HomeMy WebLinkAbout1711~ 3 437
~.T. tUC1E Ct~~il~Y, FIA.
MORTGAGE AND NOTE
TFICA'~IfS~! ~rR~.s.~_~
THIS AGREEMENT made in duplicate on this day of Febru-
ary, A. D. 1961, by and between NORTH BEACH DEVELOPMENT COMPANY,
a Florida Corporation, as mortgagee and party of the first part,
hereinaf ter ref erred to as "First Party", and BYAL REALTY CORPORA-
TION, a Florida corporation, with principal place of business at
Fort Pierce, Florida, as party of the second part and mortgagor,
and hereinaf ter ref erred to as "Company" ;
WHEREAS, First Party is the owner and hdlder of mortgage
executed by Company unto North Beach Development Company bearing
date of June 12, 1959, recorded in Mortgage Book 157, at page 613
of the public records of St. Lucie County, Florida, to secure the
payment of a promissory note therein described in the original
principal sum Of `~J4,NlilJ.NV, payiule ~ia~~i ii~~caci+. a+. ~~•~_ aa~:. ~=
two (29d) per cent per annum until the total principal is paid in
full; and
r
WHEREAS, said mortgage deed prescribes a formula by which
individual lots could be and have been released from the lien and
operation of said mortgage; however, subsequent to the execution
of said mortgage deed, the Florida Real Estate Comanission has pro-
mulgated certain rules and regulations the effect of which is to
tip.. r,.,....~.,., F,.~,~n ont~ri ne into contracts of sale with prospective
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purchasers of individual lots unless and until the scope of the
provision for partial releases of individual lots is so broadened
and enlarged as to permit such releases up to a point in time
immediately prior to any judicial sale of the mortgaged premises
in pursuance of a f oreclosure proceeding; and