HomeMy WebLinkAbout0728 B. The ato~edescribed Mortgage Deed secures ~AORTGAGOR'S pe~for-
mance to MORTGAGEE of the te~ms and conditions of a Modification and
Extension Ag~eement dated as of Octobe~ l, 1975, A10RTGAGOR'S payment of a
Consolidating Renewal Promissory Note dated October 1, 1975 in the principal sum
of $4,859,960.77, a$400,000.00 Promissory Note dated December 2, 1975,
MORTGAGOR'S pe~formance under its guaranty of the obligations of MICHAEI.
SCHACK ADVERTISING, lNC. ("SCHACK") for payment of a$135,000.00
P~omissory Note executed by SCHACK to MORTGAGEE.
C. MORTGAGOR has requested MORTGAGEE to modify the provisions
of the Moditication and Extension Agreement dated October 1, 1975 by entering
into a Second Modification and Extension Agreement; to extend the maturity of the
Consolidating Renewal P~omissory Note from July 1, 1976 to December 31, 1979;
and continue to make loans and advances to MORTGAGOR unde~ a Revolving Line
of C~edit pursuant to the provisions of the Second Modification and Extension
Agreement~ which loans are evidenced by the $400,000.00 Promissory Note dated
December 2, 1975.
D. MORTGAGEE has agreed to enter into a Second hlodification and
Extension Agreement requested by MORTGAGOR, to extend the maturity of the
Consolidating Renewal Promissory Note to December 31, 1979, and to continue to
make loans and advances under the Revolving Line of Credit.
NOW, THEREFORE, in consideration of such extensions and mutual promises
and covenants of the parties hereto, each to the other made, it is agreed as follows:
1. That the above recitations are true and correct and are incorporated
hcrein as if s~t forth in detail.
, 2. MORTGAGOR acknowledges and contirms~ that the aforedescribed
'I Mortgage Deed constitutes a valid and binding lien and encumbrance on the
; Mortgaged Properties to secure payment of the Consolidating Renewal Promissory
j Note and any renewals, modifications and extensions thereof, the $400,000.00 Note
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~ and MORTGAGOR'S performance under the Second Modification and Extension
, Agreement, and that MORTGAGOR, as of October 1, 1976, is indebted to BANK by
~ virtue of said Consolidating Renewal Promissory Note in the principal sum of
$4,682,627.51 and on the $400,000.00 Note in the principal sum of $367,267.34, free
and clea~ of any defense, set-off or counterclaim.
~ 3. The parties hereto covenant and agree that the maturity of the
Consolidating Renewal Promissory Note is extended to December 31, 1979, and
shall be payable in accordance with the terms and provisions of the Second
Modification and Extension Agreement, which is by reference incorporated herein
~ and made a pa~t hereof, and the maturity oi the Mortgage Deed :s extended to
= December 31, 1979.
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FRIE~MAN, 8RITTON 6 STETTIN
~ su~re eoo. r~wsr h.r~o.~.~ n~r~. ew~o~~.G
MIAM~. FI.ORIDA J313t
~ »..,,92 F~` ~ ~65 ~,~.E 7~2