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' RIDER TO MORTGAGE DEED DATED SEPTEMBER 4, 1979,
BETWEEN ERSKINE CONTRACTING CORP MORTGAGOR,
AND M. RONNY NELSON, TRUSTEE, MORTGAGEE
In consideration of the payment or a prepayment by the mortgagor to
mortgagee of each annual installment due upon this Purchase Money Mtsli~tqa9e and
the note secured thereby, the mortgagee, his successors and.assigns, will release
from the lien and operation of this Mortgage portions of the lands encumbered
hereby according to the following schedule: ~
(a) One foot of land, as measured on the perpendicular, from oceari to river,
shall be released for each $1, 800.00 so paid..
(b) Releases may begin on the north line and run south, or on the south line
and run north; however, once a release has been granted, all future releases must
be contiguous to one another .
(c) Releases must be in increments of no less than 50 feet as ineasured on the
perpendicular . ,
(d) Mortgagor must furnish legal description and document for release at his
expense.
(e) In lieu of paragraph (a) above, mortgagee agrees to release all (only)
the property east of A-1-A or all (only) the property west of A-1-A on the following
terms: •
1. Property east of A-1-A shall be released at a price not to exceed
eighty per cent (80~) of the per foot price set forth in paragraph (a) .
2. Froperty west of A-1-A shall be released at a price not to exceed-
forty per cent (40$) of the per foot price set forth in paragraph (a) .
3. Total release price for property east and west of A-1-A shall not -
' exceed the per foot price set forxh in paragraph (a) above .
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