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HomeMy WebLinkAbout1959 In order to further secure the Mortqagee hereunder, Mortgagors agree to pay to Mortgagee for each of the next twenty (20) duplex. living units sold in Windmill Village, Unit II, the sum of $2,500.00 each, such payments to be credited against the next quarterly pay- ment due on this obligation. The Mortgagee also agrees to release parcels described in that certain mortgage between Property Manaqement Group, Inc., and Phillip Weiner as Trustee, such parcels being 80 feet in width as measured lineally along State Road AlA beginning at the Northerly boundary of the property described in said mortgage and running contiguously thereafter to released lands, and its East-West prop- erty line shall be parallel to the property released immediately prior to the release payment. Said releases shall be given for one ~ strip of 80 feet, once each year during the term of this obligation - S only if proper reduction in principal on this obligation is made, the minimum amount being One Hundred Thousand Dollars principal _ ~ having been paid to the Mortgagee under this obligation during the t x prior calander year, and further if the balance on this obligation has been reduced by $75,000.00 as of January 1, 1976. ; After January 1, 1976, releases for additional contiguous ~ strips of 80 feet shall be given to Mortgagors upon payment ~o the ~ Mortgagee of the sum of $50,000.00 for each such strip of 80 feet ~ _ . ~ to be released, said payment is to be applied to the last payments ~ ~ due under this obligation. By virtue of this obligation the Mortgagee shall make the mortgage payments required under the Property Management Group, Inc., ~ mortgage which is now held by William H. Watson, Trustee. . ~ ~ ~i Nothing herein contained shall be construed as altering or . ~ ~ ~ changing saic~,mortgages or notes or the contracts between the parties which survive the closing, except as specifically hereinabove set ~ ~ forth, or in any manner affecting the security or priority of said ,a mortgages, but the liability of the parties who executed the per- ~ ~ sonal guaranty of the mortgage note secured by the mortgage recorded ~ ~ ~ in Official Record Book 204, Page 101 shall now jointly and severally ~ guarantee the payment of the amounts due under this obligation to ~ - -4- 0 R n ~ ~ BOOK ~38 PA6f ~ ~.75U ~ ;:~x ~ ~ a~,. r . ; ~ , , _ 2s' _y ~'i . . . . ts-t` . _ _ .