HomeMy WebLinkAbout1032 2. Simultaneously with the delivery of fully executed copies
of this Agreermer?t, RYDER REALTY, INC. will execute and deliver the afore-
mentioned Partial Release of Mortgage of the parcels described at Exhibit "B"
tD Sotiolongo Development Corporation in connection with the sale of'~aid
parcel by AQUA RABEyIA, INC. aril AQUA RABEL.LA ASSOCIATES to Sotolorxp
Development Corporation.
3. Upon delivery of the aforesaid Partial Release, RYDER
REALTY, INC. will be paid, by way of cash or cashier's check, Fifteen
Thousand ($15,000.00) Dollars from the p~+oceeds of the closing of said
purchase to be applied against the principal due under the aforesai$
Promissory Note.
4. ~In connection with the closing of the aforesaid sale,
Sotolongo Development Corporation is executing a Purchase Nbney.First
Nbrtgage securing the payment of a Purchase Nbney Note in the sum of
~ Hundred Thousarxi and 00/100 ($200,000.00) Dollars upon the parcel
described at Exhibit "B" too RABELLA ASSOCIATES. Nbrtgagors shall
simultaneously endorse said mte to RYDER REALTY, INC. ar~d execute an
Assignment of said Mortgage in fawr of ItYDER REALTY, INC. The same
''I shall be received in reduction of the principal amount remaining due
~on the Promissory Notes by ~ Hundred Thousand and 00/100 ($200,000.00)
Dollars, provided, 2xx~aever, that such err]orsement shall be with recourse
to the endorsers personally regardless of the tP.xrns of said rate.
5. In addition to the reduction of the principal of the
aforesaid Pranissory Note oontetQlated hereby, AQL~1 RABEL.IA ASSOCIATES
and AQUA RABELIA, INC. shall pay interest through the date of closing
1~ ._,•~pl'/I1C~ • ~?e.w.~f o-4 .oM~~'1 ~w.~rPst ~ ~~f
Z: . s of a c~-.~<< 7 ~f fro) Sk.~~ P.~A 'fie ~u•.~
~ f~ of the transaction with Sot~olongo oilmen rporatio From a date ~ r
7
of closing until the extended maturity date, AQUA RABII.IA ASSOCIATES and 1~c
J AQUA RABELIA, INC. shall cause interest on the Promissory Note be paid to y~`f~
P
to RYDER REALTY, INC. on the first of each month from such closing until to Q)~~
R~. c~
maturity.
M''{'1
6. In consideration of the foregoing, the maturity of the d~yt
of
balance remaining on the Promissory Notes is hereby. exterxled until March ~1Os'M
31, 1981 wittnut regard to any period of grace, whereupon the entire
principal balance, accrued interest and any other amAUnts wfiich may then
be due thereunder shall be paid in full.
ao~340 P~1032
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