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89- -10381 2 i five percent (754) to Teak or such owner and twenty -fivo percent (25 %) to Champlain Valley. All sums paid to Champlain Valley shall be applied against the Modified Principal. Upon such payment by Teak or such owner to Champlain Valley, Champlain Valley shall deem the difference between such amount and the remaining balance of the Modified Principal of the Note to be forgiven and discharged. 13. Notwithstanding the foregoing, in the event of any refinancing which occurs during the term.of the Nate-and prior to its due date, and provided that Teak is not then in default in the terms of the Note or; Deed of Trust, as modified, for any reason, and provided furl&r thait such refinancing does not arise by virtue of a sale of all.-or any part of the Property, Chasplain Valley agrees to accept. in full payment of the Note and Deed of Trust, as modified, the principal sum of Six Hundred Seventy -Five Thousand Dollars ($675,000.00), plus any accrued and unpaid interest and other charges. Such sun shall not at any time.-be reduced by any principal payments previously made by Teak. Upon such payment, Champlain Valley shall dam the differema* between the Six Hundred Seventy -Five Thousand ":Dollars ($675oaOO.00) in principal paid and the balance of the Modified Principal of the Note to be forgiven and discharged. - 14. Teak acknowledges that the Note and Deed of Trust, as previously modified, are in default. This Agreement does not waive any rights of Champlain Valley under said Note and Deed. of Treat - anel mile% i a a_ntav -,&A i rtet npl y as An Annnnnndatinn . is . T tk, At the election of Champlain Valley, and upon a breach or failure of Teak to absolutely and completely comply with any and a11. of the terms, conditions and warranties of this Agreement and or.the Note and Deed of Trust, as previously modified, Champlain Valley shall have and may pursue all remedies at law and in equity, including all remedies specified under the Note, Deed of Trust, and related ,documents. 15. Teak agrees to observe and perform all requirements, duties, obligations; terms and conditions of the original Note and Deed of Trust, as previously modified and as modified herein. 16. From and after the effective date of this Agreement, Teak shall have the right to pre -pay the balance due under the Note either in full or in part at anytime without prepayment ;.., penalty. 17. As of the date of this Agreement, Teak acknowledges that it has no defenses to payment.of the Note or the obligations under the Deed of Trust, booth as.modified, and no right of offset or claim against Champlain Valley with respect thereto. 18. Neither this Agreeni ent,.. the Note or Deed of Trust, as modified, nor any right or benefit conferred on Champlain Valley - 5 - ' � L I r..