HomeMy WebLinkAbout0333 22
.
(d) All releases shall be in statutory form and
shall be prepared by counseZ for Mortgagee at the ~
expense of Mortgagor.
(e) Simultaneously with the delivery of any re~ease,
Mortgagor shall pay to Mortgagee by certified check or
by good Bank Teller's check, the principal amount required
to be paid for such release as herein set forth ~
together with interest on the a~~unt of such release
~ consideration computed from the last date of payment of
interest under the Mortgage to the date of payment of
such release consideration, together with the cost of
preparation of such release.
(f) That all releases to be granted by Mortgagee must
fol2ow an orderly and"~SOUnd pattern of development of the •
Mortgaged Property and must not be made in a manner which ~
will render any portion of the Mortgaged Property remaining
. subject to the lien of the Mortgage landlocked, inaccessable
~ • to public highways or streets, or which wi11 leave such
~ remaining~portion of the Mort~a~ed Property economically unfit
E ~r unable to - ~ .
~~ievelop or undesirable for development,/ but all releases shall be made
~~ursuant to the in a manner that will preserve to the portion of the Mortgaged
~ t~en existing Property remaining subject to the lien of the Mortgage ready
~ zaning laws. and adequate access to main highways and to public utilities
r without the necessity of obtaining rights of way over lands of
~ others for such purposes. Access to any interior portion of
~ the Mortgaged Property shall be by street or road approved as
~ a public street-by the Planning Board or other governmental
~ agency having jurisdiction thereof, and for the ~::.provc~ea~ ~f
•.~::~~r a ~onu Y~.as b2en ~~led, ii so required oy said rlanning
~ Board or other goverrunental agency y~- :
~ ~
9=
~ ABTICI.~ IV
~ .
~
]~ISCELLAI~ EOIIS
SECTIODi 4.01. In thc event any onc or more of tLc pro~ isions
- eontained in this ~tort~a~e or in tl~c \'ote shall ior any reasoi? Le licld .
_Y to be iuvali~l, ill~~oul or unenlarcc~
~ble u~ any res~~ect, such inrali~lity,
illegality or uncuforccaUility ~L.?lI, at the option ot the ~tort~a~cc,
;5 not uffcct aiiy otlier prorision of tLi3 ~Lortaa~e, but Lliis ~Iortaage
sLull be coustruecl as iY ~uch in~ali~l, ilieaal or uuenforcenble provision •
had nevcr bcen contai~ied Lcrcin or therein.
~
rY *or if by a private street then after adequate easemen~s of
ingress and egress have been afforded to the Mortgaged ~
~ Propexty remaining encumbered by this Mortgage, iri foraa
~ and substance satisfactory to the Mortgagee. pR r~ ^ A n
- BQCK 2~.,~ ~ a~E J~J f
~
~
~
x
~ ~ -
, ~
- ; '
~ , : - .
. - _