HomeMy WebLinkAbout2078 b. On or before computinq the release price of any ~
parcel, the full accrued interest shall be paid to the
date of the release. The release price for each parcel
shall be determined by either of the two following
methods, at the election of Mortgagor:
(1) The minimum parcels of twenty (20) acres, or _
such additional acres as Mortgagor may desire, shall
be released~by Mortgagor paying on the principal of
the mortgage an amount equal to 13096 of the original
sales price of the acres to be released; e.g., from
and out of Parcel 4 by Mortgagor paying to Mortgagee
for a credit on the principal of the mortgage the sum
of $1,354.60 per acre to be released, and from and out
of Parcels 3, 2, and 1, the sum of $1,847.30 per acre;
- or
(2) Z'he minimum parcels of twenty (20) acres, or such
additional acres as Mortgagor may desire, shall be.
released for a release price determined by a formula
that leaves encumbered by this purchase-money mortgage
$130.00 of land (computed on the original per acre sales
price) for each $100.00 of unpaid principal balance of
this Purchase Money Mortgage. ~
c. The note and mortgage shall be in good standing and
not in default in any manner.
d. Each request for release shall be accompanied by a
draft of the proposed partial release in the usual form,
accompanied by a survey which certifies the legal des-
cription of the parcel to be released, the nutnber of
acres to be released, and in the event the release is
under paragraph 3(b)(2) hereof, the number of acres
remaining encumbered by lien of this mortgage. ~
e. All payments made for such releases shall be applied
to the next ensuing pr~ncipal payment upon the mortgage.
Similarly, upon payment of each principal payment when
due, Mort~gagor shall be entitled to release of lands in .
' accordance with the foregoing~~release prices provided; and
~ upon making the principalpayments, from time to time,
; Mortgagor does not have to request a release, and the
~ right to a release at a later date in consideration for
~ the payment so made shall be reserved to Mortgagor.
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~ 4. Notwithstanding any provision contained in this Purchase Maney
E
! Mortgage to the contrary, the lien of this Purchase-Money Mortgage
" shall not be subordinated or rendered or permitted or suffered to •
become junior, subordinate, or inferior to any lien or encumbrance
upon the unreleased lands, save and excepting taxes for the current
year only which shall be paid and discharged as provided herein; any
breach of this provision being of the essence of this Purchase Money
Mortgage. ~
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` Page 2 of Exhibit 2
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