HomeMy WebLinkAbout2660 (d) Mortgagor is now the owner and holder of such
premises on which such mortgage is a valid lien for the sum
of $45,889.83, principal and interest thereon at the rate of
6 3/4 per cent per annum, and there are no defenses or offsets
to the mortgage it secures.
For the reasons set forth above, and in consideration
of the mutual covenants of the parties hereto, Mortgagor and
Mortgagee covenant and agree as follows:
(1) 8xtension of maturity date. In consideration of
Ten ($10.00) Dollars and scoured interest paid by the Mortgagor
and other valuable consideration, the receipt of which is hereby
acknowledged, the Mortgagee does hereby extend the time of pay-
went os principal indebtedness secured by.said note and mortgage,
to the 20th day of February, 1984; provided that Mortgagor shall
meanwhile pay the interest on the amount owing on said note and
mortgage at the rate of 6 3/4 per cent per annum from the 20th
day of February, 1979, payments in the amount of $777.77, plus
interest at the rate of 6 3/4 per cent per annum to~commence
on the 20th day of March, 1979, for a period of fifty-nine (59)
months, with a final payment due on the 20th day of February,
1984, in the amount ~of $1.40 together with accrued interest,
if any, and all advancements made by the mortgagee under the
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terms of the mortgage extension agreement.
~ (2) Principal and interest payments. Mortgagor, in con-
sideration of the above extension and One ($1.00) Dollar paid
by the Mortgagee and other valuable consideration, the receipt
of which is hereby acknowledged, does hereby agree to pay the
principal sum and interest above set forth on or before the
maturity thereof as extended hereby and to comply with other
terms of said note and mortgage, except as modified herein.
(3) Binding effect of agreement. This Agreement shall be
binding on the heirs, executors, administrators, successors
and assigns of the respective parties.
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