HomeMy WebLinkAbout1535 REAL ESTATE PRxNCIPAI~ REDUCTI()N
Parcel I $31,000.00 per acre
Parcel I~ $23,7Q0.00 per acre
Parcel III $ 3,375.00 per acre
Parcel IV $11,763.00 per acre
Parcel V $ 45.00 per front foot
Parcel VI $ 1,500.00 per acre
Parcel nwabers referred to above are described in Schedule
8 being survey descripti,on~ dated April 27 and April 28, 1972
prepared by A. G. Weatherinqton & AsSociates, inc. and properly
designated by pauccel m.~er as set forth above. Parcel No.
IV shall be released in two (2~ ecfu~~ s~.~°d parcels runninq
the full North^South distance.of subject property and dividing
the propexty approximately in half by a line running North
and South through the center of said parcel. Parcel V shall
be released in minimwn units of 200 front feet on Highway ATA
and shall run the entire depth of Parcel V which is~ 300 .feet
on Highway AIA. Releases in Parcel V are not required to be
cont~guous but such release pattern shall not at any time leave
a portion of property secured by the lien of this mortgage
which shall be unusable, which determination shall be made
at the option of the Mortgagee. Parcel IT shall be reieased
in its entirety. Parcel I shall be released commencinq at
either the North or South end of Parcel I simultaneou~ly. Hawever,
all releases shall then be contiguous and shall run the full
East-West distance o~ subject property based on parallel l~nes
from either the North or the South end of Parcel No. I. All
releases shall run the ~ull East--West distance o~ subject property
from the ocean to the WesterlXnaost boundax',y o~ sub ject property.
Parcels II~ and VI shall be released on any reasonable release
pattern agreed upon by Mortgagor and Mortgagee. All principal
I pa~n?ents for partial releases shall be acompanied by accrued
~ interest camaputed on the aa~tount of the partial release to date
~ of payment thereof. Mortgagor shall obtain and present to
Mortgagee a current survey sh~ting the legal description and
either the rec~u3.red acreaqe or front footage vomputed thereon
o~ any parcel to be released. Mortgagor shall like~ri.se prepare
appropriate partial release based upon said survey and legal
descri,ption and present sanae simultaneously to Mortgagee with
the appropriate amount of funds for said release as set forth
herein above.
The covenants herei.n contained shall bind, and the benefits
and advantages shall inure to, the respective heirs, executors
aam3.nistrators, successors, and as~igns of the partieS hereto.
Whenever used, the singular number shall include the plural..,•~'. ? ~
the plural the singular, and the use of any gender shall :~~c`i~~e-..° ,
; ~ ..ti y
all genders. '
IN WITNESS WHEREOF, this mortgage has been duly exs'~dti~d f~ t; :
and delivered the day and year first above written.
, : ~c~ ;
v
Signed, sealed and delivered " ° ~ ~
in the presence of: GORDON S. TT HO ~N C41RFA~,,.~••~'NC.
- ' w.~-,. BY s
~ ~ r on S. Nut , Pres ent
, , ~ , e~, Attest~: R~'~ ~
Dorot y e , Secretary
i
- 6- soox 202 ~~~t 153
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