HomeMy WebLinkAbout4171 ADDENDUM TO MORTGAGE BETWEEN D. J. TZIMENATOS AND SOPHIE S.
TZIMENATOS, his wife, and THE EQUITABLE LIFE ASSURANCE SOCIETY
OF THE UNITED STATES DATED THE 27th DAY OF DECEMBER, 1972.
SIXTEENTH: This mortgage is given to secure an indebted-
ness of $400,000.00 of which $75,000.00 has been withheld by
the mortgagee at the time of closing for future disbursement
(hereinafter called "Future Advance"). Future Advance shall
be made only upon compliance with the following conditions at
the time of such Future Advance: (a) there shall have been
completed, to the satisfaction of the mortgagee the planting
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to be completed by February 1, 1973; (b) the mortgagor shall
be the Owner of the premises described in thi~ mortgage;
(c) there shall be no uncured default in this mortgage nor in
the note which it secures; (d) such Future Advance shall be
secured by this mortgage and shall constitute a valid first
lien on the mortgaged premises, as evidenced by such title
searches, abstract continuations, opinions of counsel, title
policy endorsements or other evidence of title as the mortgagee
may require; (e) all e~spenses of title searches, abstract con-
; tinuations, opinions of title and title policy endorsements
; required by the mortgagee shall be paid by the mortgagor;
; (f) the mortgagor shall not be affected by any insolvency pro-
~ ceedings nor shall the mortgagor have made an assignment for
i the benefit of creditors; (g) the mortgagee shail not be
obliged to make more than one Future Advance nor shall the
~ mortgagee be obliged to make any Future Advance subsequent to
~ February l, 1973; and (h) not less than thirty days' written
notice shall have been given to the mortgagee prior to the
~ intended date of such Future Advance. In any event, the
maximum principal sum to be secured by this mortgage including
~ existing indebtedness and future advances shall not exceed
~ $400,000.00 and mortgagee reserves the right to make future
~ advances at any time wit 'n twenty (20) years of the 3ate hereof.
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