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FORTY SIX THOUSAND FIVE HUNDRED and NO/100 ($46,500.00) DOLLARS.
3. That. the interest on said note and mortgages is hereby
modified to bear interest at the rate of eight and one-half (8 1/2%)
percent per annum, effective November 15, 1979, on the principal sum
due and owing as agreed in paragraph d.2. above.
4. That in consideration of this Agreement, and upon receipt
of the sum stated in paragraph d.l, above, the Mortgagees agree that
interest on the aforesaid note and mortgages from September 15, 1976
through November 15, 1979 shall be deemed paid.
5. That monthly installments of $421.04 shall be due and
payable as of December 15, 1979, and a like amount on the same day of
each month thereafter until November 15, 1982. Each such installment
shall be applied first to interest, and then to principal.
6. That in addition to the monthly payments agreed to in
paragraph d.5. above, the Mortga ors agree to pay to the Mortgagees the
sum of TWO THOUSAND and NO/100 (2,000.00) DOLLARS, in four (4) equal
payments of $500.00, each, due February~l5, 1980', May 15, 1980,
August 15, 1980, and November 1S, 1980. Such payments shall be ap-
plied to reduce the outstanding principal.
7. That anything in the .original note and mortgages to the
contrary notwithstanding, it is hereby understood and agreed that said
mortgages shall be converted to balloon mortgages, with the final
payment of the principal balance to be due on November 15, 1982. The
following statement shall be considered part of both this and the
original mortgage documents:
"THIS IS A BALLOON MORTGAGE AND THE FINAL PAYMENT
OR THE BALANCE DUE UPON MATURITY IS $40,440.68,
TOGETHER WITH ACCRUED INTEREST, IF ANY, AND ALL
ADVANCEMENTS MADE BY THE MORTGAGEE UNDER THE TERMS
OF THIS MORTGAGE."
8. That-the Mortgagors, jointly and severally, for themselves,
their legal representatives, heirs, successors or assigns, in consi-
deration of the settlement of the aforementioned civil action and this
mortgage modification, hereby release the Mortgagees, jointly and
~ severally and their legal representatives, heirs, successors or assigns,
from any and all claims and demands which the Mortgagors now have, may
have had or ever had against the Mortgagees under the terms of that
certain Purchase and Sale Agreement executed by t'~e parties on
I September 15, 1976, and all claims of the aforesaid civil action, and
hereby declare that any-and all obligations and duties which the
Mortgagees now have or may have had to the Mortgagors have been fully
performed, satisfied and discharged.
9. Except as modified herein t?~e aforesaid note and mortgages
shall remain in full force and effect, however when the terms and
provisions contained in the note and mortgages in any way conflict
with the terms and provisions contained in this Agreement, the terms
and provisions herein contained shall prevail, and as modified by this
Agreement, the note and mortgages are hereby ratified and confirmed.
The failure or omission of either party to exercise, in one or more
instances, any option given herein or in the note and mortgages, shall
not be~construed as a waiver or relinquishment of a right to such option
~ in the case of any other default, but the right tc~ such further option
shall remain in full force and effect.
10. The effective date of this Agreement shall be and relate
back to November 15. 1979.
11. This Agreement shall be binding on the heirs. executors.
administrators, successors, and assigns of the respective parties.
IN WITNESS WHEREOF, the parties have executed this Agreement at
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