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201904147
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201904147
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Last modified
12/9/2019 6:39:07 PM
Creation date
7/17/2019 3:50:55 PM
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DEEDS
Inst Number
201904147
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201904147 <br />Section 3.1(b) of the Note is hereby deleted and the following is inserted in lieu <br />thereof: <br />(b) Commencing on the fifteenth (15th) day of August, 2019, and thereafter <br />on the fifteenth (15th) day of each and every succeeding calendar month until the <br />Maturity Date, on which date the entire remaining unpaid principal balance hereunder, <br />together with all accrued and unpaid interest thereon shall be immediately due and <br />payable, the outstanding principal balance hereunder shall be repaid in monthly <br />installments as provided in Schedule A (based on a 20 year amortization schedule) which <br />is attached hereto and made a part hereof, plus an amount equal to Seven Hundred Fifty - <br />Three and 94/100 Dollars ($753.94) per month. <br />4. Lender is willing to permit the Borrower to enter into the Swap Transaction <br />pursuant to the Rate Management Agreement provided that the obligations of Borrower pursuant <br />to the Rate Management Agreement are specifically secured by the Mortgage, the Assignment of <br />Rents and any other Loan Document. Concurrently with the execution of this Agreement and as <br />a condition precedent to the effectiveness hereof, Borrower shall (i) execute a Second <br />Amendment to the Mortgage, in form and substance satisfactory to Lender (the "Amendment to <br />Mortgage") amending the Mortgage to specifically add the Rate Management Agreement as part <br />of the obligations secured by the Mortgage; and (ii) execute a Second Amendment to the <br />Assignment of Leases modifying the Assignment in form and substance satisfactory to Lender <br />(the "Amendment to Assignment") to specifically add the Rate Management Agreement as part <br />of the obligations secured by the Assignment. <br />5. Concurrently with the execution of this Agreement and as a condition precedent <br />to the effectiveness hereof, Borrower shall cause MICHAEL H. STAENBERG, <br />INDIVIDUALLY AND AS TRUSTEE OF THE MHS TRUST DATED JANUARY 13, 1986, <br />AS AMENDED, and RAYMOND J. O'CONNOR, INDIVIDUALLY (the "Guarantors") to <br />execute an Amended and Restated Guaranty of Payment, in form and substance satisfactory to <br />Lender (the "Amended and Restated Guaranty") amending and restating that certain Guaranty of <br />Payment each executed by Guarantors dated as of December 22, 2015, as reaffirmed pursuant to <br />Consent and Reaffirmations dated as of July 31, 2017, and March 12, 2018, to, among other <br />things, specifically add the Rate Management Agreement as part of the obligations guaranteed by <br />the Guarantors pursuant to the Amended and Restated Guaranty. <br />6. The other Loan Documents are hereby modified to incorporate the modifications <br />herein contained and each security document is hereby amended to provide that the obligations <br />secured thereby shall specifically include all obligations of the Borrower pursuant to the Rate <br />Management Agreement. 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 in reliance upon all of the security previously pledged to Lender as <br />security for the repayment of the obligations of Borrower to the Lender. <br />8. Borrower hereby confirms and ratifies the Note, and any agreement securing or <br />related to the Note as renewed and modified hereby. This is a renewal and modification of the <br />4 <br />6R676717 R <br />
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