HomeMy WebLinkAbout2400 PARTIAL RELEASES: ~
In consideration of the payment or prepayment of principal
sums due under this Mortgage and the Promissory Note.secured thereby,
the Mortgagee agrees to release from the lien and operation of this
Mortgage portions of the lands encumbered, in accordance with the
~following schedule:
1. Three (3) units of land shall be released substantially
as depicted in Exhibit "C" attached to this_Mortgage and made a part
hereof for all purposes. Said units are designated in Exhibit "C"
as First Release, Second Release and Third Release.
2. The foregoing units must be released in numerical
order.
3. Releases shall be granted upon the receipt by the
Mortgagee of principal payments in the following amounts, to-wit:
First Release: $314,060.00
Second Release: $314,060.00
Third Release: $314,060.00
TOTAL ..............$942,180.00
4. Whenever a release shall be requested, Mortgagor
shall furnish Mortgagee with a description of the lands sought to be
released, and the Mortgagee shall thereupon execute and deliver a
recordable written instrwnent.releasing the lands in question from
the lien of this Mortgage, as hereinabove provided. The cost of
f preparing and recording such releases shall be paid by the Mortgagor.
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~ -5. All principal payments on the Mortgage shall apply to
~ the next payment falling due, and all principal payments shall be
deemed to be cumulative toward releases. ~
6. Releases may be requested at any time after payment of
principal and need not be requested at the time of payment therefor.
7. No releases will be granted if a default exists
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under the terms of said Promissory Note and Mortgage.
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EXHIBIT "B"
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aooK214 ~239q
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