HomeMy WebLinkAbout0920 5-A. Provided that this mortgage and the note secured hereby
are in good standing and not in default, the mortgagee shall release
from the lien of this mortgage pdrtions of the property encumbered
hereby, in multiples of one (1) acres, provided that the mini~um
amount of acreage to be released at any one time shall be five (5)
acres. All parcels to be released shall be rectangular in shape,
running the full length of the property from North to South, with
the first release to commence at the Eastern line of the property
encumbered by this mortgage and running in a Westerly direction.
Subsequent releases shall be contiguous to the parcel previously
released. In the event that the mortgagor requests any release,
the mortgagor shall deliver to the mortgagee a partial release of
Mortgage to be executed by the mortgagee, which partial release
shall legally describe the property to be released, and which
partial release shall be accompanied by a cashier's check, payable
to the mortgagee, for the amount of the release price as herein-
after provided. The release price shall be in the sum of Three
Thousand Four Hundred Dollars ($3,400.00) for each acr-e to be
released. All payments for releases shall be applied against the
semi-ar.nual installments of principal as they become due and payable,
i
! and each payment of principal pursuant to the note secured hereby
3
~ shall be applied against the next requested release.
! -
~
~ ~
~
~
~
~
~ ~
~
~ -
~
~
~
~ " 2-A . . BOOK 2~2 PbGE 9~.U
~~T ~
~ ~
~
y
~
~A
~ v
'.^~Y- ~ ' . " _ " . . -~-,x,°'~
~ ~3
r_!°.?-.~.~r~rh~~_.~ r _ ~ , ~ . ~