HomeMy WebLinkAbout4564 Interest has be~n prepared on the unpaid principal
balance of this Note For a period ot one year from t~~e c~al` h`~:co€
and, commencing o~ie ycar from the date hereof, shall be payable
mo~ithly conunencing on a date one mon~h thereafter until all unpaid
principal togethcr with xnterest shall have been pai.d.
This Noi:e and the mortgage which secures it
are subordinate ~o a first mortgac~e note and mortgage in the
SUiil Of $l~ E.iUU~ VUU~ ne3.d Ay J'.C311~.ldL1C ~ayi ~ai i:viy^^vxu.~I^vI'~~ w:'.~
extensxan, modification, substitution or replacement thereof,
whe~her in the sume or a greuter or lesser sum ancl regardless
of interest rate or other term and to any lease af the land
encumbered by the mortguge securing this note. In the event, at
any time, the ~naker, its succe"ssors and assigns, shall obtain
"Permancnt Financing", which shail mean either the exi:ension of
said mortgage fcr a term not less than five years or the rep2ace-
ment thereof wi~h a new mortgage having a term of not less than
five years or a sale and leaseback of the land encumberea by the
mortgage securing this note, whic}i shall exceed the unpaid
princigal due on said £irst mortgage, plus the expenses incurred
in connection with obtaining such "Permanent Financing", such
excess shall be paid to the holcier of this Note, in rcduction of
the principal balance of this Note. Upon tlie obtaining of such
"Permanent Financing" pa}~nent sha11 thereafter become due and
payablP as follows:
(a) Upon the date of the obtaining of such
"Permanent Financing" intcrest accrued ta the date thc~reof on
this P7ote shall be paid.
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