HomeMy WebLinkAbout0769 8. So long.as no default exists as to any provision or covenant
of this mortgage, or to the promissory note which it secures, the
Mortgagee shall release parts or portions of the premises from the
lien of the Mortgage on the following terms and conditions:
Upon the receipt of $9,000, at any time after January 1, 1974,
the Mortgagor shall be entitled to the release of a tract of land
250 feet in width measured from East to West contiguous to the
Easterly 260 feet of parcels I and II which are not encumbered by
this Mortgage. Upon the receipt of subsequent payments in the sum
of $9,000, additional releases of tracts 250 feet in width, measured
from East to West shall be granted, always contiguous to the tracts
which have been previously released from the encumbrance of this
Mortgage. Any payment in excess of said $9,000 shall entitle the
Mortgagor to a release of additional footage and width computed on
the basis of $36.00 per foot.
The Mortgagor shall pay for the preparation of a survey sketch ,
of the description of the 'tracts to be released, for the cost of
preparation, execution and recording of all partial releases of this
Mortgage. All payments for releases of land shall be applied to the
next maturing instQ{~nents of principal maturing under the note
secured hereby.
Payments made on account of the note held and such payments
other than those made specifically for the release of the land shall
likewise entitle the Mortgagor to reaeive releases computed in accord-
ance with the terms above set forth. Releases may be requested at
anytime after they have been earned and need not be requested at
j the time of payment therefor. f
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