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8. At anytime the Mortgagors are not in default under
the terms and conditions of this mortgage or the note secured
thereby the Mortgagors may obtain from th~ Mortgagees, and the
Mortgagees by accepting this mortgage and the note secured there-
by agree to deliver, partial releases from time to time of the
mortgaged premises on the following terms and conditions:
A. The premises remaining under the mortgage lien
shall be a contiguous and reasonably uniform shaped parcel of
land.
B. Upon the planting to citrus in not less than forty
(40) acre parcels in accordance with prevailing practices, the
lien of such mortgage may be released, at the election of the
Mortgagors, either as to a like number of unplanted acres, or
one-half of the acreage so planted.
c. Upon the sale or conveyance, of a part of the
mortgaged premises, Mortgagees shall accept a purchase money
mortgage and note from the grantee or purchaser in substitution
of the initial mortgage to the part so sold or conveyedj Except
for the amount of the new mortgage note which shall not exceed
a sum equivalent to the then allocable original mortgage debt
upon an acreage basis and the amount of the installments of prLn-
cipal which shall be in such sum as to retire the new mortgage
note of the identical schedule as that of the original note,
all other terms and conditions of the new note and the mortgage
securing same will be identical with the original promissory note
and mortgage. Upon receipt of such new mortgage note, each re-
maining installment due under the original note shall be credit-
ed with the amount of the corresponding installment to mature
under the new note. Said new not~ and mortgage shall be at the
expense of the mortgagor, including intangible tax, documentary
stamps, recording and attorneys fees of the mortgagees.
D. For any sums prepaid upon the mortgage debt, Hort-
gagees,
(1) Shall apply such prepayment to such unpaid install-
ment or installments on the mortgage note as the Mortgagors shall
designate, or
(2) Shall apply same to then last maturing installment
and thereupon shall release from the lien of such mortgage such
acreage as }10rtgagors shall designate. The number of acres so
released, shall not exceed the amount of such prepayment divided
by the then dollar lien per acre upon the acreage subject to the
mortgage. In determing the acreage to be released or remortgaged,
under the above provisions, one planted acre shall b~: deemed to be
e~livalent to two unplanted acreSj and no release of remortgage
shall be made except with the consent of the Mortgagees, as to
less than twenty (20) acres in any transaction. No releases of
mortgaged premises shall be required without the consent of the
Mortgagees, if such release divides or separates any part of the
premises remaining subj~ct to the lien of mortgage from the re-
mainder thereof. ·
9. Upon any due date after April ;5th, 1964, the Mort-
gagees agree, to extend the payments due under this mortgage and
the note it secures for a period of one year, this to apply to
principal payments only.
LAW OFFICES OF, ROGERS AND ROGERS, FORT PIERCE, FLORIDA