HomeMy WebLinkAbout0757 ae herein provided, plus suma other than principal and interest,
are secured by said mortgage deed. .
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5, --B. If Qaughne do eo reconvey aaid Parcel I '
to Reiy, then Marilynn hereby agreea that, aa betxeen heraelf
and the Vaughns, she xill not seek to enforce the lien of
said mortgage againat the•real property deacribed as Parcel
II in ~chiDit "A" attached hereto, in excesa of the unpaid
balances o2' the principal aum of ~27,500.00 (#5~,000.00 less
$26;500.00) xith intereat ss herein provided, plus sums other
than principal and intereat, aecured by asid mortgage deed.
5. --C. If the Vaughna do ao reconvey.Parcel I to
_ Itay, then M~arilynn and Ray hereby covenant and agtee, as betxeen
them, that said Parcel I ehall be forth~tith encwabered by the
unpaid balances of the principal sum of ~39~5~0.00 ($13,000.00
plus $26,500.00) oxed by Ray~to_Marilynn, xith interest thereon
at the rate o~ ~-1/29d per annum, paynble monthly, plus sums
other than Principal and intereat, secured by said mortgage aeea,
and that 8aid principal ehall be payable on or before January
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. 2~ 1978•
5. --D. The parties hereto Yurther agree that 1Karilynn
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; ahall have the full right, privilege and option to enforce the
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~ lien of her sai8 mortgage ag,ainat the dePaulting rfspective _
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oxner or oxners, Prom time to time, of said Parcel I or Parcel
II, or both Parcels I and II.
_ 6-A. Provided Vaugt~sare not then in default
and have not so reconveyed to Ray Parcel I, Marilynn hereby
agrees to release said Parcel I from the lien of said mortgage
~ at such time as said #54,000.00 portion of the indebtedneas
asaumed by the Vaughns and oxed by them to Marilynn, hae been
reduc~ed to $29,000,00.
6.-B Provided the Yaughna are not then in det'ault,
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~ tWi~ iPtNQiw AMO ~YTLiw• ATTOIlNt1?~ AT LAw~ MOLL~000. ILOAIOiA ~
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