HomeMy WebLinkAbout2915 the contrary notwithstanding. Failure by the Mortgagee to exer-
cise any of the rights or optians herein provided shall not con-
stitute a waiver of any rights or options under said note or this
mortgage accrued or thereafter accruing.
THIS IS A PURCHASE MONEY MORTGAGl:
So long as Mortgagor is not in default in the payment
of any sum due under the mortgage or the promissory note secured
by same, the Mortgagee will qrant partial relea,ses from the lien
and operation of the mortgage on the basis of the followi~g unit ~
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release rate and in the following sequence:
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(1) Platted Lots $ 1,500.00/Lot
(2) Acreage in Land Section 11 395.00/Acre
(3) Acreage in Land Section 12
from East to West $ 395.00/Acre
(4) Acreage in Land Section 13
from South to North $ 785.00/Acre
(5) Acreage in Tract "B" Unit 4, ~
(1.25 acres) . $20,000.00/Acre .
(6) Tract "C" Unit 4 (3.30 acres) $20,000.00/Acre
(7) Portion of Tract "B" Unit 3, $ 300.00/Front
(95.76 front feet on U. S. Foot on U. S.
Highway 1) Highway 1
provided, however, that no release will be requested or granted for
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property that fails to extend the full East-West dimension of subject ~
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property or that has the effect of dividing the mortgage security.
i Failure on the part of the Buyer to request a partial release upon ~
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; the making of a payment or prepayment shall not constitute a waiver ;
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~ of his right to such partial release.
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~ IN WITNESS WHEREOF the Mortgagor has caused these presents
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~ to be executed in its name, and its corporate seal to be hereunto
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affixed, by its proper officers thereunto duly authorized, the day
and year first above written.
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~ Signed, sealed and delivered WHITE C~TIES UTILITIES CO.
~ in the presence of:
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~ -,1~Y_ By :
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_ - ~ Attest: ~
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BOOK~.c7V PAGE~9~.'. -
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