HomeMy WebLinkAbout1743 WHEREAS, Mortgagor and Assuming Mortgagor have agreed to increase
the loan from the sum of Twelve Million Dollars (312,000,000.00) to the sum of
Thirteen Million Dollars (=13,000,000.00), pursuant to paragraph 15 of the aforesaid
Mortgage;
NOW, THEREFORE, for and in consideration of the premises and other
good and valuable consideration in hand paid, Mortgagee and Mortgagor agree that said
Mortgage is hereby modified as follows:
1. The recitals hereinabove set forth are true and correct and incorpor-
ated by reference.
2. The Loan Agreement referred to in said Mortgage has this date been
modified and amended by an instrument entitled "Modification of Loan Agreement", a
copy of which may be obtained from or reviewed at Mortgagee's offices in Chicago,
Illinois.
3. The changes made in said LoaA Agreement, pursuant to the Modifica-
tion thereof of even date herewith, are hereby incorporated by reference and made a
part hereof.
4. Said Modification of Loan Agreement provides for changes, inter alia,
in the agreement of Mortgagee to grant Partial Releases of the Property encumbered
by the Mortgage by abolishing certain previously agreed-to bases for granting Partial
Releases and by agreeing to grant Partial Releases on other bases, all on the
conditions and terms as stated therein, to eliminate certain required prepayments of
principal and to impose new requirements for prepayment of principal.
5. The Assuming Mortgagor has on this date executed and delivered to
the Mortgagee a Promissory Note in the sum of One Million Dollars (;1,000,000.00),
with interest thereon as prescribed in said Note (Second Promissory Note), and said
Second Promissory Note in the sum of One Million Dollars (#1,000,000.00) is secured by
$ the Mortgage, and that said Mortgage now secures a loan from the Mortgagee to the
Assuming Mortgagor in the principal sum of Thirteen Million Dollars (=13,000,000.00),
as evidenced by the original Promissory Note in the sum of Twelve Million Dollars
(=12,000,000.00) modified, endorsed, assumed and re-delivered this date to Mortgagee
and the Second Promissory Note of even date herewith from Assuming Mortgagor to _ +
_ Mortgagee in the sum of One Million Dollars {;1,000,000.00), together with interest as
F%.
~ recited in said Second Promissory Note.
6. The interest rate set forth in the Promissory Note in the prinicpal
sum of Twelve Million Dollars (;12,000,000.00) has been amended, and the interest
rate with respect to said Promissory Note shall be as follows:
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