HomeMy WebLinkAbout2889 Attached to and made a part of
Purchase Money Mortgage dated
August , 1973, from
Frederick Z. Pearson, a single
man, to R.W. Johnson and Helen
H. Johnson, his wife, and Jvhn
L. Lester and Ruth W. Lester,
his wife.
EXHIBIT "B"
27.
(c) No top soil, sand, sod, loam, clay or gravel shalZ be
removed from the land. However, this covenant shall not be construed
to forbid or restrict removal of any such materials taken for
excavations necessary to construct a basement, cellar, or foundation
footings for the erection of a building or buildings for which a
buiZding permit or permits has or have first been issued by the
municipal authority having jurisdiction thereof or for the creation ~
of lakes and waterways for the orderly development of said property; ~
or for the construction of roadways constructed in accordance with
plans approved by the departmental authorities having jurisdiction
thereof; except that in no event shall such materials be taken away
from the building site constituting part of the Mortgaged Property
without the written consent of Mortgagor.
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(d) Mortgagee shall, from time to time, within ten (10) days ~
written-request execute, acknowledqe and deliver to the Mortgagor ~
releases of portions of the Mortgaged Premises pursuant to release {
schedule hereinafter, upon payment of the consideration set forth
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in said release scheduls and subject to the satisfaction of the +
following terms and conditions: 1
(1) Mortgagor shall not have been in default under the Note,
Mortgage, Building and Loan Agreement or this agreement and any ~
applicable grace period has expired and/or any notice required under
said instruments has been given.
(2) Each payment for a release, exclusive of acc~ued interest
thereon, sha11 be credited on account of the principal indebtedness
secured by the Mortgage. Concurrently with such payment, Mortgagor ~
shall also pay the Mortgagee the`interest on the amount paid for ?
~ such release, computed from the last day to which interest shall
I have been paid up to the date of such payment.
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i (3) Said releases, together with title company descriptions
f and survey prints shall be submitted by the Mortgagor to and approved
! by Mortgagee's counsel for review.
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~ (4) Payment for each release shall be made by good certified
; or bank check of the required amount to the order of the Mortgagee,
f and shall be made at the.office of the Mortgagee or such other place
as the Mortgagee shall designate in writing.
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~ (5) In no event shall any part or parcel of the Mortgaged
Property be released if such would leave the re~ainder thereof under ~
~ the lien of the Mortgage without access from and to said remaining
; property. '
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