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HomeMy WebLinkAbout2173 ADDENDUM ATTACHED TO AND MADE A PART OF ' THAT CERTAIN MORTGAGE FROM ~ GORDON S. NUTT TO C. E. ALLEN AND COMPANY, ET AL > ; , 10. The Mortgagor shall have the privilege of obtaining s a partial release of thirty-five (35) acres of land from the lien ~ of this mortgage at any time he shall so elect without additional ; consideration or payment upon the mortgage. The said thirty-five ` (35) acres shall be either a parcel lying immediately East of 23rd ~ Street or a parcel fronting on 13th Street and running South along i 13th Street 1,050.78 feet from the Northeast corner of the property ~ herein mortgaged, the South line of which shall run West parallel - to the North line of said property from a point 1,050.78 feet South of the Northeast corner of the property. 11. At the request of the Mortgagor the Mortgagees shall i release additional lands from the lien of this mortgage from time to time in increments of not less than five (5) acres each as selected by the Mortgagor at and for a release price of ELEVEN ~ THOUSAND DOLLARS ($11,000.00) for each acre released. I.ands in ~ the first release requiring payment shall be contiguous to the { first thirty-five (35) acres released as provided for in Paragraph ~ 10 above and each subsequent release shall be contiguous to lands previously released from this mortgage and the boundaries of all ~ land released shall be approximately North-South and East-West in direction except when coincident with the original boundary of the ~ property. Mortgagor shall not be entitled to a release of more than * 1,050.78 feet on 13th Street until after sixty percent (60$) of the ~ principal has been paid on the purchase money note secured hereby; # said lands on 13th Street remaining under the mortgage lien until ~ ' af ter said sixty percent (60$) of the principal has been paid shall f ` have a minimum depth of 500 feet. The first 1.364 acres of the ~ ~ North-South drainage ditch right of way through the mortgaged ~ ~ property having an agreed width of 50 feet for release purposes ~ shall be released without charge or payment on this mortgage or the note secured hereby. The Mortgagee will not be required to ~ give any releases which would isolate unreleased portions of the ~ mortgaged property from ingress and egress to 13th Street. In - addition to the foregoing release provisions the Mortgagor shall - have the further privilege of obtaining releases running Westward s from 13th Street if the initial thirty-five (35) acres released ~ from the mortgage shall abut 23rd Street or of obtaining releases ~ running Eastward from 23rd Street if the initial thirty-five (35) ~ acres released from the mortgage shall abut 13th Street on the same ~ ~ terms as hereinabove provided, except that the release price shall ~ be TWELVE THOUSAND DOLLARS ($12,000.00) per acre for the first such ~ release and all subsequent releases made pursuant to this additional release provision. The parties hereto agree that the first thirty- five (35) acres released shall be in one parcel and that the legal ~ description for the property to be released shall be obtained by , ~ Aiortgagor and at Mortgagor's expense as will be the case of all > ~ subsequent releases other than thE final satisfaction of the mortgage. 12. At the request of the Mortgagor the Mortgagees further agree to release from the lien of this mortgage that portion of the ~ ~ ~~5 ~ 2su7 ~a= s ~ ~ . _ . - - - - ~ . . y - ~y ~r ~ ~ , y~„~~ ~ ~ - _ _ _ r