.
2. Anything in either of said Mortgages or in the
Notes secured thereby, to the contrary notwithstanding, the
Interest Rate therein referred to shall at all times and in
all instances be and remain four (4%) percent per annum on
unpaid balances; the time within which a payment of prin-
cipal or interest may be considered delinquent shall be
thirty (30) days from the due date of any such payments;
and such a delinquency in the payment of either Note or
Mortgage shall constitute an automatic default and delinquency
in the other Note and Mortgage as well.
3. At any time that the total principal amounts paid
to CONAN in connection with either or both Mortgages and the
{ Notes sectired thereby, totals $42,460.71, then and in such
i
~ event, at t~e option of HERZL, his heirs, successors, assigns
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or designees, CONAN will release either of said properties
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~ from the lien and effect of the Mortgage encumbering the same
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~ and held by him and will execute and deliver to the Corporate
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~ Mortgagor and/or HERZL, a recoxdable Satisfaction of such
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~ Mortgage. However, in the event of the exercise of such
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~ Option, the parties will, at the same time, execute a
3 further recordable document as to the remaining unsatisfied
_ :
~ ~
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~ Mortgage, setting forth the exact principal balance due on ~
~ ~ C.'~
~ the entire transaction as of such time~ striking a balance
~ L
~ as regards thereto, and providing that such full principal i`
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~ ~ p s~
~ aR~9/ ~
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~ 3 ~ '
?r lAW O/F~Gti O/ N[L~ON ~ /<IOMAN. f1~s KAN< CONCOVI~~[. MIA1~1 ~ApM, /~„p/ppA ~a1i1~ ~lqNi 1l061 ~~Fi7f•
~ . _ _ . ~ . _ . .