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l. The Trusteea acknowledge receipt o~ the eaid Note ~
dated August 8, 197T, and made by ~ntra~coastal Utilities
Corporation to the order o! Aqdrew V. Aldi, 1[elvin Chirls, ~
Trueteee, in tbe principal eum o~ T110 BUNDRBD $IGHTY THOUSAND
AND NO/100 (~280,OOQ.00) DOLLARS with interest thereon at the
rate of eight and one-half (8~'~)- percent per year lran the
date thereo! and oY said adortgage Deed(s) of even date there-
~rfth as aecurity ~there~or. . -
and Collateral Agreement
,2.~ The Trustees accept eafd Note and Yortgage Deed(s)/
aad agree~ to collect all moneye due and/or to become due .
thereunder:and to accept, hold, adiuiaister and distribute
same in accordance-with~the terms, covenants and cond~tions
herein provided and contained.
3. The Truetora acknowledge that their respec~ive bene-
ficisl-ititereste in the said Note and Yortgage Deed(s) are
as tollaa?a :
(a) principal in the sum of $180,000.00 and accrued
intereat thereon compri.sed of ttie following
. individual interests"ahich are hereby acknowl~
~ edged to be prior in right to any and all ~
~ other beneficial interests in said Note and €
ltortgage Deed 4
~ Audrew V. Aldi-principal in the sum of
. $45,000.00 together wit6 accrued intereat
thereon
1[elvin Chirls-prfncipal in the sum of
$45,000.00 together with accrued interest
thereon " -
~ Rochford H. Ern-principal in the sum of
~45,000.00 together wit6 accrued interest
• thereon - -
, ldichael P. Yanne2l-principal in the sum of
$45,000.00 together witb accrued interest
thereon, and ~
(b) pr~ncipal in the swn of ~100,000.00 together with .
accrued interest•thereon constituting additional
. beneficial interest of the Trustor, Rochford H.
~ Ern, hereby acknowledged by him to be subordinate
- and 8ubsequent in right to the beneficia-1 interests
hereinabove indiciated in 3ubsection (a) of this
~ Section 3 hereof.
4. The moneys paid to and collecxed bq the Trustees
~ uuder tbe said Note and ~ortgage Deed(s) at~all be paid and
applied to and for the benefit of the Trustors in the following
maener:
u~~- (a) With respect to each monthly instal2ment payment
. of principal and interest provided to be made
thereunder in the sum of ~3,471.60 and received t
by tbe Trustees hereinunder,
(i) to the extent of $2,231.75 of each such
payment, the Trustees shail pay and dis-
~ tribute to each oY the Trustors an equal
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" aoo 42~ P~r~ 594
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