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HomeMy WebLinkAbout2157 ADDENDUM TO MORTGAGE DEED , ~ BETWEEN ; LAWRENCE C. PORTER, TRUSTEE, as MORTGAGOR and M. A. RAMSEY and PHILLIP P. ZIPES, as MORTGAGEES ~ r 8. This is a Purchase Money Mortgage. - - ~ ; 9. Anything to the contrary contained in this mortgage or the notes which ~ this mortgage secures notwithstanding, the Mortgagees agree to look solely ~ to the mortgaged property as its sole security for the pe rformance of all the ~ terms and conditions of this mortgage and the notes which this mortgage s secures and Mortgagees shall not be entitled to any deficiency judgment or any other pei•sonal monetary liability against Mortgagor. ~ : . j t 10. The Mortgagees herein, their successors, representatives, heirs, and ' assigns, covenant to grant Mortgagor, his successo~s and assigns, releases from the lien of this mortgage at any time upon the payment of a release price ~ of $6, 250. per acre provided all parcels released are contiguous to previous f parcels released and releases shall commence at the northernmost portion of the mortgaged property and thereafter all future parcels to be released ~ shall extend southerly across the entire East/West dimension of the mortgaged ~ property. The Mortgagor, at the time of r~questing any release, shall furnish ; a legal description a.nd a survey of the parcel to be released. All monies paid for releases shall be applied in reduction of the unpaid principal ba.lance of ; the notes and shall be applied against the next ensuing principal payments. Like - ~ wise, all regular payrzents of pri~cipal shall be credited as prepayment of ~ release consideration and the Mortgagor shall be entitled to releases to the ~ extent of such papments. The failure to request a release at the time of ma.king any principal payment shall not be deemed a waiver of the right to obtain same - ~ at a subsequent time. In the event of any default under this mortgage or the notes which this mortgage secures, the right to obtain releases shall terminate until : such default- shall be cured. ' !1. The Mortgagees, their successors, assigns, 6eirs, and representatives, shall cooperate wiYh the Morkgagor and covenant to sign any and all forms, con- i sents and easements required (without any additional compensation); (i) in ~ coanection with the filing of any and all subdivision maps or plats affecting the - mortgaged property or any part thereof, as well as the execution of any and all papers required by any governmental authorities to effectuate the filing ' ; of such subdivision maps or plats; and (ii) in connection with granting ease- ' ; ments for utilities (including but not limited to water, sewage, electricity, " ga.s and telephone). - j ~ ; ~ t ~ ! w"'G. . _ ' I " ~ ~ . . , . , _ . . . , . -'7..!