HomeMy WebLinkAbout2926 posed release parcel as well as that portion of the premises remain-
ing subject to the mortgage. The Court finds, as a matter of fact,
that Defendants paid all installments of principal and interest due
on the note and .mortgage with the exception of the final installment,
and that although these payments were late in time, they were never-
theless paid, and therefore Defendants are entitled to their releases
upon the furnishing of appropriate release forms satisfactory to
Plaintiff together with a survey under the conditions set forth in
Paragraph 7 of the mortgage. Defendants shall have 30 days from May
22, 1979 within which to comply with the requirements of Paragraph 7
of the mortgage and in the event that Defendants fail td comply with
said requirements within that period of time, or in the event within
30 days the Plaintiff and Defendants shall be unable to stipulate to
a description of the property to be released, then upon Motion and
Affidavit being filed to that effect, the Court will enter Final
Judgment for the principal, interest, costs and attorneys' fees due
and decreeing that a sale of the entire property be held on or after
60 days from May 22, 1979. In the event that Plaintiff and Defend-
ants, either through survey or stipulation, determine the description
of the property to be released within the 30 day period, and the
i
{ Defendants fail to pay the principal, interest, costs, and reasonable
4
attorneys' fees incurred by Plaintiff's counsel in this action, then
the Court, upon Motion and Affidavit to that effect, will enter a
Final Judgment determining the reasonable attorneys' fees to be
F
awarded to Plaintiff, a description of the property remaining subject
~ to the lien of Plaintiff's mortgage, and decreeing a sale of such ~
remaining property to be held on or after 60 days from May 22, 1979.
7. In determining the amount of property to be released
from the mortgage, the Court construes Paragraph 6 of the mortgage as
requiring releases based upon payments of principal only and not upon ~
payments of interest. Since the Court has already determined in
Paragraph 6 of this Judgment that Defendants have paid a total of -
i
$539,656.75 in principal on the note and mortgage, the amount of
3
ti
-4-
4 R
3;:~~ JV7 :2923 ~
s
~I