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, by and bc~ween CL11Y'1'ON TI ~1S'C COMPIINY, 'Prustcc ot l-hc
• '1'esC~~ment•.ary '1'rust creat~~~] under the Lasl- Wi.ll and
Testament o~ Grwin T. 1l~i~r.r, decc<ised, ancl D. Alviena
1luber, and 1?rthur Wolff, as Ancillary Pcrson~il ltepre-
s~nt~liv~ ~f ~aiil ~btat~:, ds S~llers, and MCDALIE 6
STARR, as Trustees, and/or ~ssigns, as Buyer.
Paragraph 10 of the ADDGNDUM is hereby deleted in its
entirety and the following substituted in its place and stead:
10. Simultaneous to all conveyances hereunder, Buyer
shall deliver to Seller its negotiable promissory note in
the principal amount of $150,000.00, which note shall be
jGt.i.irZta a~'ij ~ YL2r~iia3Sc'~. :~or.sr ,~~~r~yd~a~.~ ini~'i1i.~`i 5t'iuZj. riJ~ d -
first and prior lien upon all of the property to be sold
and purchased hereunder excepting Lot 4 N of C-24. Said
note shall bear interest at the rate of 8$ per annum (prior
to maturity or default), payable in five egual annual
installments of principal, plus accrued interest on tlie
unpaid principal balance, with the first annual principal
and interest payment beinc~ due and payable one (1) year ~
after date of closing. After maturity or default, the
then unpaid balance shall bear interest at the highest
legal rate. Said note and tn~rtgage shall be prepayab3e;
in whole or in part, at any time, without penalty, provided,
however, tliat in no event sh~~ll the amount of any preFaymeiit
in the calendar year of closing hereunder cxceed tlie sum of
$18,000 unless the entire principal on said note is prepaid.
.
The purchase money mortgage shall further provide '
for the release of land from the lien thereof on the
following basis:
(1) From and after the closing hereunder, mortgagee
shall release property from the lieri of the purchase money
mortgage upon payment of the sum of $1,259.00 per each acre ~
so released.
,
(2) Releases shall be given in 10 acre tracts
running from the Easterly property line of the mo~tgaged ;
property to the Westerly praperty line thereof beginning f
with the most Northerly part of the property (the northern
most•property line) and, thereafter, each tract shall be
contiguous to the property previously released. Provided,
~ however, tliat in the calendar year of closing hereunder,
f only one 10-acre tract shall be released. f
~ (3) With each xe uest and
q payment for a release
~ ~ of property, Mortgagor shall deliver to Mortgagee at Mortgagor's
~ expense, a survey of the property to be released which survey
shall contain an accurate acreage computation thereof.
t •
~ (9) Al1 payments for the release of property
which are prepayments shall be applied towards t}ie next
~ ensuing payment due.under the terms of the note secured
~ by the purchase money mortgage and all principal payments ~
on said note shall apply towards release prices, whether
the request for r~lease is made at the time or, prior to or
subsequent to such payment. -
(5) Said note sh~ll Z~rovide for the payment by ~
I3uyer of reasonable attorneys' fees in the event of default
and said mortgage and note shall contain such other provisions
as are acceptable to Seller's counsel. • •
r
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~ (6) All releases hereunder shall be contingent upon
~ Buyer providing road access to the property remaininy subject
~ ~ to the mortgage lien after such release. ~
~ CLAYTON TRUST COMPANY, TRUSTEE NlEDALIE 6 STARR
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- BY -v > (Jl~(f.cc•.,~... IIy .
a, ~i .•~c,~4~,~.~crller 'rustee euyer
~ G C- .L,~,~ , ~
r ur o f, Ancil ary 6001f ~71 ~ PACE 4~ '
~ 71~mi.n; cfrs?t~r ~n~ f'~~.~•-~i ~n 1~r
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