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 Post subject: EBT "Preservation" Assoc has $600,000 mortgage due April '14
PostPosted: Fri Dec 13, 2013 10:25 am 

Joined: Sat Aug 25, 2007 12:45 am
Posts: 576
An update the East Broad Top Preservation Association (EBTPA)/Larry Salone: I obtained copies of the deed for the EBTPA/Mr. Salone's purchase of land in Mount Union and a $600,000.00 mortgage from the Milestone Bank of Doylestown, Pennsylvania.

The key points:
  • Per the deed, the EBTPA only purchased land. Track and buildings were excluded from the sale, per this sentence:
    This conveyance does not include, and Grantors specifically except and reserve from this conveyance, the railroad tracks and any buildings located on the premises.

  • The EBTPA has a $600,0000 mortgage (Huntingdon County Recorder of Deeds, 2013-03948) dated April 18, 2013, that is due April 2014, just four months from today... a quote from page 5:
    WITNESSETH, WHEREAS, the Mortgagee has this date made a loan for business use to Mortgagor in the face amount of Six Hundred Thousand Dollars ($600,000.00)(the "Loan), which Loan is evidenced by a Loan Agreement, a Letter of Credit and a Promissory Note, in the principal sum of Six Hundred Thousand Dollars ($600,000.00) (hereinafter referred to as the "Note") executed this date by Mortgagor and delivered to the Mortgagee, the terms on the Note providing that the final payment is due on demand or, in no demand is made, on April____, 2014 (reference to said Note is hereby made to the same extend as if it is set forth in full herein). This Mortgage shall secure the payments of all amounts advanced, from time to time, by Mortgagee to Mortgagor under the Note pursuant to the Letter of Credit or this Mortgage made with respect to the Premises (defined hereinafter)

I attempted to attach scans of the relevant pages, but I received a "Sorry, the board attachment quota has been reached" error message... so I posted them in a thread I started over at the Narrow Gauge Discussion Forum.

Chris Webster

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