HomeMy WebLinkAbout0703 26. It is the intention of Mortgagor to subdivide a portion
of the above real property into residential lots as shown on that
certain plat of River Place Addition prepared by James A. Rirby,
Land Surveyor, Job No. 75-352, a copy of which plat has been
previously delivered to Mortgagee. Provided Mortgagor is not
in default hereunder, Mortgagee shall release from the lien and
operation of this mortgage individual lots as per said unrecorded
plat of River Place Addition upon reduction of the principal
balance of the indebtedness secured hereby in an amount equal
to the price of such lot ff sold to a third party but in no event
less than Ten Thousand (S10,000.00) for each lot to be released.
Any such release shall be duly executed by Mortgagee and shall be
in recordable .form. The cost of recording any such release shall
be paid by Mortgagor.
AT CR B. Y
MICAAEL S. BROWN
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