HomeMy WebLinkAbout1704 i
mortgage fror~ tr,e Buyer to the Se~ler herein
snall contain a release clause providir.~ for the
~release of lands from said mortga~e fro:~ ti.^~e to
ti;r.e as selected by tr,e mort~agor from any of the
fo~lowing zones at and for the release price nere- ,
inafter se ~ ~ ort:~, as follows: . ~
DESIGNATTO?~ OF ZOA'E • A2d0UiVT TO BE
P_____~_AID_ FOR RELEAS~
Zone 1(2196 fee~ ocean frcnt) ~ 500 per front foot
Zor.e 2(not inciHded in t'r.is
saie or the ~:ortgage )
Zone 3~ 22G0 i"'eet AlS hig'~way fror.t) ~ b0 per ~ro ;oot
Zor.e 1~ ( 2000 feet AlA h;.ghway front ~ 50 per .front i~oot
Zor~e 5( 6 Ac: e pa: cel $ 25 ; CCC per ac: e .
Zone o(25 Acres) ~ 7;000 per acre
Zor.e 7~215 Acres) $ 4,OOG per acre
Sa~c zor.es are delineated on ~ne attached map and the areas and dis-
~ar cE s se t o~:t are ~approxi~nate , said zor.e s he ing approximate ly the
sa:..e as delineated in t~:e release clause on the first r~ort~age to the
S:'. :,~C=E CO~;NTY BANK as _recorded in O.R. Book 169, pa~e 2553 • Tr?e
;:or:,~aoor sr.a~.~ be entitled to select 1ar.d.s from any zone iz desi:es
~ro ::;~.me to ti::e but all lar~ds :e~eased~ in 2r.y particalar zor,e shall
;,e cor,~~KUOus to lands previously released in t:zat particu~ar zone
I a~ ~er Z:,e first release in said zone . The mortgagee will r.ot be re-
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f qu~red Lo give a release wh~le a default exists on said mortgage or
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~ ~'r~e r.ote secured thereby. A~1 principal payments on the note secured
f .
' by sa~ci r~~ort~a~e , whether such pay:r~ent is an annual principal paymer.t
or a~re~ayment of principal; sr.all e:~itle the mort~agor to releases ~
i:, accordance with the fore~oin~ provision, subject to threshold amount i
o~' pr~nc~pal payments to be paid totalin~ $500,000:00 as nereir.af~er ~
~ - , _ ~
; z~erer.ced, ar.d al~ sums paid for reieases of property sha~l be ap t
p~~ed ;,o the next principal payner.~ d~;:e on t~e note secured by said
~,~r~~a~e. ~s soor. as the su.m of FIV~ H~NDRED THOUSAI\D DOLi.ARS
J~0 , OCO . 00 } ha s be en pa id on t~e prir. c ipal of the se cond ~ mort~age ~
~
~ =r~-- ^e Buyer ~o t'r.e Se~ler ?:erein provided for, the rr.ortgagor sr.all `
_ ,
~ ~a en~i~led ~o :eieases ir, accordar.ce w~th the above scr.edu~e ~or
~r ~
~ a::~ i:;.r.e a.TOUnt af the down payment cf SE~N r:iiI~DRED FIr TY THOliS:~:~i,
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