HomeMy WebLinkAbout2194 . .
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' •8. At any.time the lburtgaqars ara.not ia deiault under
tha terme and conditions of this uwrtqage ar the note eecured
? . • thereby, the I~artgago~a ma,y abtain fran the lrl~o~ctgageas, and the ~
; I~yortgagees by accepting this mortgaqe and the note secured there-
~ . by aqree to deliver, partial releases fram time to time-af the
~ mortgaged premisee an the folldwing terms and conditione:
A. :The pre~niaea remaining under the mortgage lien aha~ll.
; be a contic,~ioue_ and reasonably uniform ehaped parcel of land. _
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`t ~ 8. tipoa the planting to citrua in not lesa~ than forty ~
.(40) acre parcels in accordance with psevailing'practicea, the
~ lien of euch nartqage may be released, at the~election of the
, Mortgagor8, either se to a like numbe~r of unplanted acrea, or • j
; one-half of the acreaqe so planted. . .
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1 C. IIpon the eale or conveyance.of a part of the mort- ~ '
~ gaged p~mnises, Mortgagees s~all accept a purchase m~ney mort- `
~ gage and note Srom the grantee or purchaae~r isi subetitution of
I the initial mortgsqe to the part so sold or conveyedf except
~ far the amount of the ne~w mortgage note which ahall not exceed
; a aum equivalent to the then allocable original~mortgaqe debt
upon an acreage basis and the amount of the installmente of
; priacipal which ahall be in such sum as to retire the ne~rr mart-
1 gage note of the identical echedule as that of the original note,
~ all ather.terms and conditione of the ne~w note and the mortgage
~ aecuring eame will be identical with the original promissory ~
note and mostgage. IIpon receipt of such ne~w mortgage note, each
; r~aaininq installment due unde~r the original note -ehall be cre- _
; dited with the amount of the correspondinq installment to mature
under the new note. Said new note and m~rtqage ehall be at the -
expenae of the mcrtgagor, including intangible tax, documentary
stamps, recording and attorneys fees of the mortgageea.
i ~ _ D. For any sums prepaid upon the mortgage debt, Mort- ~
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(1) 5hall apply auch parepaya~ent to such unpaid in~stall-
ment or installmenta on the mortgage note as the l~brtgagors aha11-
~ ~ ,designate or . _ .
` - (2) ,"~8ha11 apply eam~e to then. last maturing installment
. and thereupan shall release from the Yfen of sueh mortgage auch
~ - acreage as l~ortgagore ehall desiqaate. The nwaaber of acree so
~ ~ =eleased ehall aot eocceed the anwunt of such p~repayment divided
' by the then dollar lien per acre upon the acreage subject to the
. mortgage. =n determininq the acreage to be releaeed or re~nort-
~ qaqed, under the above p~avisions, one planted acre shall be ,
. dee~ned to be equivalent to two unplanted acrea= and no releaee of ~
~ . mortgaqe shall be made except with the consent of the Mortgaqeea,
as to less than twenty ~20) acres in any transaction. ~To releaeea
E • of mortqaged prmaiees.shall be required without the consent of the
~ l~ortgagees, if such raleaee divides or separates am part of the
~ . ~ prmaises resaaininq eubiect to the lien of nwrtgage fran the re-
F inainder thereof .
t . ~ ~9. IIpon sny due date after.February 1965, the
~ . lrbrtgageea agree to extend the paymenta due under this mortgaqe .
; : and the note it eecures for a period of one year, thie to apply
; to principal payments only. ~ •
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