HomeMy WebLinkAbout0837 1. The two Notes referred to above are hereby consolidated and modi-
fied so as ta constitute ~he debts evidenced thereby a single
indebtedness in the total sum of $3,0~5,000.40 payable, together
with interest as hereinafter stated as follows:
In monthly installments of Twenty-two Thousand Six
Hundred Dollars (~22,600.00) each, the first payment
to be due on the 15 day of June, 19T2 and subsequent payments
to be due the~reafter on the same day of each succeeding
month until the~ day of r1ay, 2997 when all sums,
pr3ncipal and i erest, then unpaid shall be due and
fully paid.
All payments shall be first applied to the payment of
accrued interest, and the balance remaining shall be
applied to the payment of the principal sum.
Interest for the remainder for the first calendar month
shall be charged on the date hereof, and be computed on
said principal sum. Interest for each calendar month
thereafter shall be accrued on the first day of said
month, and be computed on the unpaid balance of princi-
pal and interest existing on the last day of the pre-
ceding calendar ~onth. Interest shall be paid at the
rate of Eight per cent (8X) per annum on all unpaid
balances, provided, however, tha~ while this note is
in default as hereinafter de:ined, at the option of
the holder hereof, interest sha12 be paid at the rate
of nine per cent (9~) per annum on all unpaid balances,
and the monthly installments shall be increa~ed to an
amount which will fully pay said note as soon as if it
had not become in default.
2. The two Mortgages referred to above are hereby consolidated so as ~
to constitute a single first Mortgage on a11 of the property
described in said t~o Mortgages securing the consoZidated
indebtedness of $3,075,OOU.00 referred to above, with t~e same
intent and wfth the like effect as if one Mortgage covering said
property had been executed and delivered by the Mortgagor to the
Mortgagee to secure the consolidated indebtedness in the principal
sum of $3,075,OQ0.00 and interest thereon as aforesaid.
~ 3• Except as herein expressly modified, all of the terms, covenants,
~ conditions, agreements and provisions of the two Notes and
f Tdortgages hereinabcve referred to s~hall remain in full force
r and effect, except as the sarRe may be modified herein. In the
~ event of any conf2let between the terms, covenants, conditions,
~ agreements and provisions of said two Notes and Mortgages, the
~ terms, covenants, conditions, agreements and provisions of the
~ ~ote and Mortgage referred to in Paragraph 2 of the first
~ "Whereas" paragraph on Page 1 hereof, (Being the said Second
Martgage and Note secured thereby) as amended by the terms
i hereof, shall govern.
I
~
~ 4. This Agreement shall be binding upon and inure to the benefit
' of the parties hereto, and their respective successors and
i assigns.
~
~
~
E
i
i
6
E
I
~
~
!
E
~
i
t ~
~
, i : ~