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5 ( a ) RfiLBASTS :
In consideration of the payment by Mortgaqor to Mortqageea of
the down payment at the time of closing the purchase of the lands
encumbered hereby and in consideration of the payment or prepayment
of each annual installment due upon this mortgaqe and the note secured
thereby, the Mortgaqees, their successors and assigns, will release
from the lien and operation of this mortqaqe portions of the lands ~
encwabered hereby according to the followinq schedule, provided, how-
ever~ that no release whatsoever shall be delivered until the first
mortqage encucabering the above described premises, now held by John
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S. Michaelson, has been paid in full and satisfied pf record:
l. One foot of land, as measured on the perpendicular, shall
be released for each $264.00 so paid on the principal amount due
under this mortgaqe.
2. Each parcel to be released shall be released fran North to
South and shall be contiguous to one another and shall be in parcels
of at least 100 feet, as measured on the perpendicular. Mortgaqor
shall pay all attorneys* fees and recording fees in connection with
these releases.
3. t~ihenever a release shall be requested, the Mortqagor shall
~ furnish the Mortgaqees with a description of the lands souqht to be
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; released and the Mortgagees shall thereupon execute and deliver a
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E recordable written instrument releasing such lands from the lien~of
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the mortqaqe as herein provided. All principal payments paid to ~
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~ Mortgagees prior to the satisfaction of the first mortqage held by
John S. Kichaelson shall accumulate and shall be-applied in accordance ~
with the above release formula after the existing first mortgage has
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~ been paid in full. .
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