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1. Recitals and Representations <br />The recitals contained above shall be deemed a part of this Agreement and are <br />incorporated into this Agreement by reference. <br />2. Terms of Postponement /Agreement <br />2.1 The Bank agrees to postpone the mortgage foreclosure Sheriff's sale scheduled <br />for June 3, 2009, and the City agrees to satisfy the Bank's mortgage and the Little Pine mortgage <br />provided the following: <br />2.1.1 The City obtains a Satisfaction of Little Pine's mortgage inconsideration <br />for payment of $50,000.00 to Little Pine at closing. <br />2.1.2 The closing between the City and Little Pine shall occur no later than the <br />29`h day of June, 2009. <br />2.1.3 The Bank receives from the City at the time of the closing with Little Pine <br />I..., payment to the Bank for the full amount owed to Bank on it's mortgage, including <br />all principal, interest, fees, costs, and attorney's fees. The estimated amount <br />owing to bank as of June 29, 2009, is $ , and the per diem interest <br />is $15.80. <br />2.1.4 The Quit Claim Deed from Odo Properties, LLC to Little Pine is recorded <br />at closing. <br />2.1.5 The City receives an Owners Policy of Title Insurance in the amount of <br />$190,000.00 insuring the City's interest in the Subject Property at closing. <br />3. General Release. <br />In consideration of the covenants of this Agreement, all parties hereto do hereby fully and <br />forever promise, release and discharge the Bank, and each and all of its subsidiary and affiliated <br />3 <br />