HomeMy WebLinkAbout2623 WHEREAS, Eastport executed a Renewal and Replacement
Note ("Renewal and Replacement Note") dated December 19, 1988 and
effective September 25, 1988, in the original principal sum of
~ ONE MILLION TWO HUNDRED EIGHTY-SEVEN THOUSAND FIVE AND NO/100 ,
(~i,287,005.00) DOLL~RS and secured by the Mortgage; and
WHEREAS, Eastport r~as executed a future advance prom-
issory note ("Future Advance Note") in favor of M~rtgagee of even
date herewith, in the principal amount of ONE MILLIf~N EIGHT
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HUNDRED THOUSAND AND NO/100 ($1,800,000.00) DOLLARS, evidencing a ;
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future advance, secured by tr?is Notice of Future Advance and ~
;
FiftY~ Modification of Mortgage Agreement ("Notice of Future
Ad•?ance and Fifth Modification"~ Wr?~~n modified tt~e Mortgage; and
WHEREAS, Eastport t?as executed a consolidation promis-
sory note ("Consolidation Note") in favor of Mortgagee of even ,
date herewith, evidencing the consolidation of tt~e Renewal and
Replacement Note and Future Advance Note of $1,287,005.00 and
$1,800,000.00 respectively, and being in the total principal sum
of THREE MILLION EIGHTY-SEVEN THOUSAND FIVE AND NO/100
($3,087,005.00) DOLLARS, secured by the Mortgage as modified by
this Notice of Future Advance and Fiftt, Modification;
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f NOW, THEREFORE, in consideration of the premises and
for TEN AND NO/100 ($10.00) DOLLARS and other good and valuable
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: consideration, the receipt of whicr~ is t~ereby acknowledged by
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; each party frorn the other, the parties covenant and agree tY~at
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; the Mortgage shall be modified as follows:
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' 1. Tr~e parties covenant and agree tY,at the above
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" recitations are true and correct.
2. Eastport r~as executed tr~e Future Advance Note in
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the atiifiuii~ of $1,800,0OO.OG.
3. Eastport Y?as executed the Consolidation Note in
the ar,tount of $3, OL7, 005.00. interest has been paid to /~o~fnb~/1-~~
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1989.
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, BOOK 6~~ PAGE ~~0~
~ soaK 675 P„~E 262~3
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