HomeMy WebLinkAbout0809 EXHIBIT C
ADDITIONAL PROVISIONS of this Mortgage, constituting
additional covenants and agreements by Mortgagor and Mortgagee,
are as follows:
(1) Provided that no Event of Default or event which
with the giving of notice or passage of time or both would
constitute an Event of Default exists hereunder, Mortgagee
agrees that portions of the Premises will be released from
the lien of this Mortgage in accordance with the following
provisions:
(a) Mortgagee shall at any time, and from time to
time, at Mortgagor's request, release any portion of the
Premises upon the payment or'prepayment o€ principal to
be applied on the Note at the rate of Twenty-Nine
Thousand Seven Hundred and No/100 Dollars ($29,700.00)
per acre, computed to the nearest one-hundredth
(1/100th) of an acre.
fib) Mortgagee shall execute and deliver all such
documents and paper-s as may be deemed necessary to con-
summate and evidence any release, except that Mortgagee
shall have no obligation to release any of the Premises
unless it has been first provided an appropriate partial
release deed with respect to the portion of the Premises
to be released, and a plat of survey of the Premises
showing the portion to be released and the portion that
will remain subject to this Mortgage.
(c) Notwithstanding anything to the contrary con-
tained herein, Mortgagor's right to have a portion or
portions of the Premises released-from this Mortgage as
herein provided shall be subject to the following
provisions:
(i) The first portion to be released shall
contain seven (7) acres, more or less, and shall be
bounded on the north by the northernmost boundary
of the Premises,. on the east by the easternmost
boundary of the Premises, on the south by a line
running parallel to the northernmost boundary of
the Premises and intersecting the midpoint of the
easternmost boundary of the Premises; and on the
west by a line running parallel to the easternmost
boundary of the Premises and intersecting the
northernmost boundary of the Premises and the
southernmost boundary of the said portion as
hereinabove described.
(ii) The second portion to be released shall
contain one-half (1/2) the number of acres in the
Premises remaining subject to this Mortgage, and
shall be bounded on the north by the northernmost
boundary of the Premises, on the west by the
westernmost boundary of the Premises, on the south
by the southernmost boundary of the Premises, and
on the east by a line running parallel to the
easternmost boundary of the Premises.
(iii) The third portion to be released shall
consist of the balance of the Premises remaining
subject to this Mortgage following the release of
the two portions described above.
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