89103812 - Laserfiche WebLink

Browse

r 89--- 103812 Eight Thousand Two Hundred Thirty Dollars and fifty -Six Cents ($18088,230.56); and F. A Trustees Sale of the Property has been scheduled for August 1, 1989 at 11:00 a.a.; and G. Champlain Valley has agreed to cancel the scheduled Trustees Sale and file a Cancellation of Notice of Default upon the modification of the Note and Deed of Trust in accordance with the terms as set forth herein. NOW, THEREFORE, for good and valuable consideration, including the agreement by William Boyd Smith. to execute and deliver to Champlain Valley a personal guaranty of certain obligations under. the Note, as modified, the parties agree to a modification at' the terms of the Note and Deed of Trust as follows: 1. The total of the principal, -late charges, and interest due under the Note in the amount of One Killion Eighty -Eight Thousand Two Rundred Thirty Dollars and Fifty -Six Cents ($1,088,230.56) as of July 6, 1989., plus interest accrued thereafter is discharged to the extent such sum exceeds Nine Hundred Thousand Dollars ($900,000.00), which shall constitute the new principal balance of the Note, as modified. Such pr*bcipal balance: of Nine Hundred. Thousand Dollars ($900, 000..jD,0) shall hereinafter be referred to as the "Modified Principal.* 2. Commencing August 1, 1989 and on the first day of each month, to and including July 1, 1990, interest only in arrears shall accrue and be paid by Teak on Six Hundred Fifty Thousand y�llarz ($650,000.00) of the Modified Principal (hereinafter referred to as "Partial Principal ") at the rate of seven percent (7 %) per annum. Teak agrees to make monthly payments in the amount of Five Thousand Dollars ($5,000.00) Far month and the difference between the accrued interest and such payment shall be held by Cha;*lain Valley in an escrow account for the payment of real estate taxes assessed or . to 'ire.. assessed against the Property. 3. Commencing with the payment due August 1, 1990 and on the first day of each month through and including the;Vayment due July 1, 1991, interest only in arrears shall accrue and be paid by Teak on the Partial Principal at the rate of' eight percent (89) per annum. Teak agrees to make such monthly payments -of interest only plus payments to 'an escrow account at Champlain Valley equal to one - twelfth (1/'12) of the real estate taxes: assessed or which may be assessed against the Property. 4. Commencing with the payment due August 1, 1991 through and including the payment due July 1, 1994, Teak agrees to make monthly payments on the first day of each month equal to the sum 2 - T_ 1 �i