HomeMy WebLinkAbout0154 separate2y by Huning The Florist, Inc., ~ Florida corporation, aod Arthur O. Stone and •
Shirley Stone, husband and wife, at or about the time the aithin modification and extension
egreement and mortgage is executed, to express ell of the various understandings, agree-
ments, and covenants of the parties With each other; ,
NOF1. THEREFOEtE, in consideration of the sum of Ten and No/100 Dollars ($10.00) paid
by each of the partiea hereto to the remaining parties, receipt of which is hereby acknowl-
edqed, and in further consideration of the mutual covenants hereinafter contained, it is
aqreed as follows:
I.
Florists Clearing Network, Inc., acknowledges that the unpaid principal~balance now
due The Dania Bank under the terms of the note dated June 28, 1977, is 5450,000.00, that
acerued interest on said indebtedness has been paid to the 20th day of Ntarch, 1978, and that
Florists Clearing Network, Inc. has no defenses, counterclaims, or rights of offset concern-
ing its obligation to pay the indebtedness.
II.
Buninq The Florist, Inc., covenants that there has been no change in the status of
the guaranty of Buninq The Florist, Inc. and that saicl guaranty continues in full force and
effect with respect to the note dated June 26, 2977, both in its origi~al form and also as
nodified under the exact terms and conditions which are hereinafter stated and set forth.
III. ~
Arthur O. Stone and Shirley Stone, husband and wife, covenant that there has been
no change in the status of the guaranty of Arthur O. Stone and Shirley Stone and that said
quaranty continues~in full force and effect with respect to the note dated June 28, 1977,
both in its original form and also as modified under the exact terms and conditions which
are hereinafter stated and set forth.
. IV. -
That the tirae of payment of the aforesaid princiapl balance of 5450,000.00, to-
gether vith interest thereon at the MODIFIED interest rate of eleven percent (11$) per
annum from the 20th day of March, 1978, is hereby modified and extended so that said unpaid
principal balance and said interest shall be due and payable~in manner following, to ~rit:
For the period from the 20th day of~Harch, 1978, up to and
~ including the 20th day of August, 19T8, the said interest
~
shall be payable month2y on the 20th day of each month,
with the first of such monthly interest payments to be due
on the 20th day of April, 1978, and with the remaining
_ • monthly interest payioents to be due monthly thereafter on
~ the 20th day of each month, up to and including the 20th
day of August, 1978. Thereafter, on the 20th day of
September, 1978, the then unpaid principal balance due,
toqether with all accrued interest due thereon, ahall be
due and payable in ful2.
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