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(b) In the event Mortgagor should make a prepayment in part or in
full on the seconc~ (2nd) Note, Mortgagees shall immediately apply,
in equal amount, said Mortgagor's prepayment to reduce in part or
in full the outstanding remaining balance on the first (lst) Note
and Mortgage. Any such prepayment will be applied toward the last
payment due under the Note and each succeeding prepayment, if any,
will likewise be applied toward the last scheduled payment remain-
ing unpaid due under the terms of the Note. At such a time when
said first (lst) Note has been satisfied in part, by this prepay-
ment~method, Mortgagees agree to thereby release the appropriate ;
forty (40) acre parcels, if any, to Mortgagor as heretofore set ;
forth. At such a time when said first (lst) Note has been satis- ~
fied in full, by this prepayment method, thereby releasing all the ~
lands as described herein from the lien of the first (lst) Note and
Mortgage, Mortgagees agree to release to Mortgagor parcels of land,
that are at that time still encumbered under this second (2nd) Note
and Mortgage lien, derived at by the same formula as heretofore set
torth in paragraph (a), in strips of 208.7 feet as follows:
(1) In the event Mortgagees have not yet released a forty (40)
acre parcel, then releases in said 208.7 feet strips will
commence at the northernmost boundary of each tract, starting
with Tract #1, and continue in a southerly direction in a
contiguous manner from north to south, through Tract #7.
(2) In the event Mortgagees have previously released one or
more forty (40) acre parcel or parcels, then releases in said
208.7 feet strips will commence where the last of said parcels
so released ended and at the northernmost boundary of the tract
next in order to ~e rele~sed and continue in a contiguous
manner from north to south through each tract in order from
Tract ~1 to Tract #7.
The total acreage to be released in strips of 208.7 feet, or portions
of strips of 208.7 feet, wi~ih each installment payment made, will be
measured from east to west, starting from the easternmost boundary
to the westernmost boundary in each tract. {
4. Any and all prepayments, in part or in full, made by Mortgagor on this
Note and Mortgage, shall, in same amount and within f ive (5) days after
being received by Mortgagees, be applied as a prepayment on the remaining
unpaid balance of the first Note and Mortgage encumbering subject property,
~ until said first Note and Mortgage have been paid in full. Said prepay-
ment and/or prepayments made by Mortgagor shall be made by cashier's '
check payable jointly to the Mortgagees and the holder of the first Note ~
and Mortgage lien, their heirs, executors, administrators and assigns. ~
Prepayment to be applied pursuant to the terms of paragraph 3(b) above. s
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TO HAVE AND TO HOLD the same, together with the tenements, here-
di~aments and appurtenances thereto belonging, and the rents, issues and
profits thereof, unto the mortgagees, in fee simple.
AND the Mortgagor covenants with the 1?iortgagees that the Mort-
gagor is indefeasibly seized of said land in fee simple; that the Mort-
gagor has good right and lawful authority to convey said land as afore-
said; that the Mortgagor will make such further assurances to perfect
the fee si.mple title to said land in the Mortgagees as may r~asonably be
required; that the Mortgagor hereby fully warrants the title to said land
and will defend the same against the lawful claims of all persons whomso-
ever; and that said land is free and clear of all encumbrances, except as
above stated.
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PROVIDED ALWAYS, that if said Mortgagor shall pay unto said Mort-
gagees the certain promissory note hereinafter substantially copied or
identified, to-wit:
- 2 -
875
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