HomeMy WebLinkAbout1133 (b) Replacement Note No. 2, a copy of which is attached hereto as
Exhibit "6", shall be in the principal sum of 3240,000.00; said note being payable
ire 180 equal monthly, successive installments of 32,762.30, including interest
at the 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
~ ' succeeding month thereafter until fully paid.
(c) Each of the aforementioned replacement notes shall provide that,
if any payment due under said replacement note shall not be made within 15 days
after payment is due, or upon default by Mortgagor under any of the terms and/or
provisions of the mortgages hereinabove described, as modified hereby, the
remaining unpaid principal balances of said replacement note and all accrued .
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and unpaid interest thereon shall be forthwith due and payable, at the option of
Mortgagee.
ll. Any sums due and owing Mortgagee as hereinabove set forth in
paragraphs 8 and 9 above which are not included in the principal amounts of
Replacement Note No. 1 and Replacement Note No. 2 as hereinabove described in
paragraph 10 hereof, as well as the cost of title insurance and any other chargeable
expenses shall be paid by Mortgagor to Mortgagee at the time of closing hereof..
12. That if Mortgagor or any person claiming by or through Mortgagor
files a Voluntary Petition in Bankruptcy, or is involuntarily adjudicated a
Bankrupt and has not had such Bankruptcy discharged 60 days thereafter, or if a
Receiver has been appointed in a state court, then at the option of the Mortgagee,
the entire balance of the principal sums secured by said mortgages, together with
j all accrued interest thereon shall immediately become due and payable. This
provision shall not apply to the current Proceedings For Arrangement in which the
N.ortgagor is now engaged.
13. That it is further agreed by Mortgagor that in the event of a
default under the mortgages above described or hereby modified, or either of
the Replacement Notes, the t',ortgagee may foreclose the lien of said mortgages in
rihole or partially against one or more of the separate parcels which constitute
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the mortgage property encumbered by the respective mortgages. .The foreclosure
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~ of the mortgage or mortgages against any of the mortgaged property-shall not
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constitute a waiver by Mortgagee of its right to foreclose the lien of either of
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said mortgages against any other portion or the remainder of the mortgaged
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BuoK 331 PaGE 1133