HomeMy WebLinkAbout0504 NOW, THEREFORE, said Partiea do hereby agree as follows,
to-wit:
1. That there is now due and owing from the Parties of
the First ~art to the Party of the Second Part the sum of
$70,000.00. The Parties of the First Part shall pay to the
Party of the Second Part on or before the execution of this
agreement all interest due on said note and mortgage. receipt
of which payment is hereby acknowledged by the Party of the
Second Fart by its execution of this agreement.
2. That the maturity date of the promissory note is
hereby extended as follows:
The unpaid balance of the promissory note is $70,000.00
which shall be due and payable as follows: Seven (7) semi-
annual installments of $10,000.00 each, commencing on October
3
1, 1977, and continuing on each April lst and October lst~
, thereafter until paid in full. In addition to the principal
payments, interest shall be due and payable at the rate of .
8 1/2~ per annum on the unpaid balance fro~n time to time remain-
~ ing and said interest payments shall be due and payable on the
I
~ - same dates as the principal payments as set forth in this para-
graph. Tn the event of a default in any payment of principal
or interest which default shall not be corrected within 30 ~ays
theresfter, then the entire remaining unpaid balance shall i~e-
diately become due and payable at the option of the holder of
this note. Any payment or any part thereof may be made on or
before its due date without penalty.
~ 3. That all of the terms and conditions of that certain
aartgage and promissory note herein referred to and not speci-
fically modified shall remain in full force and effect.
IN WITNESS W1~REOF, the Parties of the First Part have
hereunto set their hands and seals and the Party of the Second
Part has caused this agreement to be executed on its behalf by
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