HomeMy WebLinkAbout0519 under the Puture Adva~cea Provision, Section S~ of the aartgage inetruaient and
for this purpose has executed and delivered to Mortgagor a third (open note)note
hereinafter '7hird Note", dated April 1977, and it ie desired that :sid
?hird Note be secured by the lipn of the aforeaaid ~ortgage dated August 27,
1968, aod as supplemented hereby; and, ~
i
;
1~HEREAS~ the partiea have agreed that such advance on the Third Note ,
dated April 19 , 1977, ahall sear intereat at the rate of Eight and one-half '
0
(8.SX) per centum per annuw and that the interest provisiona of th e August 27. ;
. ~
1968 and March 16~ 1973 notes be owdified to such rate and that the said notes ~
~
b e consolidated for repayment purpoaes; and,
~
WHERBAS, the parties desire to coordinate, modify, consolidate and 3
combine the above referenced notes so that they both ahall be secured by the ~
- ;
aforesaid mortgage so that [hey shall form a single coordinate and equal lien ~
~
. ~
of FIVE THQUSAND FOUR HUNDRED ?HIRTY SEVEN AI~1D 58/100 (55.437.58)---------DOLLARS, ~
and interest. on the prenises secured by said ~otes and said mortgage, as ~
t
coordinated, modified, consolidated and cambfned as hereinafter provided. '
~
NOW ?HEREFORE, for the reasons and consideratioes set forth above and
evident herein, and in consideration of the mutual covenants and promises oE
; the parties hereto and ather good and valuable consideration, receipt of vhich ;
,
!
i is hereby acknovledged, the Mortgagee and Hortgagor agree as folloxs: ;
; i
~
i ~
~ 1. Mortgagor has~no defense, chatge, claim, demand, plea or ~
~ set-off vhatever, in lav or equity to make against the said
~ Note and Hortgage of August 27, 1968, and [hat THREE THOUSAND
{
~ SIX HUNDRED THIRTY SEVEN APID 58/100 (53,637.58)---~-------DOLLARS,
~
~ " of the principal sum thereby secured is still oWing with [he in- ~
F
~ terest thereon at the rate of aeven and one-half (7.57.) per centum
~
~
~ per annum fran the date of dis[ribu[ion of proceeds of the
~ `
f
additional borrowing as will appear in the Hortgagor's account
~
F
records. ~
,
~
~ 2. The lien of the aforesaid mortgage is hereby extended to secure
~ the payment and the performance of the aforesaid Third Note ~
~ .
~
~
~
` -2- isac267 ~ 518
~ .
- ~ ~ _ - -
_ z;~ ~ ~