HomeMy WebLinkAbout2134 $8,~50.00 for each acre to be released, it being the intention
of the parties hereto that the certificates of deposit and/or
money so escrowed shall act as substitute collateral for the
property so released. Said certificates of deposit and money
shall remain the property of and may be withdrawn by the
Mortgagor, for itself, its successors, the heirs, legal
representatives, successors and~assigns of its joint
adventurers, accordinq to said escrow agreement, unless
additional partial releases have been executed and delivered
by the mortgagee~her he~.rs or assigns, or unless a default o=
defaults, in regular payments of principal or interest, occur
hereunder, from time to time, when, in such event or events
• the collateral funds deposited for the partial release or
relea~cs.~hall remain in escrow and an amount equal to the
amount or amounts in default shall immediately be paid to the
~ Mortqagee, her heirs or assigns~from said collateral funds
, in escrow.
(2) Upon each regularly scheduled payment of principal and
interest, the Nbrtgagee, her heirs or assiqns, shall exe:.ute
and deliver to the Mortgagor, for itself, its successors,
the heirs, legal representatives, successors and assigns of
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its joint adventurers, a partial release of additional land,
E at the rate of $8,750.00 per acre, contiguous to lands already
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released, in accordance with sub-paragraph 8(a) above, or
release to the mortgagor, for itself, its successors, the
heirs, legal representatives, successors and assigns of its
joint adventurers, an amount of collateral then held in escrow
equal to the amount of said regularly scheduled payment of
principal and interest, provided that sufficient collateral
shall be held in escrow at such time, to cover and secure, at
the rate of $8,750.00 per acre, all lands previously released
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~ from this mortgage lien upon said substituted collateral in
escrow.
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(3) At the time and in the event that all of the land securect
by this mortgage deed shall have been released in accordance
with paragraph 8(b)(1) and 8(b)(2) hereinabove, then upon
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