HomeMy WebLinkAbout1801 8, Mortgagor and Mortgagee covenant and agree that of the total
indebtedness of 3481,510,01 as of January 15, 1980,,3226,843,03 shall be
represented by and allocated to the two Promissory Notes dated June i9, 1974
and June 2, 1975, respectively, and that 3254,665,98 shall be represented by
and allocated to the two Promissory Notes dated April 4, 1974 and October 31,
1975, respectively; that Savings Certificate No. 11201, Carden State National
Bank, Hackensack, New Jersey, be surrenderzd for payment and that fifty percent
(50%) of the proceeds thereof (not less than 520,000.00), shall be applied to
the total indebtedness of the Promissory Notes dated June 19, 1974 and June 2,
1975, reducing the total indebtedness of said two Promissory Notes to approximately
3206,843.03 as of January 15, 1980; that fifty percent (50%) of the proceeds
realized from the surrender of said savings certificate (not less than 520,000.00),
shall be applied to the total indebtedness of the Promissory Notes dated April 4,
1974, and October 31,.1975, to reduce the total indebtedness of said two
Promissory Notes to approximately 3234,665.98.
9. That in addition to the sums hereinabove set forth there is due
and owing to Mortgagee the following sums: Title search,325.00; additional
attorneys' fees of J. Beneson as of January 28, 1980, 35',312.50; and additional
expenses of 3800.00; that after the application of the proceeds of Garden State
National Bank Savings Certificate No. 11201 as set forth in paragraph 8 above
and the addition of the items described immediately above in this paragraph
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on the Promissory Notes dated June 19, 1974 and June 2, 1975 a total of
3207,643.03, and there is due and owing Mortgagee on the Promissory Notes dated
April 4, 1974 and October 31, 1975 the sum of 3240,003.48.
10. Mortgagor and Mortgagee covenant and agree that the four
Promissory Notes hereinabove described shall be replaced by two replacement
notes to be executed by Mortgagor and approved by Receiver in favor of t~!ortgagee
and designated Replacement Note No. 1 and Replacement Note No. 2.
(2) Replacement Note No. 1, a copy of which is attached hereto as
Exhibit "A", shall be in the principal sum of 3205,000.00; said note to be payable
~ r~. in 180 equal monthly successive installments of 32,642.50, including interest at the
rate of 12% per annum, the first of such installments to be due and payable
~ ~ 30 days after closing, 1~, and on the corresponding date of each successive
month thereafter until fully paid.
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