HomeMy WebLinkAbout1505 NOW, THEREFORE, in consideration of the sum of Ten Dollars, each
to the other in hand paid, the receipt whereof by each is hereby
acknowledged and in the further consideration of the covenants and
agreements hereinafter set forth by each of the parties to be kept '
and performed, it is mutually understood and agreed as follows:
1. The remaining indebtedness of $152,000.00 shall be payable
with interest from date at the rate of 8$ per annum, in monthly install-
ments as follows: $1,275.00 on May 15, 1972 and a like sum on the
15th day of each month thereafter until the principal sum and interest
be fully paid. Each installment shall first be applied in payment of
the interest and then on the unpaid balance of the principal. A late
payment charge of `$50.00 shall be added to each installment remaining
unpaid 7 days after its due date. Interest when delinquent and late ~
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payment charges will be added to principal and bear interest at the
stated rate per annum until paid. The indebtedness may be prepaid in
whole or in part at any time without penalty. If default is made in
the payment of any installment when due, and such default continues
30 days, then at the option of Mortgagee, and without any other notice,
' all the remaining installments shall be due and payable at once.
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~ 2. Owners shall pay or discharge any and all Governmental
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levies that may be made on this agreement, or in any other way
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~ resulting from the indebtedness and the security therefor which are
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~ the subject of this agreement.
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~ 3. Upon the occurrence of the filing of an arrangement or
proceeding in bankruptcy by or against Owners, initiation of
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~ insolvency proceedings by or against Owners, or assignment by
~ Owners for benefit of Owners' creditors, all of the sums secured
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j: by said mortgage and this agreement shall be immediately due
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~ and payable at the optian of mortgagee, without notice or demand.
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~ 4. The lien of said mortgage is hereby extended to include all
furniture and furnishings which Owners have now installed or may
hereafter install within the condominium apartment units above described.
5. Except as herein modified, all other terms, conditions,
covenants and agreements in said mortgage deed and the promissory
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