HomeMy WebLinkAbout1485 3. It is acknowledged by the parties hereto that accrued
interest under the Mortgage has been paid through August 31,
1980, at the rate provided in the Mortgage.
4. Interest on the outstanding principal balance shall be
due and payable at the rate and in the manner specified in the
Modification Agreement.
5. In order to induce Mortgagee to execute this Agreement,
simultanengsly with the execution of this Agreement, Mortgagor
shall pay to Mortgagee an extension fee in the amount of $8,250.00
by a good cashier's check drawn upon a bank acceptable to Mortgagee
which shall be in addition to all other payments due and payable
to Mortgagee under the Mortgage,
6. Mortgagor hereby covenants and agrees to pay said
principal sum and interest as above set forth and to comply with
the other terms and provisions of the Mortgage as the same is
hereby modified and extended.
7. Mortgagor hereby represents and warrants: (1) that it
is now the owner of the premises encumbered by the Mortgage which
is a valid first lien; (2) that .as of the date hereof the princi-
pal sum outstanding on the Mortgage is $2,770,194 and that there
are no offsets, defenses or counterclaims to the Mortgage, as
modified hereby, or to the indebtedness evidenced and secured
thereby; (3) that no bankruptcy or insolvency proceedings are
pending or contemplated by or against Mortgagor; and (4) that
this.Ac~reement creates a valid and binding obligation in accord-
ance with its terms, and the execution and delivery hereof does
not contravene any contract or agreement to which Mortgagor is a
party or by which Mortgagor may be bound, and does not contravene
any law, order, decree, rule or regulation to which Mortgagor is
subject.
8. As long as Mortgagor is not in default under this
Agreement or the Mortgage, and as long as no fact exists which
but for notice and/or passage of time would constitute an event.
of default under this Agreement or the Mortgage, Mortgagee agrees
~ to grant partial releases of the real property encumbered by the
Mortgage in accordance with and subject to the terms of the
Mortgage.
9. Except as expressly modified herein, all of the terms,
- covenants and conditions of the Mortgage shall remain in full
force and effect and are hereby ratified and confirmed.
10. This Agreement shall bind and inure to: the benefit of
each of the parties hereto and their respective successors and
assigns and may not be changed or terminated orally.
11. Mortgagor shall pay all fees and charges incurred in
connection with the making of this Agreement including, without
limitation, the fees and disbursements of Mortgagee's attorneys,
- the fees and expenses relating to examination of title, any
.additional title insurance premiums, surveys, recording fees, any
Florida documentary, and intangible taxes which may be levied by
the State of .Florida in connection .with this Agreement.
y 12. Time is of the essence far the performance of all
~ terms, obligations and conditions hereof.
13. -This Agreement has been made and entered into by the
parties hereto freely and voluntarily, with and upon the advice
of counsel, and each party declares that this Agreement is made
in good faith and is in each party's own best interests.
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