HomeMy WebLinkAbout0096 The N.ortgagors flirther covenant and agree ~o prevent at~y default on the part of
Mortg~gors under nine (9) Leases dated (1) October 8, 1965, (2) June 17, 19b~, .
(3) ~~~~?ber 18, 1965 (~rith Amendment), August 20, 1965, (S)-September 9, 196$,
i (6) July 19, 1965, (7j Aug~ast 18, 1965, (8) December 20, 1965~ ~9) Povember 30J 196~~
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betvreen Mortgagots and.....»,......... T~A~.~_ I?~~so..»..»_
..............rnwxing repertr subjcct to thu mottgagG and further oovenant and .
agree to pirmit no termination ot altaation oI tail ia~. .na ~o .ma ~a~ ~pia ~c •nr ~a«. ~?~a~
Mo-tgagor may receive Erom.. ,.~QQ,»J~nc.»......_........».......... or irnd to
TEXA00 Inc
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At option of Morcgagce the indehtedneu securcd herebp ~hall beoorae lmmed'utely due andpa
pabk if any
purchaser of the propercr ~ubjc~u to thu raortgage Eaib to aaume di*ect liabiliq for pa~t oE aid 'u~debtednw.
'The termi "I~ortgagor" and "Mottgagee" ai wed herein inctude the rapcctive 6eir~. executou. adn~inlava-
tors. succeswn. and theu wsigru of the partia ha^etor snd the tenn "Mortgago~" lndud~s all mortg~gan 3E more
thaa ona
Privilege ~or Partial Release: In case ~f baaa i'ide ssle, the Mort~agors shall be
entitled to obtain a Aartial Release of one ar ~re parcels of the Real Estate
described ia this ldortig~age, upon ps7~e'i?ts aa sPecitied on attache~! 8abedn]re:
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! S~'~3LB OF PAYl~S FOR PARTIAL R~EASS
As stated above, in case of bona fide sale, the Mortgagors Bhall be entitled to obtain e
Partial Releaee of one or more percels ot tbe Reat Bstate described in tbis Mortg¢ge~
upon payments as fol].o~rs :
Tra~t No. 1 to be relessed upon pey,ent o~ 13~ of autstaading Principal Ba].$ace.
Tract No. 2 to be rEleased upon payment of 12~i oY outatsading Principal Balance.
Tract No. 3 to be released upon payment of 12'~ of outst~nding Principal Balance.
Tract No. 4 to be released upon payment of 12~r o~ outstanding Prtuncipal Balance.
~ Tract No. 5 to be released upon payment of 12~i oY outstsading Principal Balaace. ~
~ T;act ~to. 6 to.be released upoa payment oY I2~ oP outstsading Principal Balance.
Tract No. 7 to be released upon payment of 12~ of outsteading Princi.pal Balsnce. ~
~ 2'ract tlo. 8 to be relessed upon payment of
12~ of outstaading Principal Bal~nce.
~ Tract No. 9 to be released upon Fiay~ent of 15~ of ouCstanding Principal Ba'!ence.
~ All Partial Releases to be on Interest dwe dates, sad sub~ect to thirty days' advance _
~ written notice. IP a 3efault sha11 exist under aYoresaid Hote aad Mortgage, a Pertial
y Relzase shall not be grRated until auch default ie cured, Al1 eoats in connection vith
~ Releases are tv be psid by Mortg~ure. • _
~ Aftsr every Partial Releaae, the required m~nthly inetA~~~++ts, including both Pria~ipsl -
~ aad In+,erest, vill be recampoited so that they vi1Z psy ott the thea outstsnding balence,
~ vitih Interest, on Septemoer l, 1981. Psymeat o! tbe r~quired moathly instal3meats ebe11. :
~ not eatitle I?~rtg~ag~or to eny release o! psoperty eYCep~ en tinal pe?~ent. -
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