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Statea Diatrict Court for the District of New Jersey
("Court"), as Case No. B-76-2704= and receiver was
. appointed by the Court as Receiver pursuant thereto. -
I. Mortgagee, LVC, Titleholder, George Costa, and
Receiver inter alia have, with the approval of the
Court, enter~d into a certain Settlement Ag reement •
~("Settlement AGreement"~ dated June 8, 1977 ~
which in part provfded for the Mo cat on o t e
~ Promissory Note, the !lortgage and Collateral Mortgage
and the curfrtg of existi~g defaults thereunder and
the parties have executed this iastrument ~or the
purpose of modifying and extending the Mortgage and
Collateral Mortgage in accordance with seia
Settlement-Agreement and have simultaneously herewith
eaecuted certain other documents including a
Nodification of the Promissory Note. ~
. J. The Court has entered an Order dated Decenber 28. 197~, a ~ '
copy of which is attached hereto, approv ng the ~
modification of Mortgage and Colla~teral ~ Mortgage in
the manner he~eeinafter described and the modification
. ~ of the Promissory Note and other instruments; ~
NOW, THBREFORE, for a~d in consideration of the premises,
the Settlement Agreement, and other good and valuable
considerations, the receipt and sufficiency whereof is hereby
acknowledged, MortgAgee, LVC, Titlehblder, George A. Costa, and
Receiver hereby agree as follows:
l. Al1 of the foregoing recitals are true, complete and
accurate and constitute a part of this Agreement.
2. The parties ackno~rledge,simultaneously herewith the
. execution of a Modificatioq of Promissory Note by LVC
and Mortgagee whereby the Promissory Note was
modified to provide inter alia that:
(a) the total princi~Sal indebtedness owed by'LUCILLE ~
V. COSTA, INC. to BANKERS TRUST COMPANY-as of
. June ~ 19~7 was One Million Three Hundred
~ Thousand Dollars, which amount represents the '
~ orginal principal indebtedness of One Million ~
F ~,~°~1( Dollars plus 5300,OQ0.00 in interest which had ~
~ accrued as of such date and which LUCILLE V.
~ COSTA, INC. and BANKERS TRUST COMPANY agreed to
capitalize.
. (b) the maturity date of the Promissory Note as
modified was extended to, December 30, 1979 at which ~
time the entire amount of $1,300,OOO.UO plus all
accrued and unpaid interest is due.
. ;
(c) Interest on the outstanding principal balance . '
shall accrue at the rate of 10$ per annum during ~
the period from June 8, 1977. to and
includinq Dece~nber 31, 1978 (the "Accrued Interest"~.
From and after January l, 1978 and continuinq
until maturity, interest ori the~outstanding princi-
- pal balance shall be payable quarterly at the rate
of ten (10$) percent per annum. From and after
~ maturity, interest shall accrue at the highest
N rate allowed by law.
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