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<br />~3~/~ ~ V ~.i.~ ry <br />LOAN A~'3D FUND AGREEME2JT <br />AGREEMENT made this ;~ 3~ ~ day of ,~%~'~e i ! , 19 BO , <br />by and between PETER M. CASSIDY' of the State of Florida ("gayer") <br />and UNITED JERSEY MORTGAGE COMPANY, a corporation of the State <br />of New Jersey ("Seller"). <br />W I T £3 E S S E T H: <br />WHEREAS, Brayer, in order to take title to the Shopping <br />Center., has agreed to establish on the date of closing a <br />$25fl,00fl.DD fund for completion of the common area improvements; <br />and <br />WHEREAS, Buyer desires to borrow from Seller a sum <br />not in excess of ~700,OOD_00, which sum is to be used solely <br />for tenant improvements; azd <br />WHEREAS, Seller has agreed to provide the above funds <br />necessary foz the tenant improvements on the terms and condi- <br />tions hereins~fter set forth. <br />NOW, THEREFt?R.E, the parties hereto, in consideration <br />of the premises and oT the Ayreement,hereinafter contained and <br />in further consideration of the sum of ONE (51.60) DOLLAR each <br />to the other in hand gaid, receipt of which is hereby acknowl- <br />edged., do hereby agree as fellows: <br />3. iuyer at closing stsa2l reimburse Seiler all sums <br />previou$ly e.~spended for common area improvements, together with <br />iAtere$t thereon at the United Jersey Ban prime rate of intez- <br />~- ~~- <br />eltt in effect from titae to time, which" interest is to be co¢r.- <br />putsd from January 1. 1980, to the date of dosing. Seller at <br />closing shall. furnish Huger with evidence of each payment pre- <br />viou:ly madam for common area improvements. <br />2. Huger at closing shall deposit the sum of <br />. $2SQ,40G.DD less a13 sums paid to the Seller pursuant to Para- <br />gxaPh 1 above, the acanunt to he ased solely far commpletion of <br />~` <br />!'"'f <br />J- ) ~ ~ ~ <br />--L~.C..c+k,s-a-».-~ E"?t.-t!..,r-.,,q.:.cF~. -t. ,_ vi~.~;~ r t{~,~ ~ . i _ t 5' ~,: f~,~! _~.. <br />(. ~ P <br />