HomeMy WebLinkAbout2563 5(a). PARTIAL RELEASE CLAUSE: So long as mortgagor is
not in defeult under aay of the terms of this inortgage or the note secured
hereby, mortgagor $hall be entitled to have portions of the mortgaged
premises released from the lien hereof on the following terms; (A )
Releasea shall commeace adjacent to~e North 20 acres mentioned above
which is aot covered by the lien of this mortgage and the releases ahall then
proceed East or West at the optioa of the mortgagor and all releases shall
proceed East or West across the entire property prior to proceeding ftirther
South; that is to say, in releasing any lot or parcel, once a South line is
established, all land North of said line shall be the next to be released
prior to any laad South of said line being released. (B) There shall be
no "checkerboarding" or spot releasing from the liea of this mortgage.
(C) All parcels released which abut U. S. I ahall have a minimum depth
of 400 feet. (D) The West 400 feet of the above described property will
be developed as commercial highway frontage and for the purpose of releases
"highway frontage acre" is herpby defined to be 100 feet f rontage on U. S. I
and 400 feet deep, with side lot lines perpendicular to U. S. I. All the
remainder of the mortgaged property is hereby denominated "back acreage"
or "back acres. " (E) Subject to the provisions hereof, mortgagor is
hereby entitled to release from the lien of this mortgage one highway frontage~•
acre concurrent with the release of six back acres, for which mortgagor
shall pay on the principal debt of this mortgage the sum of ~10, 000 for each
one highway frontage acre plus the sum of $2,100 per acre for each of the
six back acres, i. e. , a total of $22, 600.
5(b). Mortgagee is advised that mortgago~ intends to develop
the mortgaged property and in connection therewith may file plats and sub-
divide the property, in which endeavor mortgagee is willing to cooperate
on the condition that there is no impairment of the value of the security of
the mortgage lien in relationship to the unpaid balance of the mortgage.
, Therefore, Mortgagor, with mortgagee's consent (which shall not be ~
unreasonably withheld), may subdivide the above described property and
record plats thereof. Mortgagee shall join in the dedication or grant of
easements for streets, roads, utilities or draiaage, and mortgagee agrees,
with the aforesaid consent, that the lien of this mortgage shall be subordi- ~
nated to any such subdivision, plat, dedication or grant.
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