HomeMy WebLinkAbout0210 THIS MORTGAGE is given ~o secure the payment of not only the
aforesaid promissory note but also a fee of one-fourth of one per
cent (4 0~ 1.~6) per annum payable annually on each intere~t payment
date on any am~unt of the abnve principal sum not disl~ursed, said
' ~ee ~o be discantinued in any event on January 1, 1971.
' Mortgagor agrees ~hat norie of the real property herein encumbered
~ shall be incorporated into a drainage district under the law~s of the
; State og Flarida withaut first obtaining the prior written consent
~ of the Mortgagee.
Notwithstanding anything to the contrary se~ forth herein or
~ in the promissox~y note secured hereby, and in the event that:
(1) Martgagor is not in default hereunder; and Mortgagar is
perfoXming accepted citxus GLILLUZ'ctl prac:i ice~, ar?~ (3} ~h~ ~itr~z:
grove wh ich has been or wi~l 3~e plant2d on the land under t~~ lien
of this mortgage is developing satisfac~orily, the Mortgagee agrees,
upon the request from time to time by ~he Mortgagor, ta release
E from the lien of this mortgage land which has been plan~ed to
citrus trees, subject, however, to the following:
1. That as to all such releases evidence s~t ~fac~ory to the
Mortgagee must be submitt~d that the pa~ticular release being
requested will not int~rfere with access ta, or drainage or
zrrigation of, the lands remaining under th~ lien of the mortgage.
2, That as to all such releases Mortgagee shall nat be required
to release more than a total gt sixty-four (64) acres of land under
the lien o~ this mortgage which has been planted to citrus trees.
3. That as to each release, the land so released sha11 be in
one (1) contiguous block of sixteen (16) acres; provided, however,
that each such release shall be made pursuant to the follawing
t~rms and conditions:
The first such release shall be on April 1, 1973, at
wh ich ti.me ~he Mortgagox~ shall pay, in cash, ta the
Mortgagee, the amount required by the Mortgagee for said
release, which amount Mortgagor agrees shall be dete~mined
by the Mortgagee in its discretion at the tirne of said
release, plus a fee of five percent (5°~) on said amount.
b. The seconci such release shall be on April 1, 1976, at
which time the Mortgagor shall gay in cash, to the
Mortyagee, t'he amount requi.red by the Mortgagee fQr said
release, which a.m~ount Mortgagor agrees shall i~e determin~d
b~ the .Mortgagee at its dis~retion at tne time of s~id
release, plu~ a fee of f~ur percent (4%) on said amour~t.
c. Tne third such release shall be oiz April 1, 1979, at
~ which time ~he Mortgagor sk°,all ray, in cas2:, to the
Mortgagee the amount required by the Mortgagee for said
release, 6vhich amount M~rtgagox agxees sY~all be det~rr,?ined
~ by the Mortgac3ee in i~s discre~ion at the time of said
release, plus a fee vf three percent ( 3°~) on said amount .
EXH~~IT A
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