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HomeMy WebLinkAbout1134 'i property if the obligation secured by either of said awrtgages have not been fully satisfied by the sale under the prior partial foreclosure judgment. Mortgagor, in the event of foreclosure of eithermortgage by Mortgagee, consents to the Mortgagee foreclosing its lien against all of the mortgaged property or against any part of the mortgaged property and the partial foreclosure shall not constitute a release of the mortgage lien against the remainder of the mortgaged property nor a waiver of the Mortgagee's right to proceed to foreclose against the remainder of the mortgaged property, if any portion of the obligations secured by either .of the mortgages, including either or both of the replacement notes, remains unsatisfied, default in one of the Replacement Notes shall constitute a default in both such notes. ~ - 14. That if the mortgaged property sold under any decree of 3udgment to foreclose or enforce either of said mortgages or the obligations secured thereby, said mortgaged property shall be sold in one parcel or several parcels, as Mortgagee may elect, any provision of the law to the contrary notwithstanding. 15. That, as a condition precedent. to the Mortgagee entering into this Agreement, an Order of the Bankruptcy Court be entered authorising the Mortgagee and the Receiver to execute the replacement notes and enter into this Mortgage N~odification Agreement. - 16. All of the-terms, covenants, and conditions of each of the mortgages hereinabove described, and the promissory note dated June 2, 1975 of I North Beach Water Company, as amended and modified by this Agreement, are ratified, confirmed and approved in all respects. That this Mortgage Modification Agreement shall apply to and inure to the benefit of and is binding upon the parties, their heirs, representatives, personal representatives or assigns. 17. Notwithstanding anything contained or inferred herein to the contrary, the participation in this Agreement and execution thereof by the Receiver is for the sole purpose of approving the giving and execution of same by tortgagor and the Receiver has not warranted and guaranteed any term or provision hereof, and has not personally obligated himself hereunder. C IN WITNESS WHEREOF, Mortgagee, Mortgagor and Receiver have executed ~ ' x t r t P€ C _ -7- BOOKJJI P~E1134