HomeMy WebLinkAbout0921 1
~ SCHEDULE A
PARTIAL RELEASE PROVISION
Martgagee covenants with Mortgagor to grant partial releases
~ of lands from the lien and operation of th~s mortgage on the
following terms:
~ Upon Mortgagor's demonstrating his financial ability
to construct a golf ~ourse amounting to 150 acres
within the boundaries of the Parent Tract encumbered -
by this mortgage, and further demonstrating that all
governmental permits for such construction have been
obtained, Mortgagee shall partially release said Golf -
Course Parcel amounting to 1S0 acres utilizing
legal description to be furnished by Mortgagor~, for
the sum of Ten Dollars ($10.00). For purposes of this
partial release entitlement, "financial ability" shall
be defined as Mortgagor's having either a credit line,
cash in hand, or a combination of the two-equalling
One.Million Dollars ($1,000,000.00), which sum shall
~ be appropriately pledged to cover construction costs
in form satisfactory to Mortgagee. ~
From and after the grant of partaal release described in ~
the iminediately preceding paragraph, Mortgagee shall grant '
to Mortgagor partial releases of acreage on the basis of
payments, or pre-payments, on the obligation secured hereby
' equalling that sum derived by dividing the sum of $1,575,000:00
by the net number of acres remaining~of the parent tract described
as Parcel I herein after grant of the aforesaid partial release,
with sai~ s~n multiFZied by 1.5.
Mortgagee acknowledges that upon recording of this mortgage,
Mortgagor- has a credit toward the partial release o~ acreage
amounting to $157,500.00.
li
~ .
; From and after the filing for public record of a land-use
plan or ~lat by Mortgagor dividing into lots or parcels the
; acreage encumbered hereby surrounding the Golf Course parcel
E previously released, Mortgagee covenants with Mortgagor that ~
~ mutual agreement between Mortgagor and Mortgagee shall be made
~ assigning specific values to each such lot or parcel such that -
the same total in the aggregate the sum of $1,575,000.00. If
; requested by Mortgagor, Mortgagee covenants that this pa~tial
~ release provision shall be modified solely to incorporate a
€ specific release ainou~t per lot or parcel on the basis of the
~ value assigned upon mutual agreement to each such lot or parcel
multiplied times 1.5.
Mortgagor covenants with Mortgagee that no release shall
. be requested or granted by Mortgagee which shall serve to
~ deprive any part of the remaining mortgage security from a
~ legal means of access to an3 from Glades Cut-Off Road.
~
s
~ r~
~ ~ V
1991 C=~ 18 P~1 2~ 06 r'
E c , : C ~hi .~C~i~~D " '
' ;i tU"'E 'CUyT: Y.F~A.
~ '~CGE~? ~'OITRAS _
~~E F~( Ct?Cl~IT COt~a, C
, t _ -
551.2'78
~
~ ~
{
~
~
~ ; 3~8 p~~E 919
~
~
.
.
~~W~.. .~a~~ . _ _ _ ~