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HomeMy WebLinkAbout2890 . . (6) Said releases shaZl be the usual statutory .form, duly executed and acknowledqed. Title Company descriptions and prints of surveys ~r sketches prepared by a licensed surveyor shall be furnished for the portions sought to be released. (7) ~ That all releases furnished as hereinabove set Eorth shall be transmitted to the Mortgaqor upon payment by qood - certified or bank check of the required amount to be paid for such releases at the time of transmittal thrreof. (8) Releases shall include land in the street in front of plots to be released, the center line of the streets oY roadways upon which they abut, whether said streets or roadways have or had been formally dedicated or otherwise. Each release shall contain a reservation, reserving an easement for street purposes over the ~ streets in front of the area so released for the benefit of the ; lands remaininq subject to the lien of this Mortgage. Each release ! shall include an easement of inqress and egress over any street on which the premises described in-the release fronts, over such a street to the nearest legally open street. (9) ~1 plots on each tract are to be released in an orderly manner and as more particularly set forth in release schedule so as to prevent checkboarding the tract, contiguous to each other, as • well as to the plots ~hich may have been previously released. ; Where plots have been released on one side of the street, plots on the other side shall be considered contiguous. (10) The Mortgagee shall not be required to release any plot or parcel if that particular release would result in a"land- locking" of any part of the tract remaining wnder the Iien of this Mortgage. (11) a. Such releases sha2l be i.n tracts of multiples of one square acre and the release price therefor being the sum of $4,600.00 per gross square acre. Such one square acre release pattern shall coawence at the Northeast corner of the real property described upon Exhibit "A" hereof and thence proceed Southerly the full length of the property, thence Northerly adjacent to portions already released up to Indrio Road and thereupon the release pattern will proceed Westerly in both North and South strips immediately ~ adjacent to both North and South acre strips~previously released hereunder. b. Releases will also be permitted in various parcels of land commencing from the westerly end of the real property described upon E~chibit "A" hereof in tracts as more particularly ! laid out upan a sketch of the property also attached to this mortgage ~ dS E~CZllblt ~C~ . i ~ ' The release prices for these parceZs which are ` designated as a, b, and "c upon the attached Exhibit "C", will be at ~ ; $4,600.00 per acre and when release of these parcels are requested, ' the release must be of the entire parcel at which time, verification ~ by a licensed surveyor shall be made to determine the exact acreage ' of these parcels and hence to determine the exact release therefor ~ at $9,600.00 per acrej such releases are only to be in consecutive ~ crder a, b, and c. (12) No releases shall be granted for the initial $50,000.00 plus interest due on the Promissory Note secured hereby on February , 1974, but all provisions for partial releases set forth herein re3ate only to, and Will be credited upon, the remaining portion of said Promissory Note, being the swa of $263,000.00 and all provisions for partial releases contained herein shall not become operative until the initial $50,000.~0 payment required by said Fromissory Note has been made. ~ . E 4 2 € 4 800K PAGt~~ _ f t-~ - _ - .