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HomeMy WebLinkAbout0274 • ItML/hq 7/15/80 5. The Sun Bank hereby specifically releases Walker from any liability and responsibility whatsoever for repayment of that portion of the indebtedness not specifically hereby allo- cated to him and likewise the Sun Bank hereby specifically re- ~ leases Neill from any liability and responsibility whatsoever ' for repayment of that portion of the indebtedness not specifi- cally hereby alYocated to him. • 6. In the event of a default by Walker in payment of his portion of the aforementioned indebtedness or under the i terms of the Mortgage insofar as the same pertains to the property owned by Walker, the Sun Bank hereby agrees that any foreclosure action in such event shall be directed solely to the property owned by Walker as more particularly described in Schedule "B". In the event of such foreclosure, the mortgage shall remain in full force and effect with respect to .the ' property owned by Neill. - . 7. In the event of a default by Neill in payment of his portion of the aforementioned indebtedness or under the terms of the Mortgage insofar as the same pertains to the property owned by'Nei11, the•Sun Bank hereby agrees that any ~ foreclosure action in such event shall be directed solely to . - I the property owned by Neill as more particularly described in Schedule "A". In the event of such foreclosure, the Mortgage R shall remain in full force and effect with respect to the groperty owned by Walker. . 8. The Sun Bank agrees that 50$ of the payments collected by it as a'result o~ the assignment of the Swan mortgage shall be credited to the account of Walker and 50$ of such payments shall be credited to the account of Neill. t i 9. The parties hereto agree to execute such other docu- .ments.as may be reasonably required~to evidence the intent of this agreement. -4- Bn x• • 7 P~ 274 Ncir`~ a~irnN ~crr~lcs : uoro - CMART[R[D P. O. SOX 1270 TORT PI[RCE~ rlOR10A 7D4S~ - TCIEPNOME 0051 46~-0200