OPEN-END MORTGAGE AND SECURITY AGREEMENTOpen-End Mortgage and Security Agreement • January 28th, 2020 • Griffin Industrial Realty, Inc. • Real estate
THIS IS AN OPEN-END MORTGAGE AND SECURITY AGREEMENT. IT SECURES FUTURE ADVANCES. THE MAXIMUM PRINCIPAL AMOUNT SECURED BY THIS INSTRUMENT IS SUCH AMOUNT AS MAY BE DUE AND OWING ON THE NOTE DESCRIBED HEREIN, NOT TO EXCEED $15,000,000, PLUS ALL OTHER COSTS AND INDEBTEDNESS DESCRIBED IN 42 PaCSA §§8143 & 8144.
PROMISSORY NOTEPromissory Note • January 28th, 2020 • Griffin Industrial Realty, Inc. • Real estate
FOR VALUE RECEIVED, the undersigned, RIVERBEND CROSSINGS III HOLDINGS LLC (the “Nestle Borrower”) and RIVERBEND UPPER MACUNGIE PROPERTIES I LLC (the “Ambassador Borrower”), each a Pennsylvania limited liability company (collectively, the Nestle Borrower and the Ambassador Borrower, jointly and severally referred to herein as “Maker”), promise(s) to pay to the order of STATE FARM LIFE INSURANCE COMPANY, an Illinois corporation, its successors or assigns (“State Farm”), the principal sum of Fifteen Million and 00/100 Dollars ($15,000,000.00) (“Principal”), together with interest on the unpaid Principal balance outstanding from the date of disbursement until paid at the rate of three and forty-eight one-hundredths percent (3.48%) per annum (the “Note Rate”). Interest shall be computed on the basis of a three hundred sixty (360) day year having twelve, thirty-day months.
