HomeMy WebLinkAbout1115 12. The terms and conditions of this Second Mc~dification
of Promissory Note and Mortgage are expressly conditioned upon the
mortgage and note being purchased by Nationwide on or before July
31, 1972, and in the event said purchase is not consummated on or
before July 31, 1972, then the entire principal balance of the
indebtedness together with interest thereon shall be due and pay-
able upon demand.
13. If Nationwide sha11 purchase the note and cnortgage
on or before July 31, 1972, then from and after the date of said
purchase, W. S. DuBose, individually, shall stand relieved and
released from any and all further liabilities and obligations as
a maker of the note. The foregoing provisions of this paragraph
shall be automatic and self-executing. Nothing in this paragraph -
shall be deemed to release or affect the liabilities and obliga- ,
tions of the said W. S. DuBose, individually, at any time prior
to the purchase of the note and mortgage by Nationwide.and prior
to such purchase the holder of the note sha11 have the right to
enforce the liab ilities and ob ligations of said W. S. DuBose, in-
dividually, as if this paragraph had not been included herein.
14. W. S. DuBose, Inc. hereby consents to this release
of W. S. DuBose, individually, and covenants and agrees that no-
thing c vntained herein shall in any way relieve or release the
said W. S. DuBose, Inc. from any of its liabilities or covenants
or agreements under the note or the mortgage.
15. The terms and provisions of this Second Modification
of Promissory Note and Mortgage ~shall be construed to amend and
modify the mortga,ge and note and from and after the execution and
delivery hereof the provisions hereof shall form a part of the
note and mortgage. Wherever herein there is any provision incon-
sistent with the provisions of the note and mortgage as originally
executed and delivered, the provisions hereof sha11 control. No-
thing herein shall be deemed to amend the terms and provisions of
the note or mortgage except as expressly se~ forth herein or neces-
sarily implied from the provisions hereof. It is expressly stipu-
lated and agreed that nothing herein sha11 be construed to modify
or amend the terms and provisions of any Assignment of Lessor's
Interest in Lease or other collateral docUments or similar instru-
ment executed by Mortgagor and securing the payment of the sums
evidenced by the note.
16. Mortgagor agrees that the holder of the note sha11
be granted the "first right of refusal" of the financing of any im-
provements to be constructed on the mortgaged premises. ("First
i right of refusal" shall mean that in the event Mortgagor intends to
finance any improvements to be constructed on the premises, the
i holder of the note shall have the opportunity to provide the financ-
ing of said improvements and Mortgagor sha11 not accept anq financ-
ing from any other lender on the terms offered by the holder of the
note and rejected by the Mortgagor.) The Mortgagor's right to re-
finance is subject to the provisions regarding prepayment as set
forth in the note.
17. Mortgagor hereby covenants and agrees to forthwith
furnish to Mortgagee any notices which it may either receive or
issue concerning the status of the lease by and between Mortgagor
-5-
eo~i~ 204 ~acf11
l~
~.s- > ; L _ _ _ ~ . . N ~ ~ ~
- r! ~?~~~~z A_ - -
. ~~.~~~..r~-~