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HomeMy WebLinkAbout2148 to pay such monthly payments to the holder of this Purchase Money Mortgage Note to such extent, and shall receive full credit for each such payment made to the holder of the First and Second Note as though each such payment had been made to the - holder of this Purchase Money Mortgage Note. 4. The holder of this Purchase Money Mortgage Note shall not make or permit to be made any prepayments under the First and Second Note or the First and Second Mortgage, except with the prior written consent of the undersigned, such consent will not be unreasonably withheld by Mortgagor and it is hereby noted by the Mortgagor and the Mortgagee that the First and Second Note and the Purchase Money Mortgage :tote herein both provide for the privilege of prepayment without penalty, except as otherwise provided herein. 5. This Purchase Money Mortgage Note and the Mortgage are executed pursuant to an Agreement for purchase and sale of business and real property executed on December 1. 1978 by the Seller, United Partners III, Inc. and the Buyer, Craig C. Matthews and Barbara Y. Matthews, his wife, who have assigned- their interest to the Mortgagor herein and each and every of the representations and warranties contained in that Agreement for Purchase and Sale of Business and Real Property are in- corporated herein by reference and made a part hereof with the same-force and effect as if set forth herein verbatim and shall survive the-payment, cancellation and satisfaction of this Purchase Money Mortgage Note and the M~tg~ge. 6. Anything in the Agreement for Purchase and Sale of Business and Real Property or in this Purchase Money Mortgage Note or the Mortgage securing this Purchase Money Mortgage Note to the contrary notwithstanding, neither the undersigned nor any present or future partner in or of the undersigned, nor any other party or person, is or shall become liable, jointly or severally or otherwise,for the payment of any money by reason of anything contained in the Agreement for Purchase and 'Seal of Business and Real Property or-in this Purchase Money Mortgage Note or in the Mortgage securing this Purchase Mone-y Mortgage Note. Makers understand that foreclosure of the - ~f Mortgage is not the sole remedy of the holder of this Purchase Money Mortgage Note but that there is additional security in the form of a Security Agreement on equipment and a liquor license. Both the makers and the holders of this Purchase Money .Mortgage Note understand that should the holder seek foreclosure of the Mortgage securing this Purchase Money Mortgage Note it shall be entitled to seek and obtain a deficiency judgment if necessary. a - 7. Nothwithstanding the existence of the First Note and Second Note and the First Mortgage and Second Mortgage, as both modified or to be modified, and notwithstanding whether 3 the principal indebtedness un--der said First and Second Note and First and Second Mortgage is or will be credited on account of the sum owing under this Purchase Money Mortgage Note, it is agreed that the maker hereof (including without limitation all. present and future artners in and of the maker of the Purchase Money Mortgage Note has not and will not become liable for, and does not and will not directly, indirectly, expressly, or impliedly,primarily or secondarily, or otherwise, become liable for, or assume, any indebtedness for or under the slid First and - Second Mortgage, as both modified or to be modified, or any obliga- tion in connection with any of said instruments by way of ; _ indemnity or otherwise, to thepayee or holder of this Purchase Money Mortgage Note or the payee or holder of the First and Second Note or any party named in the First and Second Mortgage ; i Page Three gr;~K Y'`' - f 213 - - 'r~~.