HomeMy WebLinkAbout1798 WHEREAS, George A. Costa (as one of the Mortgagors herein), as sole
owner of North Beach Water Co., executed and delivered to Mortgagee a Promissory
Note in the principal sum of E30,000.00, which said Promissory Note was secured
for payment by Assignment of Savings Certificate No. 11201, issued by Garden
State National Bank, Hackensack, New Jersey, to said George A. Costa; that said
savings certificate has a current value of approximately $40,000.00; and
WHEREAS, Mortgagor and George A. Costa, individually, have failed to
pay installments of principal and interest which are due pursuant to the four
Promissory Notes hereinabove described and has advised Mortgagee that they are
unable to pay the total sum which would be due and payable on the said fourt
Promissory Notes; and are in default in payment of principal and interest on said
four Promissory Notes; and
WHEREAS, Mortgagor has filed a proceedings for an arrangement under
Chapter XI of the Bankruptcy Act in the United States District Court, District of
New Jersey, Case No. B-76-2704; and
WHEREAS, Mortgagor has requested Mortgagee to waive the existing
defaults of the said four Promissory Notes hereinabove described and to add to the
said Promissory Notes as additional principal, all accrued and unpaid interest,
attorneys' fees; insurance premiums, ad valorem taxes paid, abstract costs, title
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searches, documentary stamp tax, documentary surtax, and intangible personal
property taxes, all of which items are legally chargeable under the said four
Promissory Notes; to replace the Promissory Notes hereinabove described, increased
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by the addition of the items herein described in this paragraph, with two notes
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(Replacement Notes)'; and to modify the terms for payment of the Replacement
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WHEREAS, Mortgagee has agreed that (i) not to attempt to accelerate
payment of the four Promissory Notes hereinabove described; (ii) to add accrued
unpaid interest, attorneys' fees, insurance premiums, ad valorem taxes paid,
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abstract costs, title searches, documentary stamp tax, documentary surtax, and
intangible personal property taxes; (iii) to replace the said four Promissory
Notes with two Replacement Notes; and (iv) to modify the terms for payment of
M the Replacement Notes, all of the foregoing upon the condition that Mortgagee
E is satisfied that the liens of the Mortgage Qeeds as modified by this Agreement,
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