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as selected by the Mortgagar, by the TRUSTEE, upon payment
of FOUR THOUSAND AND NO/100 DOLLARS ($4,000.00) for each acre
released, or, if said lands or any part thereof have been platted
into lots, such lots shall be released on ~he basis of FOUR THOUSAND
AND NO/100 ~OLLEIRS (~~,000.00) divided by the yield in platted
" lots per acre, provided, however, that lands released after
the first release shall be con~iguous to lands previously
released and the Mortgagee shall not be required to give any
re?eases which wo.uld cut off unreleased portions of the mortgaged
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~.roperty from ir~,ress and egress to a public~road. Said Mortgage
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shail further provide that it is subordinate, sub~ect to and
inferior to ar~y land acquisition loans and/or aray subdivision
development loans and/or ar~y building construction loans which
may be placed upon said property from time to time by the Mort-
ga~or, the proc~eds of which loan~ shall be used to pay for
said lands or develop said lands or to construct residences
thereon, and the Mortgagee agrees to execute any fl.irther sub-
ordina:;ion a~reer~ents or other•papers reasonable required by ~
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~ ar~y sucn lender to satisf~ said lender that its' Mortgage is
f ~ superior, and prior to the Purchase Money riort~age herein
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described. The Trustee agrees that he shall personally en3orse
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and guarantee the payment of ar~y unpaidbalance of indebtedness
due on the tdortgage and Mortgage Note . Said Aiortgage shall ~
prov~de that the Mortgagee will, upon request, consent to and
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~oir. in tne execution of rec~rdable subdivision plats of the ~
property and viillconsent to and cooperate with the Mortgagor E
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in ~a~air.ing such rezonin~ af any por~ions o~ the property as may
be de~ired by tne t~iortgagor.
_ 3. Within 30 days after the notice of exercise of
thi~ Option on the first parcel as hereinabove provided for, ~
~LLL?i snall . furnisr. to TRUSTEE, or his Attorney, WILLIAi~f H. B~..aR~ALL,
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a c::~ple~e abstrac~ coverin~ all the properties included in ;
t::~s OpLion Agreement and covering thz perio d ~rom tr.e earliest ~
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BdOK 193 2204 ~ ~
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