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8, Mortgagor and Mortgagee covenant and agree that of the total
indebtedness of 5481,510,01 as-of January 15, 1980, :226,843,03 shall be
represented by and allocated to the two Promissory Notes dated June 19, 1974
and June 2, 1975, respectively, and that 5254,665,98 shall be represented by
and allocated to the two Promissory Notes dated April 4, 1'974 and October 31,
1975, respectively; that Savings Certificate No. 11201, Barden State National
Bank, Hackensack, New Jersey, be surrendered for-payment and that fifty percent
(50g) of the proceeds thereof_(not less than 520,000.00), shall be applied to
the total indebtedness of the Promissory Notes dated June 19, 1974 and June 2,
1975, reducing the total indebtedness of said two Promissory Notes to approximately
5206,843.03 as of January 15, 1980; that fifty percent (50ii) of the proceeds _
realized from the surrender of said. savings certificate (not less than 520,000.00),
shall be applied to the total indebtedness of the Promissory Notes dated April 4,
1974, and October 31, 1975, to reduce the total indebtedness of said two -
Promissory Notes to approximately 5234,665.98.
9. That in addition to the sums hereinabove set-forth there is due
and owing to Mortgagee the following sums: Title search, 525.00; additional
attorneys' fees of J. Beneson as of January 28, 1980, 55,312.50; and additional
expenses of 3800.00; that after the application of the proceeds of Garden State
~~ational Bank Savings Certificate ~~o. 11201 as set forth in .paragraph 8 above
and the addition of the items described immediately above in this paragraph -
~ on the Promissory Notes dated June 19, 1974 and June 2, 1975 a total of
5207,643.03, and there is due and owing Fortgagee on the Promiissory Notes dated
April 4, 1974 and October 31, 1975 the sum of 5240,003.48.
10: Mortgagor and Mortgagee covenant and agree that the four
Promissory Notes hereinabove described shall be replaced by two replacement
'notes to be executed by Mortgagor and approved by Receiver in favor of Mortgagee
and designated Replacement Note No. 1 and Replacement Note No. 2.
(2) Peplacement Note~No. 1, a copy of which is attached hereto as
Exhibit "A", shall be in the principal sum of 5205,000.00; said note to be payable
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in 180 equal monthly successive .installments of 52,642.50, including interest at the
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rate of 12X per annum, the first of such installments to be due and payable
- 30 days after closing, and on the corresponding date of each successive -
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month thereafter until fully paid.
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