HomeMy WebLinkAbout1687 5(a) RELEASE FROVISIONS: In Consideration o£ ~he payment by Mort-
gaqor to Mortqagees of Six-Hundred Thousand Dollars ($600,000.00) cash
at the tiule of closinq the purchase of the lands encwnbered hereby, the
Mortgagees, their successors and/or assigns will release from the lein
and operation of this mortgage one-hun3red fifty acres (150) of land,
at any time, and without payment of 3ny additional consideration for
such release, upon the written demand therefor; provided, however, the
150 acres to be~released must be located within.the area bounded as
follows:
a. On the north by a line extending from the northwest
~ corner of Lt~t 16, Block Section 24, to the north-
west corner of Lot 16, Block 3, Section 24;
b. On the East by a line extending from the northwest
corner of Lot 16, Block 4, Section 24, to the south- .
west corner of Lot 15, Block 4, Section 25;
c. On the south by a line extending from the Suuthwest
cornsr of Lot 15, Block 4, Section 25, to the South-
west corner of Lot 15, Block 3, Section 25; and
d. On the west by a line extending from the Southwest
corner of Lot 15, Block 3, Section 25, to the North-
west corner of Lot 16, Block 3, Section 24. _
The 150 acres to be released must consist of contiguous tracts. In
addition, the Mortgagees, their successors and/or assigns agree to
furnish an easement for access from U.S. Highway No. 1 to the 150
acres to be released over the north 60 feet of that part of Lots 14
and 15, Block 3, Section 26, lying east of U.S. Highway No. 1; the
north 60 feet of Lot 9 and the north 60 feet of Lots 11 through 15,
I both inclusive, all in Block 4, Section 26, and the north 60 feet of
f Lot 9, and the north 60 feet of Lots 11 through 14, both inclusive,
Block 3, Section 25. Mortgageesj their successars and assigns, agree
that in the event the mortgagor, his succ~ssors or assigns shall grant
an easement to another mortgagor, or any other party, over the afore-
said 60 foot easement, said easement shall not be extinguished or
impaired in any manner by a foreclosure of this purchase money second
mortgage.
In consideration of the payment, or pre-payr~.~nt, by Mortgagor
of each annual instal.lment due upon this mortgage and the note secured
hereby, the Mortgagees, their successors and/or assigns will release
additional tracts from the lien and operation of this mortgage according
to the followino provisions:
a. One acre of land shall be released for each $4,648.00 of
principal so paid.
b. Releases shall be in minimwn tracts of ten (10) acres,
contiguous to previously released tracts, and in such
a manner that all unreleased lands remain contiguous. ;
c. No tracts, however, lying within Blocks 3 and 4 of
Section 26 or within Lots 9 through 14, both inclusive,
Block 3, Section 25 shall be released until the mortgage
has been paid in full.
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