HomeMy WebLinkAbout0076
Q,R, 18 71
90SK PACE
\ T 'I Ii' i E r" " U'" T " r;"
., L,' _ L ,,' 'n , , . , I.. /<.,
and shall perform, comply with and abide by each and every the agreements,
stipulations, conditions and covenants thereof, and of the mortgage, then
this mortgage a.nd the estate hereby created, shall cease. delermL'le and be
null and void.
The mortgagee covenants and agrees to release from the lien of this
mortgage one or more acres of the above described premises upon receiving
any payment on the principal 01 the indebtedness secured hereby. The
quantity of land to be released shall be determined on the basis of $950.00
per ac.e or $20.00 per foot for frontage on King's Highway, whichever awn
is greater. The lands to be 80 released shall be selected by the mortgagor,
his succesl:lors and assigns; provided, hO'Never, each parcel of land released
hereunder, subsequent to the first parcel 80 released. shall adjoin and have
one entire boundary in common with a parcel which has been previously
released. Further, if the above described premises or any part thereof is
hereafter subdivided and a plat thereof filed in the public records of St. Lucie
County, Florida, then the mortgagee agrees to release from the lien of this
mortgage 'pa.rcels not less in size than one subdivided lot, upon receiving
payment on thi:~ principal amount of the indebtedness secured hereby at the
rate of $950.00 per acre, to be determined as follows:
(1) There shall first be determined the total acreage or
the entire property contabled 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 releaEe of lots as above pro-
vided shall be applied as prepaymen t on the next annual installment of
principal. The failure of the mortgagor, his successors or assigns to
request a release upon makin~ any payment of principal shall not constitLle
a waiver of the right lo such release, which release shall be granted at any
time after a payment on principal has been made.
The mortgagee further covenants and agrees from time to tL-ne to
join in the dedication of plats or replats of the ene-umbered lands Ln such
manner as to provine that the lien of this mortgage as to dedicated portions
of s aid lands is subordinate 2lid subject in all respects to the dedication of
said plat or replats and the rights of the public thereunder; provided, huwt:'ver,
mortgagt:.:e8 shall not thereby 8ubject themHelv(;s to any liability for con-
struction of roads or othel' improvemer:ts shown on such plats.
~rtlC lrtortk~'~g'()I' l"tcY'cLy f:...1.l'tii.Cl" C(/'/cr~;:ii.'i::') b.nd ~'lf~r(~':t') t.o }'.):::,j.)' l)rci"j,: ptly
,>',hen due the prilH'ipal and interest and ,)!he r Burns of fnoncy provi.ded for in
~:~ftid note ~ind th,is n:lo.~.tg~~t~e: or f~ith.(~l'; to pa)~ a.ll and Eirlgtllar tr.i.e t2.Xt:s; ;a.bSt.:.'S~"""
menU;, levie'l, liabiliti.es, obligations, and enculnbrances 0f eVI:I'Y nature on
s;ud p;'upert)'; to perrnit, c~mHrdt or !;uffer PD W8..':,tc, irnpairrnent c)r det('c)(j-
rati()~'l of said land (}r the i,n}r)~'''overnents tj-l(~r'~,?(}n a.t a.:n)~ ti.ro.(~; p~ovidedJ
hr)y;.,.'e\'erJ the exc~Vc.!,~,lo.n a,nd digging of carin.lsj the creatl.f)n of Hy,ttfici'9.1 J..hkt~S
ur v/atCl'V'"a)'f3J or th,r.:"' rc~rrl~)"'./a.i and t.r~H"nsft..~r of ~;()!.l) J..~)(,k or rntlt:'x fr~Jrn ()rj.~"
an~J. of the rnortgagt~d pl'Crn!S'-'B to another area then:uf by the rli()ctgaW:J1', shall
not l'onc;titulc \'ia~3te, jmr;<~irrn!:'nt 01' di.,tcriorati,on of the m(JI'tf',agc~(; P;-'()PCil,y;
...
'J
''''.:ia; ''!{.