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(c) On said note and mortgage there is now owing the sum
of $350,000.00 with interest at the rate of ten (10) percent per
annum from the 27th day of October, 1979.
(d) Endorser/Mortgagor is now the owner and holder of such
premises of which such mortgage is a valid lien for the sum of .
$350,000.00, principal and interest thereon at the rate of ten
(10) percent per annum, and there is no defense or offset to the
mortgage it secures.
For the reasons set forth above, in consideration of the
mutual covenants of the parties hereto, Maker, Endorser/Mortgagor
and Mortgagee covenant and agree as follows:
1. In consideration of Ten Dollars ($10.00) and accrued interest
paid by the Maker and Mortgagor and other valuable considerations,
the Mortgagee does hereby extend the time of payment of indebted-
ness secured by said note and mortgage to the 27th day of October,
1984, provided that the Maker and Mortgagor shall meanwhile pay the
interest on the amount owing on said note and mortgage at the rate
of thirteen (13) percent per annum from the day of November, ~
1979, payments in the amount of $4,428.41, first to be~{applied to
interest and then to principal to commence on the ~ 6'- day of
December, 1979, for a period of fifty-nine (59) consecutive months,
with a final balloon payment due on the ~t~ day of November,
1984 in the amount of $296,585.83, together with accrued interest, t
if any, and all advancements made by the Mortgagee under the terms
1
of the Mortgage Extension and Modification Agreement.
2. Maker, Mortgagor and Mortgagee in consideration of the
f
above extension and Ten Dollars ($10.00) paid by the Maker and ~
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e
r
Mortgagor and other valuable considerations, the receipt of which
f
is hereby acknowledged, does hereby agree to pay the principal sum ,
and interest set forth above on or before the maturity date thereof
as extended hereby .and to comply with the other terms of said note ~
and mortgage; except as modified herein.
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