HomeMy WebLinkAbout1082 strued as prohibitinq the Mortqaqeea from havinq any and all remedfea which
the law and this mortgaqe, and the note it securea, permit, so lonq as any
such remedy doea not include or extend to the seekinq or obtaining of per- ~
sonal liability aqainet the Mortqaqor. ~
8. The Mortqaqees covenant and aqree with the Mortqaqor that the
Mor ~y~ay-:.r ~y procure the reaoninq, from time to time, of any nf the pro-
perty oriqinally encumbered here~y for such use as the Mortqaqor desires;
and the Mortqagees will join with the Mortqagor ia the ~xecution of such ap-
plications aad instrumenta for the rezoniaq of the property as the govern-
mental aqency having jurisdiction thereof may require. Any expense involved
in the rezoninq of the property will be paid for by the Mortqaqor.
9. The Mortqagees covenant and agree with the Mortqaqor that the
Mortgaqor may plat or replat any or all of the property encumbered hereby;
and the Mortgaqees will join in the execution or dedication of any plata or
replats which may be tendered for the approval by the proper qovernmental
authorities havinq jurisdiction over the approval of plats, and the joinder
will acknowledqe~that the lien of this mortqaqe is subordinate and subject
only to the dedicated streets, alleys, roadways, canals, parks, etc. shown
on said plats or replats. The joinder by the Mortgaqees in any plats shall
not be deemed or construed d~ ~endering the Mortqaqees liable for the pavinq
of any streets shown on the plat or pYats, or the performance of any work
required under said plats.
10. This mortqaqe is made, qiven and accepted with the understanding
that the Mortgaqor, its successors and assigns, shall have the right to re-
lease portions of the property encumbered hereby, regardless of whether the
mortgage, or the note secured hereby, is in default~at the time of the pay-
ment of the release price; and in connection with the qivinq of said re-
leases, the parties hereto understand and aqree as follows~:
(A) The amounts to be paid for releases shall be computed in the
followinq manner:
(i) If the property, the release of which is souqht, is un-
platted at the time such release is souqht,~then the amount
to be paid for each acre of land released shall be the sum
of $500.00 per acre; but
(ii) If the property, the release of which is sought, is in-
cluded in a recorded subdivision plat, the lot or lots to
be released need not be contiguous to lots theretofore re-
' leased, and the release amount for each lot shall be de-
I termined in the followinq manner, to-wit:
i ~
~ There shall first be determined the amount of acreage of
the entire property coatained in and covered by such plat
~ and there shall then be computed a fiqure which will be
~ rea^.hed by multiplyinq the total acreage covered by such
; plat by $500.00 and the reaultinq fiqure 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 50
~ lots, the release price per lot would be detern?ined by
~ dividinq 50""~the riumber of lots) into $10,000.00 ( the
c multiple of $500.00 X 20, being the number of acres in the
! plat), and the release price per lot would be $200.00.
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< (B) The first tract of platteci or unplatted land to be regularly
~ released fram the encumbrance of this mortqage shall lie within
~ the W 1/4 of the NW 1/4 of Section 16 (i.e., havinq an East-
~ West dimension of approximately 650 feet), and shall have a
~ North-South dimension com~aeacinq at the North line of the sec-
~ tion based upon the price release schedule set forth in para-
~ graph (A) above.
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