HomeMy WebLinkAbout1046 (i) If the property, the release of which
is sought, is unplatted at the time such rs-
lease is souqht, then the amount to be paid
for each acre of land released shall be the
sum of $12S0.00 per acref but
(ii) If the property, the release of which is
sought, is included in.cr ~overed by a plat
. prepared by the Mortgaqor, then the release
amount shall be determined in the followinq
fashion; to-wit: ~
;
(a) There shall first be deteniained the `
amount of acreage of the entire property ~
contained in and covered by such plat and
there shall then be computed a figure which
will be reached by multiplying the total
acreage covered by such plat by $1250.00
and the renulting figure shall then be
• divided by the number of lots included in ,
said plat and the resultinq figure will be
~ the amount to be paid for the release of :
each lot in said plat. The lots so platted
~ shall be substantially of the same size or
~ area. For example, if 20 acres were platted ~
and subdivided into 60 lots, the release
price per lot would be determined by divid-
~
ing 60 (the number of lots) into $25,0OO.OQ
(the multiple of $1250.00 X 20, being the `
. ,
number of acres in the plat) and the release i
price per lot would be $416.66.
(C) All payments for release of land shall be applied
to the next maturing installments of principal maturing 1
under the note secured hereby. Payments made on ac-
count of the note secured hereby, where such payments =
are other than those which were made for a release of
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