HomeMy WebLinkAbout1478 2. Nothing contained herein, in the Restated Note,
the Note, in the Amended Loan Agreement or the Security Agree-
ment shall be deemed to constitute a satisfaction of the
Original Notes or the Secured Notes, or a discharge of the liens
of any o.f the respective Mortgages, it being the intention of
the Mortgagor and the Mortgagee to preserve and carry forward
such liens pursuant to the provisions of the Amended Loan Agree-
ment, the Security Agreement and this Agreement.
3. Any default in the payment of sums due under the
Restated Note or the Note, or in the performance of any of the
terms, covenants and conditions on the Mortgagor's part to be
performed pursuant to the Amended Loan Agreement or the Security
Agreement shall constitute a default under the Mortgages, as
modified by the Modification Agreement and as amended hereby,
permitting the Mortgagee, at its option, to declare the entire
principal sum secured by the Mortgages as amended hereby, imme-
diately due and payable.
4 . In the event of an~~ cvr_f t : at ~o~~~PP^. th.P
covenants and agreements contained in the Restated ?tote, the Note,
the Amended Loan Agreement and the Security Agreement and those
contained in the Original Notes, Secured Note, Mortgages, :~tec~i-
fication Agreement, or tha loan Agreement, the covenants and
conditions of the Restated Note, the Note, the Amended Loan
Agreement and the Security Agreement shall control and any
such conflicting covenant and agreement is hereby amended and
modified accordingly.
5. The Mortgagor hereby covenants and agrees to Aay,
or cause to be paid, the principal sum evidenced by the Restated
Note and the Note and the interest thereon as hereinabove set
forth, and to comply with the other terms of the Mortgages, as F
modified by the Modification Agreement and as amended hereby.
6. The Mortgagor hereby certifies that it is now
the owner of the premises on which each of the respective Mort-
gages is a valid first lien in the principal amount of
$6,000,OOO,with interest thereon, and that there are no offsets
or defenses to the Mortgages, ad modified by the Modification
Agreement and as amended hereby, or to the indebtedness secured
thereby.
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7. Except as amended hereby, all of the terms,
covenants and conditions of the Mortgages, as modified by the
~ Modification Agreement, shall reriain in full farce ar_d effect.
8 . This Agreement shall bind and i nure to vile
~ benefit of each of the parties hereto and their respective
successors and assigns and may not be changed or ter^?inat~d
orally.
9. All references hereir. to the "A-nended Lca:~
Agreement" or the "Security Agreement" shall be deeme~ .o refer
to the "Amende3 Loan Agreem?nt or the Security AgreeTM~e:_" ~s
t~:e same may hereafter be extended, moc'.ified, amended cr re-
s*_a*ed". S~.milarly, all references herein to the "Restated
?~cte" or the "Note" shall be deemed to refer to t're "Re~tat.~•c
?vcte or t're ?7ote, as the same r~a~~ hereaftzr be extence:i,
mcdif~ed, a^ended or restated".
1C . This Agreemen*_ is :.ia3e and delivere3 ir_ the
Borough of Manhattan, City, Count,• and State of :~et+ Ycr:c u::3'
shall be construed iz accordance with the Laws of said Slate, ;
except with regard to .^.?atters pertaining to the foreclos~.:re
of the Mortgages.
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- 3- ao~K ~y ~ac~ 1476
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