HomeMy WebLinkAbout0868 Promissory Note dated of even date with this Modification.
Mortgagor and Mortgagee further agree that paragraph
twenty of the Mortgage Deed dated October 14, 1970 is modified
to read as follows:
Upon execution and recordation of the Declaration
of Condominium as aforesaid, and provided this
Mortgage and Note secured hereby are in good stand-
ing, Mortgagee agrees to release from the lien of ;
this mortgage ind ividual lots upon payment of the
mortgagee of a sum equal to the greater of the
following:
a. 65% of the retail sales price of
an individual lot,
b. CMI's base of $4,000 per individual ;
lot. ~
This release clause will remain in full force and !
effect until the principal and interest due under §
-t
this obligation has been paid in full or a final i
decree in foreclosure has been entered.
To the extent that this Mod ification of Mortgage Deed and the ~
i
F
Mortgage Deed dated October 14, 1970, which it modifies constitute a 3
i
i
; lien, or liens on the property described in Exhibit "A" to this Modifi- ~
~
cation, said li~n or liens are subordinate to the Mortgage between =
the parties hereto on the premises described in Exhibit "A" hereto _
s .
~ d ated June 4, 1971, and the Modification of said Mortgage of even
date with this Modification. ~
The name CONTINENTAL MORTGAGE INVESTORS is the designation
of the Trustees for the time being under a Declaration of Trust dated
~ November 29, 1961, as amended, and all persons dealing with CONTINENTAL
~ t
MORZ~GAGE INVESTORS must look sole ly to the Trust property for the enforce- `
~ ment of any claim against CONTINENTAL MORZGP.GE INVESTORS as neither the ~
j
Trustees, officers, agents or shareholders assume any personal liability
~
~
for obligations entered on behalf of CONTINENTAL MORTGAGE INVESTORS. ~
:
- ~ ~~7 ~ ~
-2-
_