HomeMy WebLinkAbout0266 and of the notes or obligations secured by the aforesaid mortgaqes;
and
WHEREAS, there remains unpaid on the several notes or obligations
secured by the above described mortgages the aggregate sum of
$6,000,000.00, together with interest thereon from June ss ~ 1973;
and `
WHEREAS, title to the lands encumbered by the above described
mortgages is now vested in "Mortgagor" subject to the liens of said
mortgages, except such portions thereof as have heretofore been
released from the liens of said mortgages by the original Mortgagees;
NOW, THEREFORE, in consideration of the sum of Ten Dollars ($10.00)
and other valuable considerations to "i-!ortgagee" in hand paid by
"hiortgagor" at or before the execution of this instrument, the receipt
and sufficiency of which is hereby acknowledged, it is mutually
covenanted and agreed by arid between the parties hereto as follocvs:
1. "Mortgagor" hereby covenants and agrees to pay interest on
the aggregate principal balances of the notes secured by the above
described mortgages, as the same may from time to time increase or
decrease, from the ~ 1f~ day of June, 1973, at a fluctuating interest
rate which is Two and One-half (2-1/2$) Percent per annum above the
base rate of "t±ortgagee" on 90-day unsecured loans to responsible
and substantial commercial borrowers in effect from time to time to
be changed on the date such base rate changes. Said principal and
interest shall be paid at 399 Park Avenue, New York, NeF~ York, or at
such other place as "Plortgagee" may from time to time specify in
writing, in lawful money of the United States of America, on the days
and in the manner following:
(a) Interest at the aforesaid fluctuating rate on
the aggregate principal balances as the same
shall from time to time increase or decrease
shall be due and payable on the first day of
each calendar mont:~ commencing ~W,....~ / ,
1973.
, (b) The entire principal balances of the aforesaid
notes, together with all unpaid i.nterest thereon, ~
shall be due and payable on Q1-~_ ~ez , 1974.
2. So long as no default shall occur under the terms of the above
described mortgages, the notes secured thereby, the loan agreements
; referred to th erein, all as herein amended, and that certain Loan
; and Security Agreement between "Mortgagor" and "t•iartgagee", dated
June 1973, or any other agreement between "I~tortgagor" and
` ~"riortgagee", ":~Iortgagee" shall release or cause to be released from
~ the lien of said mortgages, ~t "Mortgagor's" cost and expense,
' portions of the mortgaged property, after a sale thereof to bona
s
j fide purchasers of individual condominium units at prices not less
than that shown on a schedule of proposed sales prices heretofore
delivered to "P-iortgagee" by "R~ortgagor", upon receipt from "Mortgagor"
' of a form of Partial Release of ~'iortgage in recordable form with
i
s respect thereto, in form and substance satisfactory to "r~:ortgagee",
~ upon payment to "tiortgagee" of a sum equal to the greater of {i)
f 79$ of the sales price for the condominium units so sold; or (ii)
125$~of the amount of the aggregate loa;n which is allocable to the
units sold, based on the said schedule of prices and the unsold units
as ot the date hereof.
~
2(a). Each of such Mortgaqee ehall secure the full principal sum
of $6,000,000 with interest thereon, which Mortgagor agrees is due
and owing without offseta or defenses of any kind whatsoever.
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