HomeMy WebLinkAbout0984 payable as of December 1, 1981, and the Mortgagee has the legal rlght to enforce the
collectton oi the indebtedness, and the Mortgagor has requested that the Mortgagee
forebear the collection of the indebtecfr?ess secuced by the Mortgagee, and to defer the
Mortgsgee's legal right to require the full payment of the indeDtedness, and to renew
the indebtedness and to extend the mat~urity date to June 1, 1982, and Mortgagee, has
agreed to forebear the collection of th~ ~Ji~JL@~I~C~.1 a,~c~ ~v renew ine inaebze6ness
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WHEREAS, Mortgagee is the owner and holder of the above-describe~
Notes and Mortgage; and
WHEREAS, the Lender and Borrower have agreed to amend the interest
rate per annum on the principal indebtedness outstanding, evideneed by the aforesaid
Notes secured by the Mortgage as hereinafter provided; and
SVHEREAS, Mortgagor and Mortgagee have agreed to make certain changes
in the terms of the Mortgage and desire to reflect the fact such changes have been
made in an instrument of record;
NOW, THER.EFORE, foc and in consideration of the premises and other
good and valuable consideration in hand paid, Mortgagee and Mortgagor agree that said
Mortgage is hereby modified as follows:
1. The recitals hereinabove set forth are true and correct end ineorpoc-
ated by reference.
' 2. The entire unpaid principal balance of the indeb~edn~~ evi~e~~ed
~ the Promissory Note dated December 4, 1978 as amended by Allonge dated June 2,
i 1980 and the Seeond Promissory Note daied June 2, 1880 and all interest acecued
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~ thereon, not heretofore paid, and all other sums payable under the Loan Agreement of
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~ December 4, 1978, as modified on 3une 2, 1980, and the instruments securing the
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s aforesaid Notes, shall be due and payable in full on the lst day of June, 1982.
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~ 3. The interest rate per annum on the principal indebtedness ovtstanding
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~ from time to time as evid~nced by the Pramiss~ry Note dated December 4, 1978 as
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~ modified by Allonge on June 2, 1980 and the Second Promissory Note dated June 2,
1980 shall be as follows:
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intecest anly at a rate per annum which shall be equal to the
t greater of (a) the Corparate Base ftate of interest announced
~ by Payee irom time to time plus Two and one-quarter
percent (2 1/4%), which interest rate shall change when and
as said Corporate Bsse Rate shall change, or (b) ll1~6 of the
"CD Rate" plus Two and three-quarters percent (2 3/496),
' which rate shall change when and as said CD Rate shall
change. The Corporate Base Rate shall mean the corporate
~ base rate an:eounced by Payee from time Lo time. The CD
~ Rate means the latest three-week mov:ing average of
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