HomeMy WebLinkAbout2308 and mortgage; and
WHEREAS, the Mortgagee has agreed to extend and modify
the terms and conditions of the said note and mortgage pursuant
to this Modification Agreement.
NOW, THEREFORE, in consideration of the sum of Ten Dollars
($10.00) and other goad and valuable consideration in h$nd paid
to Mortgagee by Mortgagor, receipt of which is hereby acknowledged,
the parties hereby agree to modify and amend the above-described
note and mortgage as follows:
1. The due date of the above-described promissory note
and mortgage is hereby deleted, it being the intention of the
Mortgagor and Mortgagee that the source of repayment of the said
note shall be the proceeds realized by Mortgagor from the sale of
condominium units to be constructed by Mortgagor on the mortgaged
premises. Provided, however, that the unpaid principal balance
shall bear interest at the rate of Fifteen (15X) percent per annum
from January 1, 1980, until paid in full, said interest to be paid
by applying the proceeds from the sale of each condominium unit or
i
parcel for which a release is sought first to interest and the
~ balance to principal.
i _
2. The partial release price to be paid to Mortgagee by
Mortgagor for release of each of the individual condominium units
to be constructed by Mortgagor is hereby amended by deleting
"18,750.00" and inserting in lieu thereof "$22,500.00".
3. It is further understood and agreed by the parties
that the revised partial release price of $22,500.00 is intended
to provide sufficient funds for the payment of the entire principal
and accrued interest upon sale of twenty-seven (27) of the twenty-
eight (28) condominium units intended to be constructed by the
Mortgagor. Therefore, the Penthouse condominium unit shall be
the last unit to be released by the Mortgagee, provided payment in
s een received b the t
full, together with accrued interest, ha b y
Mortgagee through the sale of the prior twenty-seven (27) condo-
minium units, and fn the event there remains due and unpaid any
principal and/or accrued interest, this sum shall be paid by
a~~K319 P~~2~?96