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Township 36 South, Range 40 East; thence run West 337.~8
feet to the Easterly right af way liYie of U. S, Hi~St,way ~1; ~
thence run Northwzsterly along the F.asterly right of w~y line
of said U. S. ~tl for 174.16 feet; thence run East 418.68 feet
to the F.ast line of said Section 22; thence run South along
said section line to the point of beginning; less the South
8U feet thereof for roac~ right of way .
THIS IS A PURCHASE MONEY SECOP~D MORTGAGE.
THE LAND SHALL BE THE SOLE SECURITY FOR THIS I~OTE AND NOR`~'GAGE. NO
PERSONAL LIABILITY SHALL BE IPZCURRED~BY THE MORTGAGORS AND 08LIGORS.
The mertRagees agree to grant partial releases ~om thE _lien of this
mortga~e to the mortgagor upon the payment of principal ir~ allments -
in accor~a,~ce with the regular s~hedule provided in the note or
principal payments in advance, sub~ect, howPVer, to the following
condi* ions : _
(a) Tracts of not less than five (5) acres in si7e may be released,
commPncing at either ttiP Northwest or the Northeast corner of the
s>>b~ect property, and the next released parcel shall proceed eit.her
in a southerly, easterly or westerlS direction from the first parcel
released in such manner that all unreleased propprty remains con-
tiguo~~s; provided, however, that the last property tt~ be released
shall be that portion ofthe real property located in Secti~n 22,
Township 36 South. RanRe !~0 East
(b) In or~er to obtain a release for the first 7f~ acres, ~the
mortgag~r must pay to the mortgagees- principal installments at the
rate of $750.00 per acr°; after the first 70 acres are released and
up until the time that all principal and interest is paid on the
existin g first mortgage in favor of Dyer which now encumbers the
property. the mortgagor shall pay principal payments to the mort-
gagees in c^~er to obtain releases at the rate af ~375.00 per acre;
; after all principal~and interest has been paid on the said first
; r~_ort~age and it is satis `'ied of record, the mortgagors shall pay
` principal payments to the mortgagors at the rate of $T50 ,00 per
~ a^re; provided, how~ver. that no releases sha1Z be given for the
payment of any principal installment in a~vance of the -regular
~ 5chedule of principa' installments-unless and until all irterest
due on the fu~l remaining principal of the note has been paid to
the date of delivery of each relaase . _
(c) Tne five (5) acre tracts to be released shall be described
as the ~orth one-half (N-1/2) or the South One-half (S-1/2) , or,
as the case may be, the East One-half (E 1/2) or the West one-
~ half (W-1/?) of the tract nurr~bPrs designated on the existing plat _
of the property and for purposes of computing the number of acres
~ released. it shall be assumed that each tract on the eXisting plat
of the progerty contains ten (10) acres, whereas the number of
a~res in each tract may be less than ten {10) acres on account
of dedicated or existing riahts-of-way.
( d) The ri aht of the mort~agor t o ~b tain partial re leases on
account of prin~ipa~l payments shall be c»mulative and if a pay=
mPnt of principal an~ interest is made and no release is requeste~
or issuPd on account thereof, the mortgagor shall have the~ right -
3 to request and r~ceive releases to whicY~ he t~ereby became
entitled at any date after such paymerit; all prepayments ef -
principal sY,al~ app~y on the 13st principal payrr.~ent due on tre
~ notE, payment of whicn is secured bv this mortgage in accordance
wit~ the separate provisi~ns of said note. All payments cn the
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~ooK 193 . ~445 .
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