HomeMy WebLinkAbout1555 - SCHEDU7,E "8"
Attached to and made a part of that certain mortgage dated
May 17, 1972, from GORDON S. NUTT HOLDING COMPANY, IND., to NORTH
BEACN DEVELOPMENT COMPANY.
RELEASE PROVISIOiJ~
Designation ot Parcel or 2one Amount to be Paid for Release
Parcel 1(2196 ft. ocean front) $500.00 per front foot
Parcel 2(6 acres on inlet) $25,000.00 per acre
Parcel 3(35 acres E side of $7.000.00 per acre
Tucker's Cove)
Parcel 4(AlA front in Sec. 25) $60.00 per front foot
Parcel 5(AlA front in Sec. 26 $50.00 per front foot
and 's 5 j
Parcel 6(215 acres) $4,000.00 per acre
Said pareels are the same parcels as shown in Schedule "B" i
attached to mortgage to MIDLAND MORT~AGE CO. recorded immediately `
t
prior to this mortgaqe and said descriptions of said parcels in said ~
Schedule "B" of said mortgage to MIDLAND MORTGAGE CO. are incorporated ~
herein by reference and made the descriptions of Parcels 1 to 6 above ;
~
set forth. The Mortgagor shall be sntitled to select lands from any ~
parcel it des~res from time to time but all lands released in any
particular parcel shall be contiguous to lands previously released in
that particular parcel after the first release in said parcel. The
mortgagee will not be required to give a release while a default
exists on said mortQage or the note secured thereby. All principal
payments on the note secured by said mortgage, whether such payment is
; an annual principal payment or a prepayment of principal, shall en-
~ •title the mortr$gor to releases in accordance with the foregoing pro-
vision and all sums paid for releases of property shall be applied to
the next principal payment due on the note secured by said mortgage.
No releases of lands shall be given until FIVE HUNDRED THOUSAND DOLLARS
($500,00.00) has been paid on the principal of the note secured by said
mortgage at which time the mortgagor shall be entitled to releases in
accordance~yv~Yh the above schedule for and in the amount of ONE MII,LION
~ TWO HUNDRED~'TIi~USAND AND NO/3i?0 DOLLARS ($l, 250, 000.00) , said amount
being the down payment of $750,000.00 made at time of closing of the
sale of t~e property covered by said mortage plus said $500,000.00 paid
on principal of the note secured by said mortgage.
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