HomeMy WebLinkAbout0219 . : 24'~
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t.~. I"llll:i i ~i<< I~~,u t hc~ I:.:_: Gc~: l.y LJUilll(~c~ry of lhe ~
r;~~~tc~~,~;~cl I~ro~~~~r.ty l~c~ t~hc~ 1:e~s:t:crly l~oiu~dary tl~creo~ ,
t~:~c~inni.nry ~~i~h tt?~ ~~~:.t Svu:_he~:l~r r,art o~ the property
I _ (tt~c 5oi~tt~,~rn i:?ast: Pro~~:~rtly line) and, tt~ereafter, .
each ir~-~cl: shall bv CUiltl(j110115 ta the property `
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prcviausty releasE~d. - • ;
(3) ~ti'ith each request and raynent for a
• releasC of propc~rty, i-lor~gaqor shall deliver to -
Mortgagee at L•iortr~-~gor's expense, a survey of tYie
property to be relezsed ~~rhich survey shall contain
_ an accurate acreage computation thereof. -
- (~3) All Pay.nents for t}ie release of property
which are prepaymen~s shall be applied to•~ards the
. next ensuing payrient du~ under the terms of the note
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secured by the-purchase money mortqage and all prin- ~
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cipal payments on said note shall apply towards ' f
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release prices, v~hether the requzst for release is
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made at the tir~e of, prior to or subscquent to such '
payment.
In consid~~ration for the docanpaym~nt, the purchase
~ money i~iorty~zg^ ~hall conraii~ a prova.sion requiring the mortyagee
to suborc3inate khati part ttiere~~ encu:nberiny the most southerly
GO acrc tract of l~~nd and thal-. part of the land upon ~,~hich
a d~dic~~ted roaclway is to be constructecl, to the lien of any
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construction ~norty~icle (s) obtained by nortcJayor securing loan ~
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,I proce~:cls whic'n ~rr_ ar.tu~lly used in the construction oF improve- t
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i ments upon _~aid 60 acrc~ tract ancl the construction of said. -
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' roaclw~zy; provicled, hoL,rever, that L-he amount o~ such mortgare (s)
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€ for ir~ProvE.:~en~s u~an ::aid GO acre tr~ict ~sh~-~11 n~t aggrega~e ~
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a sii;n _in c~::c~~~s aC $l, OUO, UUO. 00 ~~nci the nartg~-~cJe (s) evi~lenciny
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thc~ cicrt~t f~r s~~icl rc»cl:•rc~y sh<<11 nat: c::cc~ecl ~IIE' acrual cosh of ~
, c.t~ti :~ruct.ic~:i tiir~rcr~~f. , ~
'"ilic• E,»rcl~:~::t• ta~~n~.~/ ~:~t~rt-.rj,~cJt~ wi].1 furtlicr con~~lin
~?rc~v i:: i un r. c~c1:t i r i ~i~~ ['.c~ r t_cj,~~jc.t. t.t~ jc~.'tt~ i_n t?tiy I>1~~ t:;, rc-pla t:; ~
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j e~r- z~,~~ i nc~ r~; ~~,1 i.c..i t. i c,n:: e,r~ 1~~~.~ ~~c~r. t-.c;,ec~~~cl i>r_oj~~srty; in .sny r_:sas- ,
i 1~•'i:t {~rT" j~:l~)~ I(; (~r ~~?-jl',It~' 11~' 1 ~ 1~-1(!::; ~~ncl ].Il illl'~ Y'Oi1C~ (;CC~LC:iI'-
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E i 2~ PAGE ~9
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