HomeMy WebLinkAbout1518 ~ ca~~ennnls •ihpreo~. un~{ •oJ Il~is m~?tf~us~e. II~P~~ Ihis mort~nye und t{~P eslalr {~e?eby rrpnlre~, s1~a~~ ceas~. c~t-
tPrmine a~u~ ~u~~~ aUi~ ~ti~i~l. .
~'l~~ l~~N rnu?Igo~~ur ~~pmhp (uritier cuve~~ants untl a,yrres !o pay prompt~y u~{~en tlu~ Ihs prlncipul ant~
interesi an~~ ul~?r? sums o~ nwr~rv pwi~i~I~I Ior in sait~ nate artc~ t~is morfgnpe. or eif~?vr; (o pay a~~ unt~
singul~r Il~p tnx~s, assNSSmpr~Is, lt~uies, liabililiea, Oh114~f1Il011S. and encumbrancrs o~ euery nature on snid pro-
perfy; to ~~mil, cummit o~ su~(Nr eio ll'OY~B, impairmPat or c~eterioration of saicl ~anc~ or fhe improvements
l~~~rrcn ~~t tu~y IimP:~IX~X~~Xtb~C'li~t~i~i.7~'1~7aX+?+X~xTrXc~K~ZXrZXra~7c~lx~~?df?rQ~B~li~iC3~CBdl71~(s3X
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aac a~x~~~x~~~x,z~a~x~z~a~a xz.~axaxz~$ ~~~~~a,~r~~zK~e~~aax~~s~z~aa~$rax~xx
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$y,~rXr~~~oK~a1F~i~~F~1'iX to pny al! cosls, cl~arges, and parpenses, ir~cludi~f~ Iaivypr's jees and Iit[e
searc~os. r~~:o~ea~~Iy ii~c~ure~l o~ pai~ hy IhN mor(~a4~ee tiecausP o~ t~~p jni~ure ol !he morfga(~or to prompl~y
ancl ~u~~y CO!?T~)ly II~II~ ~~e (If~lCP/?lPf1IS, stipa~alions, i•oncrilions anc~ covenanls oj snic~ nole an~ I~ia mortgage,
or eitF~ar: to p~~/orm, romply u~it{? o~~d abide by Fnch anel every 1I~e a~mements, sfipulations, conditions and
coren~nis set Jort~~ in sai~ n~f~~ an~j this morfgarye or either. ~n the event !~?e rrtortpagor jni~s to pny when
due any lox, nssessnee~nt, insurance premium or oi~pr sum oJ m~?~py ~ay~blp ~y virfup o~ saicr no[e ant~ fhis
morf~age. or ~il~~er, f{ie neor!{~a~~ee mny pay t{~e same. ~rif~out tuaiuinfl or a~f~cfing Ihe option to Jorec~ose
or any oi{ier ri4~t ~ereunc~er, an~~ a~~ stuh paymenls s{~aU 6enr tnterpst (rom c~nfe i~ereoj ~t tF~e highest la~u-
~u~ rate 11ien qIIA1Pe(I ~y II~p ~a~us o~ lf~P SIAIP o~ 1'Iori~lu.
lL nny s~~m of money herei?i rp~errec~ to be no! prompt~y puid wif~in 15 c,ays next a~te?
lhe same beco?nes due, or i~ eac1~ nnd e~~ery IF~e a,yreements, stipulations, conditions and coi~enants of sniJ
note ancl this mortyaye, or eitl~er, are not /te~ly perjorme~l, complied with antl abiclecl by, then tF~e Pr~tire
sum mentioned in said note, ar~d t1~is mortc~age, or tli e entire 6alance unpaid ihereon, sF~aII jorthwith or
tl~erea~ler, at tE~~ option o~ the mortc~n~ee, 6ecomp and be due and paya6le, anyfl~ing in said nofe or ltenin
to t~~ contrary notu~ilkcfancrin~. ruilure ~y !{~e mort~agee to exercise any o~ fhe riQ~ls or optio?es ~ierein
proniclec~ sf~a~~ not consfilutp a u~aii•c~r o~ any ri~~ts or options iu~dPr saic~ noie or f~is morlgage accrua~ or
t~~prea~ter accn~in~.
RELEASE CLAUSE
So long as this mortgage and the promissory note secured
hereby.is not in default by mortgagor, mortgagor shall be
entitled to partial releases of the subdivided lots in said
Queen' s Co~~e , Unit No. 1, on the basis of one (1) lot f or
each payment on the principal debt in the sum of $6,250.00;
provided, however, that no less than ten (10) lots be released
on any single occasion, and all partial releases shall be at
the expense of the mortgagor. The release credit shall be
cumulative; that is, the partial release need not be requested
; at the time of payment or payments. When all subdivided lots
in Queen's Cove Unit One encumbered hereby have been released
~ from the lien and operation of this mortgage, without further
consideration, the mortgagor shall be entitled to a release of
4 all other lands encumbered hereby except the encumbered lands
~ situate in Government Lot 1, Section 23, Township 34 South, Range
40 East and lying East of State Road A-1-A, which lands shall not
~ be subject to release from the lien and operation of this mortgage
~ except upon full payment of the indebtedness secured hereby.
THIS IS A PURCHASE MONEY MORTGAGE executed for the purpose
of securing the indebtedness evidenced by the within described
promissory note which was made to secure the balance of the
purchase price of the within described real property.
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