HomeMy WebLinkAbout1238 ATTACHMENT 1
1. Upo~i execution and delivery of tl~e Mortgage Note and
this mortgage by the Mortgagor together with the sums required
to be paid by said Mortgagor to Mortgagee at closing, r+ortgapor
shall be_liable only to the extent of the right, title and interest
held b}~ it in the property so encumbered by-this mortgage. Upon
default, Aortgagee agrees to waive, and does waive by acceptance of
this Mortgage, its right to any. deficiency or deficiency judgment
whether or not a foreclosure and sale of said property is consumated,
However, nothing herei~l contained shall constitute a release or
impairment of the lien created hereby nor shall otherwise preclude
-the holder of said Note and this Mortgage from foreclosing the
I~tortgage and enforcing any other right herein provided other than
expressly waived by the provisions hereof.
"l, Mortgagee agrees, providing Mortgagor is not in default
of any provision herein and has performed the covenants and agree-
ments by them to be performed, to release, upon application by
Dlortgagor, from the encumberance of this Mortgage, certain lands
and parcels composing a part or all of L-he property so encumbered
in accordance with the following manner and procedure:
(a) Releases shall be in minimum parcels of one-half (0,50)-
acres each.
(b) All releases may be commenced at any area on either the
Fast, lvest North or South boundaries, at Ptortgagor's option. After
the intial release, however, all other releases shall he contiguous
to the previous release obtained,
(c) Any parcel released from the lien of this rortgage shall be -
provided with an easement for ingress and egress from the public or
private right of a~ay, and, similarly, an easement for ingress and egress
shall be provided to Mortgagees by Mortgagors over released lands to
unreleased lands that may he landlocked.
(d) All payments made for 'such releases shall be applied to the
~ next ensuing principal payment upon the Mortgage, Upon payment of
~ each principal payment when due, mortgagor shall be entitled to
releases of land in accordance with the herein provided release prices;
~ provided that Mortgagor may accumulate his right to releases, and
need not obtain partial releases as principal payments are made,
until such time as it is convenient for Mortgagor to choose what
$ land he wishes to have released. The down payment at time of closing
of this transaction shall be considered as payment applicable to
any future request for release.
(e) Mortgagee agrees, upon receipt from Mortgagor of payment
and requests for a release pursuant to the foregoing, to execute
and deliver to mortgagor the partial release requested by Mortgagor
within ten (10) days of receipt thereof, or within ten (1 U) days
after receipt of Mortgagee from !Mortgagor of the legal description
of the parcel to be released, whichever is the later date,
(f) All payments made for releases shall he in an amount equal
to -
3. Mortgagee agrees, provided Mortgagor is not in default of any
provision herein and has performed the covenants by them to be -
performed, to subordinate this Mortgage to any Dortgage obtained
by rlortgagor for development and/or construction upon the property
encumbered by this rortgage,
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