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EXHIBIT "C"
RELEASE CLAUSES: ~
PROVIDED this Mortgage is NOT in•default, it is agreed by .
the parties hereto that the totally described lands described in
Exhibit "B" shall be released from this Mortgage in accordance with
the following described Schedule: .
1. Mortgagee shall release the platted waterfront lots
upon. the principal payment of TEN THOUSAND EIGHT HUNDRED
AND 00/100 ($10,800.00) DOLLARS for each lot so released.
2. Mortgagee shall release the inside lots (those NOT
abutting waterways) upon a principal payment of SEVEN THOUSAND _
FIVE HUNDRED AND 00/100 ---($7,500.00) DOLLARS for each lot
so released.
3. Mortgagee shall release the platted lot marked "PROPOSED
SHOPPING CENTER" upon a principal payment of TWENTY-SEVEN
THOUSAND SEVEN HUNDRED FIFTY AND 00/100 ---($27,750.00) DOLLARS.
4. Mortgagee shall release PARCEL 2, upon a principal payment
I
of ONE H(1NDRED FIFTY THOUSAND AND 00/100 ---($150,000.00)
DOLLARS.
5. All release sums paid shall be deducted from the next
annual payment then due.
RECOROEDi
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