MORTGAGE MODIFICATION AGREEMENT
THIS AGREEMENT is entered into on the 18th day of MARCH, 1998, between
TELEBYTE TECHNOLOGY, INC., a New York corporation with is principal place of
business at 000 Xxxxxxx Xxxx, Xxxxxxxxx, Xxx Xxxx 00000, hereinafter referred to
as "MORTGAGOR", and HOME FEDERAL SAVINGS BANK, a National Banking corporation
with an office at 00 Xxxxx Xxxxx Xxxxxx, Xxxxxxxxx, Xxx Xxxx 00000, as successor
in interest to UNION SAVINGS BANK, hereinafter referred to as "MORTGAGEE";
W I T N E S S E T H:
WHEREAS, the Mortgagee is the holder and owner of the following of the
following mortgages and/or agreements:
(a) Mortgage made by Telebyte Technology, Inc. to The Union Savings Bank dated
09/30/85, in the original principal amount of $850,000.00, recorded in the
Suffolk County Clerk's Office on 10/10/85 in Liber 11085 mp 597; and
(b) Mortgage made by Telebyte Technology, Inc. to The Union Savings Bank dated
05/25/88, in the original principal amount of $454,300.00, recorded in the
Suffolk County Clerk's office on 06/09/88 in Liber 14143 mp 444, which Mortgage
was consolidated with Mortgage recorded in Liber 11085 mp 597 by a certain
Consolidation Agreement dated 05/25/88, recorded in the Suffolk County Clerk's
office on 06/09/88 in Liber 14143 mp 449 to form a single lien in the amount of
$1,275,000.00; and
WHEREAS, the unpaid principal balance of said Mortgages, as consolidated and
extended, as of the date of the execution of 'this Agreement is $965,827.88.
NOW, THEREFORE, the parties covenant and agree as follows:
1. Modification of Interest Rate: Commencing as of the
date hereof and continuing until the first (lst) day of June, 2000, the unpaid
principal sum secured by the Mortgages as consolidated and extended, shall bear
interest at the rate of Nine percent (9.00%) per annum and the principal shall
be amortized over a 10year payment schedule. On the lst day of June, 2000, the
interest rate will be adjusted for the next ensuing three (3) years of the term
hereunder to the three (3) year weekly average US Treasury Constant Maturity
rate in effect on May 1, 2000, plus 3.00%. At such time, the monthly
amortization payment due pursuant to the Promissory Note and Security Agreement
executed simultaneously herewith shall be adjusted using the new interest rate
and amortizing the then principal balance over an 8-year payment schedule.
Thereafter, on the 1st day of June, 2003, the interest rate shall again be
adjusted for the next ensuing three (3) years of the term hereunder to the three
(3) year weekly average US Treasury Constant Maturity rate in effect on May
1,.,2003, plus 3.00%. At such time, the monthly amortization payment due
pursuant to the Promissory Note and Security Agreement executed simultaneously
herewith shall be adjusted using the new interest rate and amortizing the then
principal balance over a 5-year payment schedule. Thereafter, on the lst day of
June, 2006, the
interest rate shall again be adjusted for the remaining two (2) years of the
term hereunder to the three (3) year weekly average US Treasury Constant
Maturity rate in effect on May 1, 2006, plus 3.00%. At such time, the monthly
amortization payment due pursuant to the Promissory Note and Security Agreement
executed simultaneously herewith shall be adjusted using the new interest rate
and amortizing the then principal balance over a 2-year payment schedule. The
entire unpaid principal balance shall be due and payable on the lst day of June,
2008. Each of the said payments shall be applied first when received by the Bank
to the payment of interest at the rate in effect at the time of the due date of
the said payment, to be computed from the date hereof on the unpaid balance of
the principal sum hereof to the date of payment; and, secondly, towards the
reduction of the principal sum hereof.
II. RESERVATION OF RIGHTS AGAINST THIRD PARTIES: This Agreement is made on the
express condition that it shall not be construed as precluding Mortgagee, or the
successors or assigns of Mortgagee, from enforcing any rights against any person
liable on the obligation secured as maker, endorser, guarantor, or
otherwise, whose written consent hereto has not been obtained., If or which
purpose the debt may be treated as overdue and collected immediately in
accordance with the terms of the Mortgage Note as if this Agreement had not been
made.
III. OPERATION AS MODIFICATION ONLY: The parties to this Agreement intend this
instrument to operate only as a
SCHEDULE A
THE PREMISES IN WHICH THE INSURED HAS THE ESTATE OR INTERBST
COVERED BY THIS POLICY
All that certain plot, piece, or parcel of land, situate, lying and being near
Greenlawn, Town of Huntington, County of Suffolk and State of Now York, bounded
and described an follows:
BEGINNING at a point on the northerly aide of East Pulaski Road distant 392.54
feet easterly from the southeasterly end of a line connecting the said northerly
side of Xxxx Pulaski Road, and the easterly aide of Park Avenues
THENCE North 20 degrees 02 minutes 10 seconds West 7.03 feet to the true point
or place of beginning, and from said point or place of beginning
RUNNING THENCE 14orth-20 degrees 02 minutes 10 seconds West 559.37 feet to lands
now or formerly of X. Xxxxxxxxx,
THENCE North 75 degrees 00 minutes 20 seconds East 260.72 feet to lands now or
formerly of Xxxxxxxx X. Xxxxxx;
THENCE South 20 degrees 02 minutes 10 seconds East 525.96 feet-to the said
northerly aide of East Pulaski Road as widened, and
THENCE along the said northerly aide of East Pulaski Road an widened along the
arc of a curve bearing to the left having a radius of 2904.93 feet a distance of
259.99 feet to the point or place of BEGINNING.
