HomeMy WebLinkAbout1794 8) ~If the lands, tha zelease of which is souqht, havs
been platted by the Mortqaqor, its successors or assigns,
then the amounts to be pafd !or_the release ot a 1Qt or
~ lots shall be determined in the followinq manner, to-
vit: There shall tirst be detenafned~the number of acres
ot land contained in and covered by such plat and there .
--shall then be canputed a figure Which will be reached by
~ multiplying the total number of acres covered by such
plat bx the release amount per acre provided for in the .
precediag paraqraph hereof, and the resulting fiqure ahall
then be divided by the number of lots included fn said •
plat, and the resultinq fiqure will be the amount to be
paid for the release of each lot contained in said plat.
For example, if 100 acres were platted and subdivided -
. into 200 lots, and the release price per acre were $630.00, -
the release price per lot would be determined by dividinq ~
200 (the number of lots) into $63,000.4~ (the multiple of
$630.00 X 100, beinq the number of acre$ in the plat), and -
the release price per lot would_be $315.00i half~of which,
- i.e., $157.50, shall be paid to the holder of.this mortqaqe,
and the remaininq one-half of which shall be paid to the
holder of the mortqage of e~ual diqnity herewith as re- ~ .
- ferred to abov~. ~ '
- -C) Lots~s~uqht to be released in accordance with the
provisions of~subparaqraph (H) need not be contiquous to
lots theretofore released from the lien of this mortqage.
The provisians of this subparaqraph and subparaqraph-(B)
hereof shall not be deemed inconsistent with the provisions
- contained in subparaqraph (A) hereof, and the Mortqaqor
~ - Bhall be entitled.to. procure the release of lots pursuant
• to the provisions herein and hereinafter contained irre-~
- apective of the provisions contained in subparagraph (A) -
hereof._ Mortqaqor aqrees that it will not request release
of platted lots except in qroups of not lesa than 50 such
= platted lots.-However, purchasers~of individual platted~
.__.lots claiminq or deraiqninq-title uAder the Mortqaqor~would, .
nott~ithstanding the mortqaqe status, be~entitled to obtain
the release of an individual platted lot upon payment to .
' ~ - the Mortqagee herein and the Mortgaqee~in the mortgaqe of
j ~ _ equal diqnity herewith as referred to above of the lot re-
f - lease price as set forth above. -
; . - _
D) Payments made on account of the note secured hereby, ~
whether such payments are prepayments or annuatl_amortiza-
tion payments-,~shall likewise entitle the Mortqaqor to re-
- ceive releases computed in accordance with the terms set -
forth above.
11) The p=ovisions contained in this Mortqaqe are bindinq upon and
inure to the benefit of the successors and assiqns of the Mortqaqor aad
the Mortgaqees, and the Mortqaqees, by acceptance and recordation of this
Mortqaqe, have aqreed to the terms and conditions contained in this -
Mortqage. '
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.
~ .
._~i~ ~ g'~WHEREOF, the Mortqaqor has caused these presents to be
~~~~'~ts'i ~ half by its proper officers, who are thereunto duly
:aA ts corporate seal to be affixed, all of which has been
:
':c~` ~~~te and year first hereinabove written. ~
' ~v
" V ' : ~ r. =Y.~_ -
~
; 1~0; ~ ` tg+ . S; .
=-t~, 3y~~ ~
~ GENERAL DEVELOPMENT CORPORATION
~ ' ~
O• ' - .
, ~,,,.f fp 13~ ` BY: ,
~ ~ ~ _ .
ATTL3 res e
' ~ . .
~Bt8 $ rstllZy ~ -
~ - 5- ~ 1~ ~i7~y-
. . :
~ ~ _