HomeMy WebLinkAbout0072
18 ~~ct 57
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S T LuCIE COUHil, fLA.
and shall per!orm. \::omply wi1h' and abide by each and every the agreements,
stipulations, conditions and coven&Dts thereof, and of the mortgage. then
this mortgage and the estate hereby created, shall cease, determine and be
null and void.
The mortgagee covenants and agrees to release from the Hen of this
mortgage one or more acres of the above described premises upon receiving
any payment on the principal of the indebtedness secured hereby. The
C{uantity of land to be released shall be determined on the basis of $950.00
per acre or $20.00 per foot for frontage on King's Highway, whichever sum
is grea.ter. The lands to be so released shall be selected by the modgagor,
his successors and assigns; provided, however, each parcel of land relc&.sed
hereunder, 8ubseq~'ent to the first parcel so released, shall adjoin and have
one entire boundary in common with II parcel which has been previously
released. Furthel', if the above described p remises or any part thereof is
hereafter subdivided and a plat thereof filed i.n the public records of St. Lucie
County, Florida, then th.e mcrtgagee agrees to release from the lien oi this
mortgage parcels not less in size than one subdivi.ded lot, upon receiving
pa.yment on the principal amount of the indebtedne88 6ecured hereby at the
rate of $950.00 per acre, to be determined as follows:
(1) There B~all first be determined the total acreage of
the entire property contained in and covered by such plat;
(2) There shall then be computed a figure which will be the
result of multiplying the total acreage covered by such
plat by $950.00; .
(3) The result obtained by the multiplication set forth in
paragraph (2) shall then be divided by the number of
lots in said recorded plat and the resulting figure shall
be the amount to be paid for the release of each lot in
said plat.
Any payments made by the mortgagor for the release of lots as above pro-
vided shall be applied as prepayment on che next annual installment of
principal. The failure of the mortgagor, his successors or assifJ\s to
request a release upon making ar.y paym,ent of principal shall not constitute a
waiver of the right to such rei-ease, which releB.se shall be granted at an.)'
time after 8. payment on principai has been made.
The mortgagee further covenants and agrees from time to time to
join in the dedication of plats or replats of the encumbered lands in such
ffio.nner as to provide that the lien of this mortgage as to d;:dicated portions
of 8"id lands is subordinate and subject in 2Jl resp"-:cts to the dedication of
saie< plat or l:'eplats and the rights of the public thereunder; provided, however,
mortgfl.gees shall not thereby subject themselves to any liabUity for can-
struction of rOCl.ds or otber irnpravements shown on sLich plata.
The lnortgagoi" hereby further coVend.nts and agrees to pay prompt~)'
V'--;!f~I1 due the: pri.n<.~'ir,:j.l c.:.nd )ntc:t'f~r;t (j,ncl ottler SU.IT!~) of rrlonc')' pro\.'ided for in
,,;ai(l note ,:lnd thiH lnort[;age, or either; iO piC,y dU fHJl singUlar the L,,:,:,Ci;,
abst::~~srl,it3r}"~~'~J levlt':s, l~,::.tbj.litif;E.~ (lbl~gat.i()n,b, a.r~d c:ncur'nbl'~~nC(:f:} c,f f'\"(:~i"')~
!1:.iture on 8hid property; to p(=~rrnit, c'()nlrn.it or guffer no V.fClsteJ irnp~~irrl~(~r~t
DC deteriorati.<:)l1 of 2~lid land or' the irr,lprO\iCrilcn.t.3 the re0B at any tirnc; pn)-
\'l'rln,l \O"H"'Pr' {he "';!"2v~~i1on and diu<'lXlc.' of canals. the creB,ti.on of ;:..-tific);:d
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,l.d.(~i..:~S or \v:::ttt::f'\i{,8-.:{S, or .,..Be r(-~n:..O'V,Lt. anCl "rcin,:;jJ,c Jt e."t ...~. i ~.1t..-"'.. ,)i ,~~~ l. .. ,l d..
Ct['1t::: ar€;<:l of t.he rrl.:)rtg~'~ d UI't'(ili.6C~~. tc. ar.iothc'r ~:lr'~~a th,erc'(j.f }))' the rn()r..tg;:~gol";
:-:5,r.~;;:;.ll n()t (,(;n~:;tit.uLe '.;{'ti5te} 1..rn.pnirrci.(:;jjl tJr (1(::er-iora.ti.un (if t.}"it.:: nlGJ..tg<f.gt.~d pr\.Ji;er-t.y;
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