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18 PAC[ 75
q. LUClE C2UNP. FLA.
and shall perform. comply with aut:: ~bid~ by each a.ncl every the agreements,
atipulatiCi.1B. conditions and covenants thereof, and of the mortgage. then
this mortga.ge and the estate h.ereby created, shall cease, determine and be
null and void.
The mortgagee covenants and agrees to X"eleasc from the lien of this
mortgage one or more acres of the above described premises upon receiving
any payment on the principlll of the indebtedness secured hereby. The
quantity 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
greater. The lands to be 80 released shall be selected by the mortgagor.
his successors and assigns; provided. however, 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. F'urther. if the above described premises or any part thereof is
hereafter subdivided and a plat thereof HIed in the public records of St. Lucie
County, Florida. then the mortgagee agrees to release from the lien of this
mortgage parcels not less in size than one subdivided lot. upon receiving
payment on the principal amount of the ;ndebtedneus secured hereby at the
rate of $950.00 p€r acre, to be determined tiS follows:
(1) There shall first be determined the total llcreagc 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.
AJ1Y paymentp. made by the mortgagor for the release of lots as above pro-
viJed shall be applied as prepayment on the next annual installment of
principal. The failure of the mortgagol.~, his successors or assigns to
request a release upon making any payment of prLncipal shall not constitute a
waiver of the right to such release, w'hkh r'clease shall be granted at any
tJ.rne after a payment on principal has been made.
The mortgagee furthe r covenants and agrees from time to time to
Jom in the dedication Df plats or l~eplats of the encumbered lands in s uc:h
manner as to provide that the lien oi this mortgage as to dedicated portions
of said lands i8 subordinate and subject in all respects to the dedication of
said plat or repJats and the right~ of the public thereander; provided, however,
mortgagees shall not thereby subject tbernselv€s to any li.ability for con-
::>trLlction of roads or othe r i,mprovernents shown on such plats.
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