I obtained copies of the deed for the East Broad Top Preservation Association (EBTPA)/Larry Salone's purchase of land in Mount Union and of a $600,000.00 mortgage from the Milestone Bank of Doylestown, Pennsylvania.

Per the deed, the EBTPA only purchased land. Track and buildings were excluded from the sale, per this sentence:

Quote

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:

Quote

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)

Here are some scans of the documents. First is the Deed:

Next is page 1 of the Mortgage, showing that it was dated April 18, 2013:


Finally, here is page 5 of the Mortgage, showing the amount and when it is due:


And a few relevant past NGDF threads:
EBT on NRHS Top Eight Endangered U.S. Railroad Landmarks list [April 25, 2013]

Larry Salone and the East Broad Top Preservation Association (attention South Park! [June 10, 2013]

NNG: Larry Salone & the Altoona Railroaders Museum/Horseshoe Curve Site [More IRS Form 990 Info] [June 11, 2013]

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Chris Webster



Edited 1 time(s). Last edit at 12/13/2013 07:22AM by Chris Webster.