HomeMy WebLinkAbout1246 ATTACHMENT 1
1. Upon execution and delivery of the Mortgage Note and
this D~ortgaKe by the Mortgagor, together with the sums required
to be paid by said I?'ortgagor to Mortgagee at closing, 1?+ortgagor
shall be liable only to the extent of the right, title and interest
held by it in the property so encumbered by this mortgage. Upon
default, ~tartgagee 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 herein 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
Mortgage and enforcing any other right herein provided other than
expressly waived by the provisions hereof,
Z, 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
Mortgagor, from the encumberance of this Mortgage, certain lands
and parcels composing a part or all of the property so encumbered
in accordance with the following manner and procedure:
(a) Releases shall be in minimumparcels of one-half (0.'50)
acres each.
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(b) All releases may be commenced at any area on either the
East, (Vest North or South boundaries, at Mortgagor's option. After
the intial release, however, all other releases shall be contiguous
to the previous release obtained,
(c) Any parcel released from the lien of this Aortgage shall be
provided r+~ith an easement for ingress and egress from the public or
private right of way, and, similarly, an easement for ingress and egress
shall be provided to Mortgagees by Mortgagors over released lands to
unreleased lands that may be landlocked.
(d) All .payments made for such releases Shall be applied to the
next ensuing principal payment upon the mortgage, Upon payment of
E 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
i need not obtain partial releases as principal payments are made,
until such time as it is convenient fo?-1?+ortgagor 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.
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(e) bortgagee agrees, upon receipt. from 1ortgagor 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 !~~ortgagor of the legal description
of the parcel to be released, whichever is the later date,
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(f) All payments made for releases shall be in an amount equal
to 5EV~NTY-FIVE. HUNUREll and 00/100 (5"/,500.00) Il(1LLARS per acre,
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 Mortgage obtained
by 1?tortgagor for development and/or construction upon the property
encumhered by this D+ortgage,
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305 ~~fr1244