HomeMy WebLinkAbout1788 B) If the lands, the ~elea8e of which is sought, h~ve
been platted by the Mortgagor, ita successors or assigns,
then the amounts to be paid for the release of a lot or ~
lots ahall be-determinad in the following manner, to-
wit: There ahall firat be determined the nwnber of acres
of land contained in and covered by such plat and there
shall then be computed a figure which will be reached by ~
multiplyinq_the total number of acrea covered by such
plat by the release amount per acre provided for in the
precedinq paraqraph hereof, and the r~sultinq fiqure shall
then be divided by the nwaber of lots included in said
plat, and the resultinq fiqure will be the amount to be
paid-for the release of each lot cont~i~ned in said plat.
For example, if 100 acres were platted and subc~ivided
. into 200 lots, and the release price per acre were $630.00,
the release price per lot ~rould be determined by dividinq
200 (the nwnber o~ lots) into $63,000.00 (the multiple of
$630.00 X 100, beinq the nwaber of acres in the plat), and ~
the release p~ice per lot would be $315.00= ha1F'of which,
i.e., $157.50, ~hall be paid to the holder of this mortqage,
and the remaining one-half of which shall be paid to the
holder of the mortqaqe of equal diqnity herewith as re-
ferred to above.
C) Lots souqht~to be released in accordance with the -
provisfons of subparaqraph (B) need not be contiquous to
lots theretofore released from the lien of this mortqaqe.
The provisions of this subparagraph and subparagraph (B)
hereof shall-not be deemed inconsistent with the provisions
contained in subparaqraph (A) hereof, and the Mortqaqor
shall be.entitled to procure the release of lots pursuant
to the provisio~s herein and hereinafter contained irre-
. spective of ~he provisions contained in subparag=aph (A)
hereof. Mortqagor aqrees that it will not requeat release
of platted lots except in groups of not less than 50 such
platted lots. ~iowever, purchasers of individual platted
lots claiminq or deraiqninq title under the Mortgagor would,
. notwithstandinq the mortqaqe status, be~entitled to obtain
the release of an individual platted lot upon_payment to
the Mortqaqee he=ein and the Mortgaqee in the mortqage of
equal diqnity herewith as referred to above of the lot re-
; lease price as set forth above.
~ .
~ D) Payments made on account of the note secured hereby,
whether such payments are prepayments or annual amortiza-
tion payments, shall likewiee entitle the Mortqaqor to re-
ceive releases computed in accordance with the terms se~
- forth above. .
11) The provisions contained in this Mortqaqe are bindinq upon and
inure to the-~enefit of the successors and assiqns of the Mortgaqor and
. the Mortgaqees, and the Mortqaqees, by acceptance and recordation of this .
Mortqage, have aqreed to the terms and conditions contained in this
Mortqaqe. . ~
12) The indebtedness which this Mortqaqe secures may be prepaid
in whole or in part at any time after January 1, 1971, without penalty
~or premium.
iN WITNESS WHEREOF, the Mortqagor has caused these presents to be
executed in its behalf by ita proper officers, who are thereunto duly
authorized, and its corporate seal to be affixed, all of which has been
do~ as qf the date and year first hereinabove written.
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Vy/1.•`'~' n ?.o " GENERAL DEVELOPMENT CORPORATION
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~ aRS~T~ . ~ ,
i.•~;~~e t3~~ Y~~r . . _
. ~ ~~`i •k~~'~,. BY :
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:t~ ~ President
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. . -5- . ~1~6 ~i786
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