EXHIBIT 6.6.1
THIRD MORTGAGE EXTENSION AGREEMENT
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THIS THIRD MORTGAGE EXTENSION AGREEMENT, dated December 14th, 1998 (this
"Agreement"), is made by and between MHC LENDING LIMITED PARTNERSHIP, an
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Illinois limited partnership having an office at c/o Manufactured Home
Communities, Inc., Xxx Xxxxx Xxxxxxxxx Xxxxx, Xxxxx 000 Xxxxxxx, Xxxxxxxx 00000
(together with its successors and assigns, "Mortgagee"), and XXXXXXX
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PRESERVATION, INC., a Florida corporation having an office at 0000 XXX
Xxxxxxxxx, Xxxx Xxxxx Xxxxxxx, Xxxxxxx 00000 ("Mortgagor").
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W I T N E S S E T H:
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WHEREAS, Mortgagee is the holder of a Promissory Note, dated December 18,
1997, in the principal amount of $12,341,693.46 (the "Note"), made by Xxxxxxx
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Preservation, Inc. ("MPI-1") and due and payable on the date set forth in the
Note;
WHEREAS, the Note is secured, among other things, by a Mortgage, Security
Agreement, Financing Statement, Fixture Filing and Assignment of Leases and
Rents (the "Mortgage"), dated December 18, 1997, and recorded on December 19,
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1997 in Official Record Book 10145, Page 1538 of the Public Records of Palm
Beach County, Florida;
WHEREAS, the maturity date of the Note and Mortgage was extended by that
certain Mortgage Extension Agreement dated March 30, 1998 recorded on May 14,
1998 in Official Record Book 10403, Page 97 of the Public Records of Palm Beach
County, Florida, and by that certain Mortgage Extension and Amendment Agreement
dated August 19, 1998 recorded on August 19, 1998 in Official Record Book 10620,
Page 1335 of the Public Records of Palm Beach County, Florida;
WHEREAS, as of the date of this Agreement, the principal amount outstanding
under the Note and the Mortgage is $12,341,693.46, with interest thereon at the
rate set forth in the Note; and
WHEREAS, Mortgagor, the successor by mergers to MPI-1, and Mortgagee have
agreed to further extend the Maturity Date, as hereinafter set forth.
NOW, THEREFORE, in consideration of the sum of Ten Dollars ($10.00), the
mutual covenants hereinafter set forth and other good and valuable
consideration, the receipt and sufficiency whereof are hereby acknowledged,
Mortgagor and Mortgagee hereby covenant and agree as follows:
1. Extension of Maturity Date. Mortgagee hereby extends the Maturity Date
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to February 28, 1999.
2. Principal and Interest Payments. Mortgagor, in consideration of the
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above extension and other valuable consideration, the receipt and sufficiency
whereof are hereby acknowledged, hereby agrees to pay the principal indebtedness
set forth above and all interest accrued thereon on or before the Maturity Date,
as extended by Section 1 of this Agreement, and to comply with all of the other
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terms of the Note and the Mortgage, except to the extent expressly modified by
this Agreement.
3. No Defenses. Mortgagor hereby agrees and acknowledges that there are no
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defenses or offsets to the Note, the Mortgage or the debt secured by the
Mortgage.
4. No Other Changes. Except as expressly modified by this Agreement, all
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of the covenants and agreements contained in the Note and/or the Mortgage remain
unchanged and in full force and effect.
5. Governing Law. This Agreement shall be governed by and construed in
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accordance with the laws of the State of Florida, without reference to its
conflict of laws rules.
6. Counterparts. This Agreement may be executed in counterparts, each
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of which shall constitute an original and both of which together shall
constitute one and the same instrument.
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written.
WITNESS: MORTGAGOR:
/s/ XXXXXXX PRESERVATION, INC., a Florida
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corporation
WITNESS:
By: /s/ Xxxxxxx XxXxxx
/s/ Name: Xxxxxxx XxXxxx
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Title: President
MORTGAGEE:
MHC LENDING LIMITED PARTNERSHIP, an
Illinois limited partnership
WITNESS: By: MHC Lending-QRS, Inc., an Illinois
corporation
/s/
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By: /s/ Xxxxx X. Xxxx
WITNESS: Name: Xxxxx X. Xxxx
Title: Assoc. General Counsel/Vice
President
/s/
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_________________________
)
STATE OF FLORIDA ) ss:
)
_______________ COUNTY )
)
_________________________)
The foregoing instrument was acknowledged before me this __ day of December,
1998, by ____________________ as ____________________ of Xxxxxxx Preservation,
Inc., a Florida corporation. He/She is personally known to me or has produced
driver's license as identification.
________________________________
Notary Public
Name of Notary Printed:
___________________________
)
STATE OF ILLINOIS ) ss:
)
XXXX COUNTY )
_________________________ )
The foregoing instrument was acknowledged before me this __ day of December,
1998, by ____________________ as ____________________ of MHC Lending-QRS, Inc.,
General Partner of MHC Lending Limited Partnership, an Illinois limited
partnership. He/She is personally known to me or has produced driver's license
as identification.
________________________________
Notary Public
Name of Notary Printed:
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