86103934 - Laserfiche WebLink

Browse

86-- IL03934 MODIFICATION AND EXTENSION AGREEMENT E<v'T THIS MODIFICATI0N AND ENTENSI0N AGREE9ENT made and executed this 1st day of Ju13,, 1986, by and between DAVIS BIOS. 00N30MUCPION Co., also known as DAVIS BROTHERS ODNSTRu7rD N COMFANY, hereinafter called the 'Borrower ", and THE OVERLAND NATIONAL BANK OF GRAND ISLttrM, NEBRASKA, hereinafter called the "Lender ". Fti I TNESSETH: WAS, the Borrower has executed a certain Mortgage Note dated August 8, 1983; WHEREAS, there is presently outstanding a remaining principal sun in respect to said Mortgage Note in the amount of Thirty -Two Thousand Three Hundrea Ninety -Three ool Lars and 07 /iuu Dollars (53a,iy3.vi); WHEREAS, said Mortgage vote has an original maturity date of March 1, 1984, WHEREAS, Borrower has made application to the tender to extend the date of maturity in respect to said Mortgage Note to November 1, 1986; and WHEREAS, Lender has agreed to extend the time for payment in respect to such Mortgage Note contingent upon Borrower continuing to make the payments as required by said original Mortgage Note as accrue from the date hereof until the maturity date: as extended. NOW, THEREFORE, in consideration of the mutual covenants herein contained, it is agreed: 1. The Lender does agree, upon and subject to these terms, provisions and conditions, to extend the time for payment by the Borrower of the principal sur. of Thirty -Two Thousand Three Hundred Ninety -Three Dollars and 07/100 Dollars (532,393.07) remaining due and owing in respect to that Mortgage Note dated August 8, 1983. Lender further agrees to extend the time for pRj"ent of thy-, roroini.ng rrinciYal ha.lnnce on maid Mortgage Note to November 1, 1986, at which time the entire then remaining principal balance, together with accrued interest at the rate of Twelve and one -half percent (12.500 per annum, shall be due and payable in full. 2. The real estate Mortgage, dated August 8, 1983, in respect to the property legally- described as: i _. a