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1. T1~?e parties inoorporate herein by reference, ~s though .
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set fi~rth herein at length, ali of the terms and conditions contained in the
~f "Nbdification Agreement" afbrementioned.
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!i 2. The principal sum due hereunder is the sum of (
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j~ $1 ,171 ,213.39, which represents the sum due and owing as af November 1,
1978, t~gether with interest after November 1, 1978, at the rate hereinafter
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3. ~nterest will accrue on the sum set forth in Paragraph 2.
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hereof at the rate of eight (8/ ) per cent from November 1, 1978, with interes
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;i to accrue after defauit at the highest legal rate in excess of eight (8%) per
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. cent per annum . ~
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4. The entire pri~cipal and intarest amount due and payable, #
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i under the "Nbdification Agreement" and the promissory rbte, more particu- i
~ larly described therein, shall be due and payable within ffve (5) years from
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; November 1; 1978, to wit: Ocb~ber 31 , 1983.
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5. All i~erest earned during the first eighteen (18) months
~ ' will be due and payable i n full at the maturity date, that is, at the -end of the j
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x fif~h (5t1~) anniversary date, thus permitting a moratorium on payments as !
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; and for interest only during the first eighteen (18) months after November 1, I t
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1978. i
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~ ~i 6. Commencing with the first day of the twenty-first (21st) j
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~ mor~th (after November 1, 1 978), quarterly interest payments shall oommenc~ ~
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~ jj and be paid promptly and corrtinue to be so promptly paid quarterly thereafter ~
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~ for the balance of tl-~e loan period as aforement~oned. j
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~ ; 7. "Ivbrtgagors" witl maintain, currer~tly, all tax and/or j
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~y " ~
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~ ` ~ insurance ooligations required to be maintained and/or paid in oonnection wi ~
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~ ~ tF~e collaterai and/or the property covered hereby.
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