HomeMy WebLinkAbout0583which extended the terms of the October 14, 1974 original mort-
gage, and which provided in paragraph 4 of the modification agree-
ment that the parties of the second part would have the right to
declare the unpaid baiance of the indebtedness immediately due
upon the sale or transfer of the ownerahip of the encumbered prop-
erty; and,
WHEREAS, the party of the first part is desirous of selling
said property and desires to have a mortgage in question owned by
the parties of the second part assumed by a new purchaser,
NOW TBEREFORE, in consideration of the mutual premises, con-
ditions and covenants contained herein, the party of the first
part and parties of the second part herein mutually agree as
follows:
1. That as of the date of the execution of this Agreement,
there is due and owning a remaining principal balance of
539,750.86, which would indicate payments through January, 1981.
2. That the parties of the second part herein agree not to
accelerate and/or demand full payment of the remaining principal
in consideration for the receipt of the sum of $24,996.06 on or
before February 10, 1981. The remaining sum of $14,754.80 shall
be assumed by the new purchaser of the property encumbered by the
party of the second part's mortgage and shall be paid pursuant to
_'
the terms of the original mortgage at the rate of $706.73 per ~
month, including interest at the rate of eight and one-half per-
cent ( 8-1/28 ). Said amount shall be paid as outl ined in the terms
of the original mortgage and the nbdification thereof of December
5, 1976 until fully paid to the parties of the second part.
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