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~b~k 20 PAC[ 396
ST. LUCIE cauttn, flA,
encumbered hereby, r-egardless of whether the mortgage, or~~he note
secured hereby, is in default at the time of the payment_of the release
price; and in connection with the giving of said releases the parties
hereto understand and agree as follows:'
(A) If the 'land encumbered hereby has not been platted by
the Mortgagor, then the land sought to be released shall be
contiguous to lands theretofore released, in that it shall
be released from the South to the North and shall extend to
the eastward and western boundaries. If lots con~ined in
a plat prepared by the Mortgagor are sought to be released
the same need not be contiguous to lots theretofor~ released.
(B) The amounts to be paid for the releases shall be com-
puted in the following manner;
(i) If the property, the release of which is sought,
is unplatted at the time such release is sought,
then the amount to be paid for each acre of land re-
leased shall be the sum of $1100.00 per acre; hut
(ii) If the property, the release of which is sou&ht,
is included in or covered by a plat prepared by the
Mortgagor, then the release amount shall be deter-
mined in the following fashion; to wit:
(a) There shall first be determined the amount
of acreage of the entire property contained in
and covered by such plat and there shall then he
computed a figure which will be reached by multi-
plying the total acreage covered by such plat by
$1100.00 and the resulting fig\lre shall then be
divided by the number of lots included in said plat
and the resulting figure will be the amount to be
paid for the release of each lot in said plat. The
lots so platted shall be substantially Qf the same
size or area. For example, if 50 acres ~ere
-
platted and subdivided into 150 lots, the release
price per lot would be determined by divid-
..::
ing 150 (the number of lots) into $55,000.00
7
WILLIAIIII. eALOMON. ICDiMY . UMDZOM. ATTOIINKY8 AT LAW, DUfIONT IIUILDINCI, MIAIII, I'LOIlIDA
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