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said note and this mortyaye. tiiortga~ee,,for himself and his successors
and assigns, by the acceptance of this mortgage, covenants and agrees
with the Mortgagors that the enforcement of the rights of the
Mortgagee, his successors and assigns, under said note and this
mortgage is limited to the security of the real property encumbered
by this mortgage for all payments under said note and this mortgage.
Nothing herin contained shall be construed as prohibiting the
Mortgagee, his successors and assigns, from having any and all
remedies which the law and this mortgage and the note it secures
permit as long as any such remedy does not include or extend to
the seeking or obtaining of personal liability against the
Mortgagors for the payment of said note or any payment required
to be made under this mortgage.
This mortgage is made, given and accepted with the under-
standing that the Mortgagors and their successors and assigns shall
have the right to release portions of the property encumbered
hereby from the lien of this mortgage subject to the following:
• (a) So long as this mortgage is not in default, upon the
~ payment of the principal sum of NINE HUNDRED DOLLARS
` ($900.00) per acre in 10-acre parcels for a total of
~ NINE THOUSAND DOLLARS ($9,000.00) for ~ach 10-acre
,
# tract to be released, land shall be released. The
~ r~leases shall commence at the Northeast corner of the
~ mortgaged property and shall proceed Westerly in
~ minimum tracts of 10 acres (square in tiers) and thence
~ Easterly, etc., until all lots are released in Sections
~ 24 and 25, respectively. Releases shall thence proceed
~ Westerly in tiers of 660 feet wide from East to West by
~ 1320 feet rorth and South until the entire mortgage
~ indebtedness is satisfied.•
~
~ This mortgage may be prepaid in full at any time without
~
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~ penalty, or in part at any time after January 1, 1973.
~
~ Al1 principal payments made on the mortgage abligation, either
~
regular payments or prepayments, shall apply towards the obtaining
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of releases and shall apply towards the installment of principal next
v~
r_; thereafter maturing. Releases need not be requested at the time when
m'~ regular principal installments are paid.
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