HomeMy WebLinkAbout0921 reserving a life estate in MORTGAGOR; and
WHEREAS, MORTGAGOR will continue to reside upon the
property as her principal residence; and
WHEREAS, CITY is agreeable to the foregoing and certain
understandings pertaining to the enforcement of the above des-
cribed Mortgage.
NOW, THEREFORE, for and in consideration of the sum of
One Dollar ($1.00) in hand paid by each ~o the other, the re-
ceipt and sufficiency whereof is hereby acknowledged, and other
good and valuable considerations, it is hereby understood and
agreed as follows: ~i
1. That the transfer by MORTGAGOR to Peggy F. Potts, her
daughter, shall not trigger any of the maturity provisions of
the above described Promissory Note and Mortgage provided MORT- I
GAGOR shall retain a life estate therein and continue to reside ~i
upon the property as her principal residence.
2. That in the event MORTGAGOR shall cease to reside ~
upon the property as her principal residence at any time prior ~
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to December 4, 198b, or she shall die prior to said date, or I,
F there should be any further transfer of any interest in the real
property hereinabove described~ that the maturity provisions of
the Promissory Note shall be enforced by CITY to the same extent
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and as if no such transfer was made.
i 3. All of the terms and conditions contained in said
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E Promissory Note and Mortgage are hereby incorporated herein by
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~ reference and made a part of this Agreement and shall remain in
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i full force and effect, said Promissory Note and Mortgage being
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~ modified only as expressly provided herein.
- 4, This Agreement shall be binding upon and shall inure
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~ to the benefit of the heirs, executors, personal representatives,
successors and assigns of the parties hereto.
IN WITNESS WHEREOF, the parties have hereunto set their
hands and seals the day and year first above written.
~~~x ~~3 Qa~~ 917
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