HomeMy WebLinkAbout0853 . '
~
payment made to the holder of the First Note as thouph each such
payment had been made to [he holder of this Promissory Note.
4. The holder of this promissory note shall not make or
permit to be made any nrepayments under the First Note or
Che First Mortgage..except with the nrior written consent of the
undersigned, such consent will not be unreasonably withheld by
MortgaRor and it is hereby noted by the Mortp,a~or and the
Mortgagee that the First Note and the Note herein both Drovide
for the privilege of nrepayment without penalty.
-S. tdhen the sum owinR under this Promissory Note is
reduced to the amaunt owinR uoon the First Note, this note shall
be fully satisfied and all the land, premises and leaseholds
included in the mort~age securing this Promissroy `lote shall
be ittunediately and automatically duly revested in the maker hereof:.
and the payee and holder of this Promissory Note and the mort~a~e
securing it shall each immediately mark both this nrocrtissory
note and said mortga~e "paid in full" and si~n both of such
instruments and it~nediately return them to the undersigned, and
shall further duly execute and deliver to the undersi~ned a dis-
charge in full of said mortgage, in recordable form.
6. This Note and the MortQage are executed pursuant to
a Contract for Sale and Purchase executed on January 12, 1978
by the Seller, Gerald M. Smith and Linda Srnith and on January 5,
1978 by the Buyer, Ellen Higinbotham who has assi~ned her interes[
to the Mortgagor herein and each and every of the representations
and warranties contained in that Contract for Sale and Purchase
are incorporated herein by reference and made a oart hereof
with the same force and effect as if set for~h herein verbatim
and shall survive the payment, cancellation, and satisfaction of
this Note and the Mortgage.
Anything in the Contract for Sale and Purchase or in this
Promissory Note or_the mortgage securin~ this Promissory NoCe
to the contrary notwithstand~n~, neither the undersi~ned nor any
I present or future partner in or of theundersi~ned, nor anv other
~ party or person, is or shall become liable, jointly or severallv
4 or otherwise, for the vayment of anv money by reason of anvthin~;
~ contained in the Contract for Sale and Purchase or in this
~ Promissory Note or in the *.nortRage securin~ th:s Pror~issory NoCe.
~ T'ne sole remedy of the holder of this promissory note in the event
s of default by the undersi~ned shall be to foreclose the mortRa~e
~ securing this Promissory Note and to look exclusiveiy to the
property encumbered by said mortgag,e for satisfaction of the
~ indebtedness evidenced by this Promissory Note, ~nd no deficier.cy
~ jud~ment shall be souRht or obtained.
~ ~~Notwithstanding the existence of the First Note and the
First Mortgage, as both modified or to be ~rodified, and not~~ith-
~ standing whether the principal indebtedness under said First Note
and First Mort~age is or 4~i11 be credited on account of r_he sur.i
~ owing under this Promissory Note, it is agreed that the maker hereof
=n (includin~ without limitation all oresent and future partners
in and of the maker of this Promissory Note) has not and will not
_ become liable for, and does not and will not directly, indirectl}•,
~ expressly,or impliedly, primarily or secondarily, or otherwise,
G become liable ~or, or assume, any indebtedness for or under the
~ said First Note or First Mort~age, as bath modified or to be modified,
~ or any obligation in connection with any of said instruments ~
~ by way of indemnity or otherwise, to the payee or holder of this
; Promissory Note or the ~avee or holder of the First '3ote or anv narty
~ nar~ed in the First Mort~age, or the holder or beneficiarv of
~ either the mortgage securin~ this Promissorv Note or of the First
24ortRage, or to anyone else, for orincinal, interest, or any other
~ .
~
~ 600K 282 PACE S't~i
~
~
~
~ _