EXHIBIT 10.97
PARTIAL RELEASE OF MORTGAGE
IGI, Inc., a Delaware Corporation, as Mortgagor (hereinafter referred
to as the "Mortgagor") by an Opened-Ended Mortgage, Security Agreement and
Assignment of Leases and Rents dated October 29, 1999, and recorded on
November 4, 1999 in the Office of the County Recorder of Atlantic County,
New Jersey, in Mortgage Book 7182, Page 312 (hereinafter referred to as the
"Mortgage"), granted and conveyed to American Capital Strategies, Ltd., a
Delaware Corporation, its successors and assigns (hereinafter referred to
as the "Mortgagee"), each and all of the premises described in the Mortgage
(hereinafter referred to as the "Mortgaged Property"), to secure payment
for any and all indebtedness incurred by Mortgagor under, pursuant to,
evidenced by, in conjunction with and/or as otherwise provided for by the
terms of a certain Note and Equity Purchase Agreement dated October 29,
1999, between Mortgagor and Mortgagee, as amended (hereinafter referred to
as the "Purchase Agreement"), as well as any and all obligations of
Mortgagor under, by, pursuant to, arising from and/or otherwise evidenced
by the Purchase Agreement, the Mortgage and/or any and all other documents
as executed by Mortgagor in accordance with the terms thereof.
Mortgagee has agreed at Mortgagor's request to release a part of the
Mortgaged Property from the lien of the Mortgage upon payment by Mortgagor
to Mortgagee of the full amount of the outstanding indebtedness under the
Purchase Agreement. The Mortgagor having so performed, now requests the
Mortgagee to release from the lien of the Mortgage that portion of the
Mortgaged Property specifically described in Schedule A annexed hereto.
In consideration of the Mortgagor's payment in full of the
outstanding indebtedness under the Purchase Agreement, the receipt and
sufficiency of which is acknowledged, Mortgagee releases to the Mortgagor,
its successors and assigns, all that premises described in Schedule A
annexed hereto, together with all improvements, privileges, rights,
easements and appurtenances thereto, from the lien of the Mortgage and from
any and all covenants, interests and/or rights created by the Mortgage.
PROVIDED, however, that nothing contained in this Partial Release of
Mortgage shall in any way affect, alter, or diminish the lien or
encumbrance of the Mortgage on the remaining part of the Mortgaged
Property, or the remedies at law for recovering against the Mortgagor, its
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successors or assigns, for any and all outstanding indebtedness by
Mortgagor under the Mortgage and/or Purchase Agreement.
The Mortgage as it relates only to the premises described in Schedule
A annexed hereto has been RELEASED and now may be discharged of record.
This means that this Mortgage is now cancelled and void as it relates only
to the premises described in Schedule A annexed hereto.
This Partial Release of Mortgage is hereby signed and sealed on this
31st day of May 2002.
Attest: AMERICAN CAPTIAL STRATEGIES, LTD.
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, Secretary By: /s/ John Erickson
----------------------------
Name John Erickson
Title CFO
STATE OF Maryland)
) SS:
COUNTY OF Montgomery )
BE IT REMEMBERED, that on this 31th day of May 2002, before me the
subscriber, a Notary Public of the State of Maryland, personally appeared
John Erickson, who is the ______________________ of American Capital
Strategies, Ltd., who I am satisfied is the person who signed this Partial
Release of Mortgage, and he acknowledges under oath that he signed and
delivered this Partial Release of Mortgage as an authorized agent of
American Capital Strategies, Ltd., pursuant to the authority of the Board
of Directors or such other appropriate authority as may be required, and
that this Partial Release of Mortgage is the voluntary act and deed of
American Capital Strategies, Ltd., made with all corporate formalities.
By: /s/ Claudia A.
----------------------------
Name: Claudia A.
Title: Notary Public
My Commission Expires on
November 29, 2003
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SCHEDULE A
PROPERTY DESCIRPTION
FOR TRACT NO. 3
LOT 1, BLOCK 205
TAX MAP OF THE BOROUGH OF BUENA
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DECRIPTION
All that certain tract, lot and parcel of land lying and being in the
Borough of Buena, County of Atlantic, and State of New Jersey, being more
particularly described as follows:
BEGINNING at a point in the Northeasterly line of Harding Highway, also
known as N.J.S.H, Route 40, (66 feet wide - Tax Map) at the intersection of
the Southeasterly line of Catherine Avenue (50 feet wide - Tax Map) and
extending:
(1) North 51 degrees 33 minutes 58 seconds East, along the Southeasterly
line of Catherine Avenue, 550.67 feet to a point in the same, at a corner
to Lot 28, Block 205; thence
(2) South 37 degrees 41 minutes 02 seconds East, along the line of Lots
27 and 28, Block 205, 254.30 feet to a corner to Lot 27, Block 205; thence
(3) North 52 degrees 08 minutes 58 seconds East, along the line of Lots
27, Block 205, 79.96 feet to a point in the same, at a corner to Lot 16.01,
Block 205;thence
(4) South 38 degrees 05 minutes 37 seconds East, along the line of Lot
16.01 Block 205, 335.24 feet to a point in the same, at a corner to Lot 3,
Blck 205; thence
(5) South 51 degrees 30 minutes 00 seconds West, along the line of Lot
3, Block 205, 432.36 feet to a corner to same; thence
(6) North 37 degrees 45 minutes 00 seconds West, along the same 96.50
feet to a point; thence
(7) South 51 degrees 30 minutes 00 seconds West, still along the line of
Lot 3, Block 205, 200.00 feet to a corner to same, in the Northeasterly
line of Harding Highway (N.J.S.H. Route 40); thence
(8) North 37 degrees 45 minutes 00 seconds West, along the Northeasterly
line of Harding Highway (N.J.S.H. Rout 40) 494.61 feet to the point of
Beginning.
NOTE: FOR INFORMATION PURPOSES ONLY: Being Lot 1 in Block 205, Tax Map of
the Borough of Buena.
Title of record to Tract No. 3, became vested in Immunogenetics, Inc., a
Corporation of the State of Delaware by Deed from Medatz, Inc., a
corporation of Delaware dated 12/31/87 and recorded 2/18/88 in Deed Book
4630, Page 309.
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(Property Description Continue - Lot 1, Block 205, Tax Map of the Borough
of Buena)
Title of record to Tract no. 3 (Lot 1, Block 205) having been vested in
IGI, Inc., a Delaware Corporation, by Corrective Deed from Immunogentics,
Inc., a Delaware Corporation, dated 11/28/99, recorded on 11/4/99 in the
Atlantic County Clerk's Office, Deed Book 6577, Page 128.
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