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201801532
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Last modified
3/13/2018 3:56:52 PM
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3/13/2018 3:56:52 PM
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DEEDS
Inst Number
201801532
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201801532 <br />4. From and after the date hereof, any references to the "Loan" in the Loan <br />Documents shall be deemed to mean the Loan and the Additional Loan. <br />6. Concurrently with the execution of this Agreement and as a condition precedent <br />to the effectiveness hereof, Borrower shall (i) execute an Amendment to the Mortgage, in form <br />and substance satisfactory to Lender (the "Amendment to Mortgage ") amending the Mortgage to <br />add the Additional Loan, as evidenced by the Note to the Debt (as such term is defined in the <br />Mortgage); and (ii) execute an Amendment to the Assignment of Leases modifying the <br />Assignment in form and substance satisfactory to Lender (the "Amendment to Assignment ") to <br />add the Additional Loan as evidenced by the Note to the Obligations (as such term is defined in <br />the Assignment) secured thereby. <br />5. Prior to maturity, whether by acceleration or otherwise, interest shall continue to <br />be payable at the rate specified in the Note on the 1 st day of each month. <br />6. The other Loan Documents are hereby modified to incorporate the modifications <br />herein contained. The terms of this Agreement shall control to the extent such terms are <br />inconsistent with the terms of the Loan Documents. <br />7. Borrower specifically understands and agrees that Lender is consenting to the <br />foregoing modification of the Original Note in reliance upon all of the security previously <br />pledged to Lender as security for the repayment of the Note, including but not limited to the <br />continuing validity and enforceability of the Guaranty of Completion and the Guaranty of <br />Payment each executed by MICHAEL H. STAENBERG, INDIVIDUALLY AND AS <br />TRUSTEE OF THE MHS TRUST DATED JANUARY 13, 1986, AS AMENDED, and <br />RAYMOND J. O'CONNOR, INDIVIDUALLY (the "Guarantors ") dated as of December 22, <br />2015, as reaffirmed pursuant to Consent and Reaffirmation dated as of July 31, 2017. Borrower <br />further acknowledges and agrees that the effectiveness of this Agreement is expressly <br />conditioned upon the receipt by Lender of confirmations of guarantees from the Guarantors all in <br />form and substance satisfactory to Lender in Lender's sole discretion. <br />8. Borrower hereby confirms and ratifies the Original Note, and any agreement <br />securing or related to the Original Note as renewed and modified hereby. This is a renewal and <br />modification of the Original Note and not a replacement or novation thereof. If for any reason <br />this Agreement is invalid, the Original Note shall be enforceable according to its original terms <br />as heretofore amended. <br />9. Borrower shall reimburse Lender for all expenses, including reasonable attorneys' <br />fees incurred by Lender in connection with this transaction. <br />10. Borrower represents to Lender and agrees that the lien of the original Mortgage <br />and the covenants and agreements therein, and in the Original Note and other obligations secured <br />thereby, except as herein modified, shall be and remain in full force and effect, subject to all the <br />conditions and provisions contained in the Original Note, the Mortgage, the Loan Documents, or <br />any other documents evidencing or securing the Loan. <br />11. Upon the request of the Lender, Borrower shall obtain a title endorsement to the <br />loan policy of title insurance in favor of Lender confirming the ownership of the real estate <br />61783131.4 <br />3 <br />
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