HomeMy WebLinkAbout1857 . -
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So lon~ as no default exiats a~ to ~ny provieion or covontant
of this mortgayo, or to the pramis~ory note which it secures, tha ~
2•tortgac~eo s1ia1l relel ~o part , or portions of tl~o pramises from ttie ~
~ lien ot tlio r~ort~~aye on t2~~ following tern?s anci conditiona s ~
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Upon tlie rc~c~i~~~ of $~3, OOQ, at any tir~:o after January 1, 1974, ~
~l~e !•lortg.agor ~hall t~c~ cn~itled to thc relea~e af a tract of land ~
250 fect in width r.lcasure~ from East to ~~7est contiguous to tho i
~ ~asterly 2G0 feeL- of p~rce2s I ai~d II tiahich aro not encumberod by ~
thi~ i~iortgage. LJ~~on tlio recQipt of subnec~uent paymQnts in thQ sum
o~ $'3,000, Additional. rQloasea of tracts 250 fc~et in width, measurQd
from ~ast to t•~est shal.l be granted, always contiguous to the tra~ts, ~
w}lich have been Z~revioucly rele~seel from tl~o encumUrance of this
rtor~c~age . ~1ny ~ayment in ~xcess of said $3 , 000 3t1a11 entitle the
t~iortgagor to a release of additional toatiaye and width coi?iputed on ~
the basis of $12.00 per ioot.
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`Phe ,r~ortgar~or shall pay far tho pre~~~~ration of a survey skotch .
of the clescri~tion of tlle trac~~ to Ua rcleas~ci, for the cost o~'
_ Preparation, execution and recording of all partial releasc~s of thi8
hiortgag4. 1~11 ~~ay~nen~s for roleasas oF land shall be appllQd to th~
tiext naturi»R in~truments of principal maturing under tho note
securcd hereby.
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' PaymenL-s in~zclQ on aceount of the note he1c1 ancl ~ueti ~aytnents
atlier t11c121 those mac]a specifically for the release of the Iand shall
~ likewiso entitle the 1lortgagor to receive releasc~s computed in accord- ~
anco with ttiQ terra~ above set forth. Releases may be requested at
anytir.ze aftcr they have l~cen earnod ancl neod not be requosted at ~
the time of paymc~nt therofor. ~
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