HomeMy WebLinkAbout2174 mortgaged property lying between 25th Street and 23rd Street, at
any time subsequent to the actual payment of the first annual
mortgaqe installment on this mortgage upon the payment by Mortgagor
of the sum of FIFTEEN THOUSAND DOLLARS ($15,000.00) per acre for said
lands plus accrued interest thereon to date of payment of same.
13. All principal payments on the note secured by this
mortgage, whether such payment is an annual principal payment or
a prepayment of principal, shall entitle the Mortgagor to rele~ses -
at such time or times as he may elect to request them in accordance
with the foregoing provisions and~all sums paid for releases of
property shall be applied to the next principal payment or payments
due on the note secured by this mortgage, except the sum paid for
the release of the property lying between 23rd Street and 25th Street -
if released prior to the release of the balance of the mortgaged
property. ~
14. The Mortgagee will, upon request, consent to and join ~
in the execution of recordable subdivision plats of the property, ~
~
containing adequate street access to Mortgagee's adjacent property, ~
and will further consent to, subordinate this mortgage to and join f
in the execution of any drainage or utility easements reasonably {
required for development of the property and will further consent :
to subordinate this mortgage to and join in the execution of '
subdivision building and use restrictions on the property and will _
consent to and cooperate with the Mortgagor in obtaining such re- ;
zoning of any portions of the property as may be desired by the '
Mortgagor, with Mortgagor paying all expenses attendant to the '
obtaining of such rezoning. Furthermore, Mortgagee will fully '
cooperate in the abandonment of any existing subdivision plat or
portions thereof upon request of Mortgagor and will join in the
execution of any request of Mortgagor for such abandonment, if
necessary. .
~ 15. Attached to this Mortgage is a boundary drawing
~ prepared by A. C. Boggs and Associates, registered land surveyors,
' marked Exhibit "B" and by reference made a part hereof. Said
drawing shows the acreage of the property lying within the boundary :
to be 169.977 acres. At time of closing of the sale Mortgagor was `
given credit for the four (4) lots in Block 70 not owned by Sellers
(I?iortgagees) as well as for a drainage ditch running North-South, ~
approximately bisecting the property. Should Mortgagor at any time ?
up to the date of satisfaction of this mortgage cause the subject
property to be accurately surveyed by a registered surveyor, at ~
~ his expense, and should the lands lying within the boundary as
~ shown on Exhibit "B" actually contain less than 169.977 acres,
~ Mortgagor will be given credit on the note and mortgage at the ~
rate of NINE THOUSAND DOLLARS ($9,000.00) per acre for.any such 3
~
deficiency and, by the same token, should the lands lying within ~
the boundary shown on Exhibit "B" exceed 169.977 acres, Mortgagor
~
~r, will pay Mortgagees, at the rate of NINE THOUSAND DOLLARS ($9,000.00)
~ per acre for the excess. The parties hereto have proceeded under ~
~ the assumption tha~ the acreage computation shown on Exhibit "B" y
~ are made on the basis of the boundary of subject property being _
~ coincident with the boundary line of the main streets shown thereon, :
~
namely 25th Street, Nebraska Avenue, Kentucky Avenue and 13th Street. z
Should a survey reveal that any of said rights-of-way actually en-
' croach upon subject property as delineated on Exhibit "B" Mortgagor
~ will be given credit for the area of encroachment at the rate of
NINE THOUSAND DOLLARS ($9,000.00) per acre.
$Dpll~ ~ATE~UU
-2-
K~
..c ; '~`s '~.',-~,~w. '"t.,
_.'"}Yi`~-:-) ~3
i^
~ ~~~~r=%~~~ ~
_ . . ~ ~ . . ~