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thiEREAS, Assignors' share of the contemplated
award from the condemnation proceedings as set forth above is
subject to various liens, encumbrances, security interests, and
prior assignments (herein collectively terr_?ed "Prior Claims"),
to wit:
(a) Attorneys' fees in the condemnation
proceeding;
_ (b) Administration expenses and fees in the
Chapter XI proceedings;
(c) The liens and claims of the Ramapo Bank
and the Bergen Rank of Commerce; and ~
~JHERFAS, under the terms and conditions of the
Plan of Arrangement, tze general, unsecured creditors of the
Assignors shall be entitled to 80 per cent of the net award de-
rived in the condemnation proceedings, after payment of the
aforesaid "Prrior Claims"; and
[WHEREAS, to further secure Liberty Life Insurance
Company in accordance with the terms and conditions of the Fore-
bearance and tiodification Agreement, the Assignors herein agree
to assign to Assignee the balance of said award, to wit:
l0 per cent of the net award to Assignors
after payment of the "Prior Clairas" as set
forr_h above to Liberty ;.ife Insurance
• Company for the purpose of applying said
net proceeds to the reduction of all
sums due to Liberty Life Insurance "
Company on the original obligation and
on the Forebearance and :4odification
Agreement.
It is, therefore, AGREED:
7_. The recitals of this agree~^.ent shall be
deemed articles of agreement hereunder, as if set forth specifi-
cally as such.
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2. That to secure and provide for the payment of ~
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