HomeMy WebLinkAbout0128 2. Simultaneously with the delivery of fully executed copies
of this Agreetnerit, RYllER REALTY, INC: will execute and deliver the afore-
mentioned Partial Release of Mortgage of the parcels described at Exhibit "B"
to Sotolongo Development Oorporation in connection with the sale of'~aid
parcel by A~ RABELIA, INC. and AQig1 RABELLA ASSOCIATES to Sobolongo
Development Oorporation.
3. Upon delivery of the aforesaid Partial Release, ItYDER
REALTY, INC. will be paid, by way of cash or cashier's check, Fifteen
Thousand ($15,000.00) Dollars from the proceeds of the closing of ..said
purchase to be applied against the principal due under the aforesaid
Promissory Note.
4. In connection with the closing of the aforesaid sale,
Sobolongo Development Oorporation is executing a Purchase Nbney-First
Nbrtgage securing the payment of a Purchase Nbney Note in the sum of
Ztao Hundred Thousand aryl 00/100 ($200,000.00) Oollars upon the parcel
described at Exhibit "B" too AQLW RABELLA ASSOCIATES. Mortgagors shall
simultaneously endorse said mte to RYDER REALTY, INC. and execute an
Assignment of said Mortgage in fawr of RYDER REALTY, INC. The same _
shall be received in reduction of the principal amount remaining due
on the Promissory Notes by Tim Ilurxlred Thousand and 00/100 ($200, 000.00)
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Dollars, provided, however, that such endorsement shall be with recourse
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to the endorsers personally regardless of the fienns of said mte.
5. In addition, to the reduction of the principal of the
aforesaid Promissory l~bte contemplated hereby, RABELLA ASSOCIATES
f and AQCTA R~?BELIA, INC. shall pay interest through the date of closing
'`~!{,~.~~5 vttis~~'~f N1?:~h ,k~~~tl ~'1S$~G~z~So~Qc~t~~ ~ffU) S~ 1 ow yc R~/
> ~ o e ansac on wi o pmen rporatio From the date
~ rd~/1~1~ artdo~~,iwj
of closing until the exte~xk~d maturity date, AQLW RABELLA ASSOCIATTES y(~,
AQtg1 RABELLA, INC. shall cause interest on the Promissory I~bte be paid .o~ k
to Irc ~o ~D
to T~CDER REALTY, INC. on the first of each month from such closing until to ~ 0~~
y
- ~
maturity. t ~ I ~ w `~M
6. In consideration of the foregoing, the maturity of th ef~~6s%y
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balance remaining on the Promissory Notes is hereby extended until March
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~ 31, 1981 without regard to any period of grace, whereupon the entire
principal balance, accrued interest and any other amounts which may then
be due thereunder shall be paid in full.
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