HomeMy WebLinkAbout0332 , ' 21 ~
mndc or cnsetc~l. 1`Lc atortd:~aur, for itsclf Aucl ull ~~•l~o n~;iy claim
untlcr ii, ~rui~•cs, iu Wc c~ie~~t tl~:~i, it lu~~ fully u~ay, nll ri~lil lu l~nvc -
tlto 111urtougc~l 1'ropcrly uiur~li:~Uc~l u~uu any lorcclusurc Lcrcof.
Secrtorr 2.05. I)u~•i»g tl~e cu~~tinuance of any Eveut of llef~ult !
and pcudiug tl~e eserci~c Vy LIIC ~IOI'to:laCC Ot 11S i'lalit to exclude tlio
Dlurl~;;~dur lcuiu .ill ur auy p,u•l uP ll~~ I'ituti~c.;, \Iurtg,tour .iorec5 to
pay tlie fuir :uul rea~onablc r~~ut:~l ~ aluc Cor lLe u~e uncl uccup:iiicy
of thc 1'rc:~ui~cs or any'I~ortiun tlierco! ~~l~icli nre i~~ its pussc~siuii 1or
snch J,criud 1ud, ul~o~i ~etaull ol' uny such p.~~~nciit, will ~;ic.~tc nnJ
eurren~lcr pos~essioii ol' tl~e 1'rcinia~s to tLc \Ioi'~a:lal;O OI' t0 1 1•ecciver, ~
' if uny, a~ul in acl'ai~lt llicreut' m,~y Ue evict~~~ by ,u?y sttmn~lry uclio~~ '
or proccedin~ for tli~ recovcry or posses~ioii ut preinise~ for iioii- ~ ~
paymcnt of rcnt, Lo~~ c~ er desionated.
- ARTICLE III -
E
Releases ~
;
Section 3.01. Mortgagee shall release certain ;
portions of the Mortgaged Property upon compliance ~
by the Mortgagor with~the following terms and ~~t
. conditions : - _ ` ;
~
i (a) Mortgagor shall not be in default in the
E performance of any of the terms, conditions or .
g requirements of this Mortgage or the Note secured
i hereby;
~
~
~ . ~ (b) Mortgagor sha11 pay to the Mortgagee a release ~
~ consideration in accordance with a separate agreement
~ between the parties hereto executed on even date herewith.
~ Ail re~eu:.e co:~s~•~erations pai~~ by the i:ortga~or to t:_°
Mortgagee pursuant to the provisions hereof sha11 reduce, ~
t0 t`.tlE ZJii ~I'tt Oi such r~~zas~ consi3era~i~r~s, tii2 Gvii~c:a~lviaS
~
~ of Mortgagee, to make Future Advances hereunder. ~
~ ~
~ (c) Mortgagor shall deliver to Mortgagee (i) written
~ request for release, together with the legaZ description
~ of the portions of the Mortgaged Property to be released;
- (ii) a preliuninary map and plan for sub-division conforming :
to the then applicable zoning ordinance and approved by ;
, Mortgagee, same to have been submitted to and approved by
} the Planning Board or Boards having jurisdiction over the
Mortgaged Property, .:~~~~~i~'~~=~'~$~g
~
a~i~:~~~~asur~s~3:~a:~fxtha:~.mpro~~cerxc~~laacxs~l:r~- ~e~ti~
and the actual filing of the map in the appropriate clerk's
or recording office; (iii) a survey prepared by a registered
_ land surveyor, describing the portion of the Mortgaged ~
~ Property to be released and containing a certification as t
j to the amount of acreage included in said description. !
_ Expenses of obtaining releases including, but not limited '
~j to, survey and costs of recording partial releases shall be
borne by the Mortgagor. 500~(~~ PACE ~'c~
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