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HomeMy WebLinkAbout1793 } by reaaon of default in the performance by the Mortgaqor of any of ~ tho t~rms of ~aid note and o~ the-within Mortqage. Ths Mortqagees, tor themselves and their heirs and assiqns, by the acceptance of thie Mortgage, covenant and agree with the Mortqaqor that the en- ~orcement of the righte of the Mortqaqees, their heirs and asaiqns, under aaid note and under this Mortgaqe are limited to the security of the real property encumbered by thfa Mortgaqe for all payments under said note and this Mortgaqe= and the Mortqaqor shall never be personally liable for the payment of any sums whatsoever unto the Mortqaqees, their heirs and assiqns, by reason of the Mortqaqor havinq executed said note ~and the within Mortqage. Nothinq herein • contained shall be construed as prohibitinq the Mortqagees,~their heirs and.assigns, from having any and all remedies which the law - ~ and this Mortgaqe, and the note it secures, permit, as lonq as any such remedy does not include or extend to the seekinq or obtaininq of personal liability aqainst the Mortqaqor for the payment of said~ note or any payments required to be made under this Mortqaqe. 8) The Mortqaqees ~covenant and aqree with the Mortqaqor tbat the Mortgaqor may procure the =ezoninq, from time to time, of any - of the property oriqinally encumbered hereby for such use as the ~ . Mortqaqor desires= and the Mortqaqees shall join with the Mortgaqor in the execut~on of~such applications and instruments for the rezon- ing of the property as the qovernmental aqency havinq jurisdiction thereof may require. Any expense involved in the rezoning of the property shall be paid for by the Mortgaqor. . 9~ The Mortqaqees covenant and aqree with the Mortqaqor that the Mortgaqees will, from time to time,~join in plats or replats of nnreleased portions of the property encumbered hereby. The joinder by the Mortqaqees in said plats will acknowledqe,_in effect, that -the lien of this mor~qaqe, as to dedicated portions, for public roads and such ~ark and school sites as may be required by the proper qovernmental aqency 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 Mortqaqees in any plats or dedication of roads shall not be deemed or construed as renderinq the Mortqagees liable for the pavinq of any streets shown on the ~ plat or plats,-or for any other obligations asswaea by the Mortgaqor ~ in connection with the said plat or plats, and the Mortqagees shall not be liable or obliqated to anyone, includinq qovernmental bodies, ~ by reason of such joinder. - 10) This Mortqaqe-is made, qiven and accepted with the under- eta~dinq that the Mortqaqor, its successors and assiqns, shall have the riqht to release portions of the property encumbered hereby, and in connection with the qivinq of said releases the parties hereto understand and aqree as follows: . A) If the lands sought to be released have not been platted by the Mortgaqor, its successors~and-assiqns, . and the Mortqage is not in default, then the Mortqaqor shall be permitted to obtain releases of land in tracts . of not less than ten (10).acres, provided, however, that the Mortgagor shall be entitled to the release of un- ~ platted lands in sequence commencinq at the Easterly boundary of the subject property in rectanqular parcels measuring approximately 360 feet of frontaqe alonq Becker ~ Road and by a North-South distance of approximately 1200 _ feet to the Southerly boundary of subject property. All releases must continue from East to West so that all un- • released property remains contiquous. The release amount to be paid for unplatted lands encumbered he,~eby shall . be SIX HUNDRED THIRTY AND NO/100 ($630.00) DOLLARS per acref half of which, i.e., $315.04 shall be paid to the holder of this mortqaqe and the remaininq ha~lf of which _ shall be paid to the holder of the mortqaqe of ec~ual diqnity herewith as referred to above. ~ -4- ~~1~ ~17~! _ . _ _ _ _ . . . r_.. . _ _ _ _ y ,~~~~„N..~. s ?