HomeMy WebLinkAbout1787 by reason of default in the performance by the Mortgagor of any of
the terms of said note and of the within Mortqage. The Mortqagees,
for themselves and their heirs and assigna, by the acceptance of
thia Mortgaqe, covenant and aqree with the Mortgaqor that the en-
forcenaent of the riqhts of the MorEgagees, their heirs and assigns,
under said note and under this Mortgaqe are limited to the security
of the real property encumbered by this Mortqaqe for all payments
under said nota and this Mortgagej and the Mortqaqor shall never
be personally_liable for the payment of any sums whatsoever unto the
Mortqagees, their heirs and assiqns, by reason of the Mortqaqor
havinq executed eaid note and the within Mortqage. Nothinq herein >
contained shall be construed as prohibitinq the Mortqagees, their ~
heirs and assiqns, from havinq any and all remedies which the law ~
and this Mortqaqe, and the note it secures, permit, as lonq as any ' t
such remedy does not include or extend to the seeking or obtaining ~
of personal liability against the Mortqaqor for the payment of .said -
note or any payments required to be made under this Mortqaqe.
8) The Mortgagees covenant and aqree with the Mortqaqor that
the Mortqaqor may procure the rezoninq, from time to time, of any
of the property oriqinally encumbered hereby for such use as the
Mortqagor desiresj and the Mortqa~geea shall join with the Mortqaqor
in the execution of such applications and instrwaents.for the rezon-
ing of ~he property as the qovernmental aqency havinq jurisdiction
thereof may require. Any expense involved in the rezoninq~of the
property shall be paid for by the Mortgagor.
9) The Mortqagees covenant and agree.with the Mortgaqor~that .
the Mortqaqees will, from time to ~time, join in plats or replats of
unrelease~l partions of the property encumbered hereby. The joinder
by the Mortqagees in said plats will acknowledqe, in effect, that
~ the lien of this mortqaqe, as to dedicated portions, for public
roads and such park and school sites as may be required by the proper ~
governmental agency havinq jurisdiction over the approval of plats, ~
is subordinate and subject in all respects to the plat or plats and
to any dedications expressed therein. The Mortqaqees likewise cove-
nant and aqree to join in the dedication to the public of any roads
independent of-plat. The joinder by the Mortgaqees in any plats or
dedication of roads shall not be deemed or construed as rendering
the Mortgaqees liable for the pavinq of any streete shown on the
' plat or plats, or for any other obliqations asswaea by the Mortgaqor
~ in connection with the said plat or plats,~and the Mortgaqees shall
! not be liable or obligated to anyone, inCludinq governmental bodies,
~ by reason of. such joinder.
10) This Mortqage is made, qiven and accepted with the under-
standinq that the.Mortqagor, its successors and assiqns, shall have
the riqht to release portions of the property encumbered hereby, and
in connection with the qiving of said releases the parties hereto
understand and aqree_as follows:
A) If the lands souqht to be released have not been
platted by the Mortqagor, its auccessors and assiqns,
and the Mortgaqe is not in default, then the Mortgaqor
shall be permitted to obtain releases of land in tracts
of not leas than ten (10) acres, provided, however, that
the Mortgagor shall be entitled to the release of un-
platted lands in sequence commencing at the Easterly
~ boundary of the subject property in rectangular parcels
measurinq~approximately 360 feet of frontaqe alonq $ecker
Road and by a North-South distance of approximately 1200
feet to the Southerly boundary of subject property. All
releasea must continue from East to We~t so that all un-
released property remains contiquous. The release amount
to be paid for unplatted lands encumbered hereby shall
be SIX HUNDRED TSIRTY AND NO/100 ($630.00) DOLI.ARS per
acre~ half of Mhi.ch, i.e., $315.04.~hall be p~id tp the
holder _ of this ntortgaqe and ths reaaining half o~ t~h~ch
. shall be paid to the holder of the mortqaqe o~ equal
diqnity herewith as referred to above.
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