HomeMy WebLinkAbout1196 (Partial Release Clause - Continued):
connecting the aforesaid East and West boundary lines drawn parallel to
the South line of Section 24, Township 35 South, Range 39 East. Said
release shall be granted upon the pre-payment to Mortgagees of that portion
of the principal indebtedness hereby secured which, when added to prior
payments of principal and the cash sum paid at the time of execution of
this mortgage, equals the total sum of $175,000.00.
(b) Following the grant of release provided for in sub-part a.
above, releases of additional acreage lying to the South and West of
the 1.5 acre parcel, above described, shall be granted by Mortgagees
upon receipt of pre-payments of principal amounting to $15,625.00 per
acre, or fraction thereof, to be released.
(c) No•release will be requested or granted by Mortgagees other
than for reasonably contiguous parcels which do not tend to divide
the mortgage security. Further, no release shall be requested or granted
which would serve to impair Mortgagees' legal access to the remainder
of their mortgage security.
EXCULPATORY CLAUSE
Mortgagees,•for themselves, their successors or assigns, by
the acceptance and recording of this mortgage, covenant and agree
to and with Mortgagor that in the event of Mortgagor's default hereunder
or default in payment of the promissory note which is secured hereby,
Mortgagees may_proceed solely against the lands encumbered hereby,
and Mortgagees hereby covenant that no deficiency decree shall be
sought against Mortgagor or against any other person or entity in
the event of such default by Mortgagor.
THIS IS A CORRECTIVE MORTGAGE, excc~.~ted and recorded to correct the
legal description in that certain Mortgage between the rarties hereto,
dated December 28, 1978, recorded in O. P.. Book 300, page 1798-1801,
on which mortgage the int,~ngible tax has been paid. '
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