HomeMy WebLinkAbout0861 In tr.e alternative the parties agree that upon any develop-
~ent plan enco~passes all the la~d under this ~~ortqage that partial
re~easas snall be granted to all contiguous lands at the rate herein
pr~scribed at the sole discretior. of the m~rtgagor provided not more
t~an 50a of raad~vay frontage shall be partially ~eleased by a d~pth
of 600 feet u:~til tne balance of the remaining property under mortgage
has been paid and released in full. The intent of this alter:ative
re~easa is to permit random contiguous releases at tr.ortgagor's dis-
cre ~ion .
In tne event of default the mortgagee or their assigns under
;ne ~ir~t underlyi;~g ::ortgage ~ue the Federal Lan3 Bank and accelera-
tion oi the entire ar:~ount tne Buyer shall have the cumulative right
to make payr.lent of all sur.is due under the f irs t mortgage and credit
same pro-rata against second mortgage an~Jor mortgages between the
~arties. ~
` Upo:~ request and tender of prepayment and partial releases under
eit'r,er formula described, tne mortgagor shall be entitled to release
~a co :sideratio:~ o~ $6,000 per acre of lands under the first mortgage
:.zrzir. referenced and this second mortgagee s:~all use t:~eir best
~ ~~~or:.s, upon recues~, to obtain identical releases and from t~e
! ~orce a:~d e~fec~ of t;~e underl,~ing unassunled first riortgage ann s:~ail
~ - ~ f~rst
:,a:_e ~aymen~ of alI sa~;~ ciue for partial re~eases to the
:wortgage ~ro.:~ t'~e ~er acre partial release sum tendered. T;ze
~:,tent af the $6,~00 per acre release sha1Z release designated
iar.d ~ro:a both mortgages by the aforesaid prepayment ar.d release
- ~or;a;:~a wi;hoa~ furtner consideration.
EXCi;LPaTORY CLAUS£
It is agreed by and between ;i1e parties that the sole security
~or repay:~e:.~ of this mortgage note and mortgage shall be the realty
~ covered hereunc:er ar.d the parties agree that the mortgagor s'r,all r.ot
~ -
personally liable nor subject to def iciency judgment upo~ de~ault,
BOOx 229 PAGE 061
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