HomeMy WebLinkAbout1719 NOW, THEREFORE, in consideration of the mutual promises and ~
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covenants contained herein, as well as other good and valuable con-
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siderations passing between the parties hereto, receipt of which is ~
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hereby acknowledged, be it agreed as follows: ~
1. That the foregoing recitals are true and are incorporated ~
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herein by reference.
2. The mortgage held by Mortgagee is hereby modified to the
effect that Owner shall pay interest at the rate of ten percent per
annum ori the mortgage balance presently outstanding on the mortgage
owned by Mortgagee, with said interest payments being payable direct
to Mortgagee on a monthly basis.
3. At the end of six months from March 1, 1975, and in order
to extend the term of said mortgage loan for an additional six-month
period, Owner shall pay five percent of the principal mortgage balance
then outstanding, in reduction of said principal balance, plus all
accrued interest to date of said payment, whereupon said mortgage loan
term will be extended for an additional six-month period.
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4. At the end of twelve months from March~~l, 1975, and in order
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to extend the term of said mortgage loan for an additional six-month
period, Owner sha11 pay ten percent of the principal mortgage balance
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then outstanding on said mortgage, in reduction thereof, together with
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~ all accrued interest to date of payment, whereupon said mortgage loan
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~ term will be extended for an additional six-month period.
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~ , S. At the end of eighteen months from March 1, 1975, and in }
order to extend the mortgage loan term for an additional six-month
period, Owner will pay to Mortgagee ten percent of the principal
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mortgage balance then existing, plus accrued interest to date of
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~ payment.
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~ 6. At the end of two years from March 1, 1975, the principal
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balance remaining on said mortgage shall be due and payable, or other-
~ wise subject to a negotiation mutually acceptable to Mortgagee and
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Own e r .
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