85004205 - Laserfiche WebLink

Browse

85-004205 MODIFICATION AND EXTENSION AGREEMENT T1q S MODIFICATION AND EXTENSION AGREEMENT made and executed this _mod day of a u g , 1985, by BOUGHTON EQUIPMENT, INC., a Nebraska corporc on, er—e-Inafter called the "Mort -ragor ", and ALLIS- CHALMER.S CORPORATION, a Delaware corporation, herein- after called the "Mortgagee ". W I T N E S S E T H: WHEREAS, the Mortgagor has executed a certain Promissory Note dated October 6, 1977, evidencing the unpaid account of October 1, 1979 referred to in that Real Estate Mortgage dated November 27, 1979, and recorded as Document No. 79- 007811, in the Office of the Register of Deeds of Hall County, Nebraska; WHEREAS; there is presently outstanding a remaining sum of principal and accrued interest in respect to said Promissory Note in the amount of One Hundred Sixty -Seven Thousand Two Hundred Twenty -Nine and 86/100 Dollars ($167,229.86) as of August 15, 1985; WHEREAS, said Promissory Note was, by reason of demand, due in its entirety; WHEREAS, Mortgagee has agreed to extend the time for payment in respect to such Promissory Note contingent upon Mortgagor executing an Extension Note of even date herewith evidencing such extended term and upon adjusting the interest rate to twelve percent (12 %) per annum, due upon demand. NOW, THEREFORE, in consideration of the mutual covenants herein contained, it is acknowledged and agreed: 1. The Mortgagee has agreed, upon and subject to these terms, provisions and conditions, to extend the time for payment by the Mortgagor of the principal sum of One Hundred Sixty -Seven Thousand Two Hundred Twenty -Nine and 86 /100 Dollars ($167,229.86) remaining due and owing in respect to that 'promissory Note dated October 6, 1977, as of August 15, 1985. Mortgagee further has agreed to extend the final maturity of the remaining principal balance on said Promissory Note due on August 15, 1986. 2. The real estate Mortgage, dated November 27, 1979, recorded as Document No. 79- 007811 in the Office of the Register of Deeds of Hall County, Nebraska, in respect to the property legally described as: A tract of land comprising a part of the Northeast Quarter of the Northwest Quarter (NEJNW4) of Section Twelve (12), Township Eleven (11) North, Range Nine (9) West of the 6th P.M., Hall County, Nebraska and more particularly described as follows: Peginning at the point of intersection of the southerly right -of -way -i- U