HomeMy WebLinkAbout0721 ATTA~f~Nf 1
1. Upon execution and delivery of the Nbrtgage Note and this I~brtgage
by the l~brtgagor, together with the si.ans required to be paid by said Mortgagor
to Mortgagee at closing, Mortgagor shall be liable only to the extent of the
right, title and interest held by it in the property so encuunbered by this
mortgage. Upon default, Mortgagee agrees to waive, and does waive by acceptance
of this mortgage, its right to any def;ciency or deficiency judgment whether
or not a foreclosure and sale of said property is consicnated. However, nothing
herein contained shall constitute a release or impairnient of the lien created
hereby nor shall othenaise preclude the holder of said Note and this Nbrtgage
from foreclosing the rbrtgage and enforcing any other right herein provided
other than expressly waived by the provision hereof.
2. 14brtgagee agrees, providing Mortgagor is not in default of any
provision herein and has perforn~ed the coventants and agreements by them
to be performed, to release, upon application by Mortgagor, from the
encuunberance of this Mortgage, certain lands and parcels composing a part
or all of the property so encwnbered in accordance with the following manner
and procedures:
(a) Releases shall be in miniTmun parcels of one-half (0.50) acres each.
(b) All releases may be comnenced at any area on either the East, West,
Nort 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 the Mortgage shall be provided
with an easement for ingress and egress from ttie public or private right of way,
and, similarly, an easement for ingress and egress shall be provided to Mortgagee
by Mortgagor over released lands to wtreleased lands that may be landlocked•.
(d) All payments made for such releases shall be applied to the nest ensuing
principal payment upon the 1~brtgage. 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 I~brtgagor may accwmalate his
right to releases, and meed not obtain partial releases as principal payments
are made, until such time as it is convenient for bbrtgagor to choose what land
II he wishes to have released. The down payment at time of closing of this trans-
f action shall be considered as payment applicable to any future request for release.
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f (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 (10) days after receipt of Mortgagee from l4brtgagor of
~ the legal description of the parcel to be released, whichever is the later date.
~ (fl All payments made for releases shall be in an amount equal to
~ SIXT'EEN 'INOiJSAND EI(~fI' fitJNDRED SEVF.NfY FIVE and 00/100 Dollars (~16,875.00)
per acre.
3. Mortgagee agrees, provided Dlortgagor is not in default of any provisions
herein and has performed the covenants by them to be performed, to subordinate
this Mortgage to any Mortgage obtained by hbrtgagor for development and/or
construction upon the property encumbered by this mortgage.
4. Pursuant to the Mortgagor's intent to re-zone the subject property, the
blortgagor warrants he will promptly furnish to Mortgagee copies of all docuQnents
V? submitted to goverrunental bodies pursuant to this provision and Nbrtgagee agrees
R when necessary to join in such application subject to his reasonable approval.
~ I4brtgagee shall cooperate with Mortgagor and shall aid bbrtgagor in obtaining
$ said zoning; provided, however, rbrtgagee shall not be required to expend any
~ sums of money under this provision and Mortgagor shall pay all expenses in
~ connection herewith. Mortgagee further agrees to enter into any plat, declaration
~ of condominiLan (subject to his reasonable approval) to pennit development of
~ subject property.
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