EXHIBIT 10.75
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 294 (hereinafter referred to as the
"Mortgage"), granted and conveyed to Fleet Capital Corporation, a Rhode
Island 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 Loan and Security Agreement dated October 29, 1999,
between Mortgagor and Mortgagee (hereinafter referred to as the "Loan
Agreement"), as well as any and all obligations of Mortgagor under, by,
pursuant to, arising from and/or otherwise evidenced by the Loan 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 sum of $450,000.00. 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 sum of $450,000.00, as well as other good and
valuable consideration, paid by Mortgagor to Mortgagee, 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 assign, for any and all outstanding indebtedness by Mortgagor
under the Mortgage and/or Loan 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
20th day of February 2002.
Attest: FLEET CAPTIAL CORPORATION
/s/
- ----------------------------- By: /s/ Stephen M. Spencer
, Secretary ---------------------------
Stephen M. Spencer (name)
Senior Vice President (title)
SEAL
STATE OF CONNECTICUT)
) SS:
COUNTY OF HARTFORD )
BE IT REMEMBERED, that on this 20th day of February 2002, before me
the subscriber, a Notary Public of the State of Connecticut, personally
appeared Stephen M. Spencer, who is the Senior Vice President of Fleet
Capital Corporation, who I am satisfied is the person who signed this
Partial Release of Mortgage, and he/she acknowledges under oath that he/she
signed and delivered this Partial Release of Mortgage as such officer
and/or authorized agent of Fleet Capital Corporation, 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 Fleet Capital Corporation, made with all corporate
formalities.
/s/ Judith W. Cariglia
----------------------------
Notary Public
JUDITH W. CARIGLIA
NOTARY PUBLIC
MY COMMISSION EXPIRES AUG. 31, 2003
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SCHEDULE A
LEGAL DESCRIPTION
All that certain Lot, place or parcel of land, with the buildings and
improvements thereon erected, situate, lying and being in the Township of
Buena Vista, County of Atlantic and State of New Jersey:
Beginning at the intersection of the centerlines of Lincoln Avenue (aka
Atlantic County Route No. 655) and Wheat Road (aka Atlantic County Route
No. 619) as widened to 35 feet from the centers of both; and extending
thence
(1) North 88 degrees 40 minutes 00 seconds East, along the
aforementioned centerline of Wheat Road, a distance of 109.96 feet to a
point; thence
(2) South 01 degrees 20 minutes 00 seconds East, along the division line
between Lot 1 and Lot 23.01, in Block 5501 (Tax Map), a distance of 410.00
feet to a point, said point being a corner common to Lot 23, Lot 23.01 and
in the Northwest line of Lot 1, in said Block; thence
(3) North 43 degrees 20 minutes 00 seconds West, along the division line
between Lot 23 and Lot 23.01, in said Block, a distance of 378.27 feet to
the aforementioned centerline of Lincoln Avenue; thence
(4) North 46 degrees 40 minutes 00 seconds East, along the same, a
distance of 192.63 feet to the Pont of Beginning.
Being Lot 23.01 as shown on "Plan of Minor Subdivision" of Block 5501, Lots
22.02 and 23 prepared by Stephen C. Martinelli, L.S., LLC, Ocean View, New
Jersey, dated August 10, 2001, revised through October 15, 2001 to be filed
by Deed.
TOGETHER with the right to a Driveway Easement over Lot 23 as shown on
above referenced Plan for the benefit of Lot 23.01
NOTE: Being Lot(s) 23.01, Block 5501, Tax Map of the Township of Buena
Vista, County of Atlantic.
Being part of the same land and premises conveyed to IGI, Inc., a Delaware
Corporation, by deed from Immunogenetics, Inc., a Delaware Corporation,
dated 10/28/1999 and recorded 11/3/1999 in the Atlantic County
Clerk/Register's Office in Deed Book 6577, Page 133.