HomeMy WebLinkAbout0267 of the property originaily encwnbered hereby for such use as
the mortgagor desires; and the morfigageeshall join with the
mortgagor in the execution of such appiications and instrwaents
for the rezoning of the property as the•~governmental agency having
jurisdiction thereof may require. Any expense involved in the
rezoning of the property shall be paid for by the mortgagor.
The mortgagee covenants and agrees with the mortgagor that
the mortgagee will, from time to time, join in plats or replats
of portions of the property encumbered hereby. The joinder by
the mortgagee in said plats will acknowledge in effect, that the
lien of this mortgage, as to dedicated portions, is subordinate
and subject in all respects to the plat or plats and to any dedi-
cations expressed therein. The joinder by the mortgagee in any
plats shall not be deemed or construed as rendering the mortgagee
liable for the paving of-any streets shown on the plat, or plats,
or for any other obligations assumed by the mortgagor in connection
with the said plat or plats. I
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This mortgage,is made, given and accepted with the under- '
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~ standing that the mortgagor, its successors and assigns, shall ~
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have the right to release portions of the property enc wnbered
hereby, and in connection with the giving of said releases, the
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parties hereto understand and agree as follows:
(A) That this mortgage encumbers real property which com-
prises approximately 67.24 acres. In the event that this real
property is subdivided then it will be subdivided into approxi-
mately two hundred six (206) lots.
(B) The amount to be paid for each acre of land released
~ shall be the sum of Nine Hundred and No/100 ($900.00) Dollars.
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- In the event that the subject real property is subdivided the
amount to be paid for each lot released shall be the sum of T~wo ~
Hundred Porty-Pive and No/100 ($245.00) Dollars. ~
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(C) All releases of acreage or lots requested shall be
contiguous.
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