HomeMy WebLinkAbout1799 constitute valid first mortgage liens on the property described therein, res-
pectively; and
WHEREAS, the parties previously have entered into a Stipulation
to settle the aforesaid defaults which was approved by the Court by Order dated
June 9, 1978, and parties now desire to supercede said Stipulation except as
to the requirement of title insurance, with the said Replacement Notes.
NOW, THEREFORE, in consideration of the mutual covenants and promises
and understandings hereinafter set forth, the parties hereto agree as follows:
1. That the above recitations are true and correct and incorporated
herein as if set out in detail.
2. Mortgagor acknowledges and confirms that the Mortgage Deeds
hereinabove described and dated April 4, 1974, June 19, 1974, and October 31, 1975,
respectively, constitute valid first lien encumbrances on the property described
therein and secures payment of the Promissory Notes, copies of which are attached
to and filed with said Mortgages, and any renewals, modifications and extensions
thereof and that I~lortgagor is presently indebted to Mortgagee by virtue of the
said Promissory Note dated June 19, 1974, in the principal sum of 5148,022.40,
plus accrued interest to January 15, 1980, in the amount of 540,250.05, totaling
3188,262.45, with a per diem rate of 336.50 after January 15, 1980, free and
clear of any defense, set-off or counterclaim as of the closing date hereof.
3. George A. Costa, individually, and as Mortgagor herein, acknowledges
and confirms that the Assignment of Savings Certificate No. 11201, Garden State
i
National Bank, Hackensack, New Jersey, to secure payment of the Promissory Note
~ dated June 2, 1975, is a valid first lien encumbrance upon said Savings Certificate
No. 11201, and secures payment of the said Promissory Note dated June 2, 1975, and
any renewals, modifications and extensions thereof, and that George A. Costa,
individually and as a Mortgagor herein, is presently indebted to Mortgagee by
virtue of said Promissory Note in the principal sum of 530,000.00, plus accrued
interest as of January 15, 1980, in the amount of 58,580.58, totaling 538,580.58,
.with a per diem rate of 56.00, free and clear of any defense, set-off or counter-
claim, as of the closing date hereof.
4. Mortgagor acknowledges and confirms that the Mortgage Deed dated
April 4, 1974, constitutes a valid first lien encumbrance on the real property
described therein and secures payment of the Promissory Note dated April 4, 1974,
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' "K x.32 Pb~E 1794
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