HomeMy WebLinkAbout0725 ' . .
PURCHASE MONEY MORTGAGE AND
. PAOVISIONS FOR PARTL~L RELEASE
This is a purchase money mortgage executed to secure the balance
of the purchase price of mortgaged lands, au3 by the acceptance hereof
mortgagee agrees that so long as mortgagor is not in default in an,y of the
terms or provisions of this mortgage and promissory note secured hereby,
mortgagor shall be entitled to have portions of the mortgaged premises
released from the lien and operation of this mortgage for payments made
on account of the principal indebtedness secured hereby on terms and con-
ditions as follow s;
(a) At the election of mortgagor, parcels to be released may, in
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each instance, be taken either from ~t'he North -end or from the South- end of
mortgaged premises; however, all released property shall be in strips
e~rtending from the West boundary of mortgaged premises to the East boundary
thereof with the line dividing the parcel to be released from the remaining
premises encumbered hereby to be parallel with the North line of Government
Lot 3 as to released parcels in that Government Lot and parallel with the
South line of Government Lot 4 for parcels released in that Government Lot.
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~ (b) For parcels in Government Lot 3, the release value shall
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~ be $275. 00 per foot as measured North and South at the maximum width of
~ the parcel being released; and for parcels in Government Lot 4, the release
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value shall be $98. 00 per foot as measured North and South.
(c) All sums prepaid by mortgagor on the principa 1 to effect
partial releases shall be applied in payment of the then next maturing
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principal payments due on the promissory note. `
IN WITNESS WHEREOF, the said mortgagor has hereunto signed
~ and sealed these presents the day and year first above written.
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Signed, sealed and delivered in
~ the presence of:
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G ~1~~ ~ GC~L.-t ~l(~ea1)
Alto Adams
t~C.~~i
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i'16 P~E ?'24
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