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HomeMy WebLinkAbout2575 . AD~ENI~UM ~ • 9. Mortgagee by its ucceptance hereof dces hereby acknowledge and agree that this Mortgage is the real property mortgage contemplated by the Promissory Note described above. In the event of foreclosure by decree of court of competent jurisdiction, no deficiency decree shall be entered. 10. North Beach Water Company, by its execution hereof, does hereby subject all real and personal property owned by it, including its lands, Lrtility lines, connections and equipment and utility franchise to the lien of and terms and conditions of this Mortgage. 11. Mortgag~rs do hereby agree that there shall be no Junior or subsequent martgage placed upon the above described property while this mortgage remains unpaid unless such future Mortgagee acknowledges in writing or by accepting such future mortgage with appropriate recita- tion contained therein that this Mortgage is a valid prior encumbrance. A violation of the fore~oing provisions shall make this Mortgage and the Nate secured hereby immediately due and payable. 12. Mortgagee by its acceptance hereof does hereby agree to release upon designation thereof by Mortgagor and tender of a properly prepared R~lease for Mortgagee's execution, without the need of payment of any release mor_ies, a five (5) acre tract of land to be c~esignated and described by Mortgagor lying in the Southerly portion of Government Lat 3, Sec. 36, Twp. 34 S, Rge. 40 E. In addition, Mortgagee shall release from the lien of this Mortgage upon request by Mortgagor, tender of a properly prepared Release and_the cash payment indicated, the lands or parcels appearing on the follawing schedule: , DESIGNATIUN OF ZONE AMOUNT TO BE PAID FOR RELEASE . ~ Zone 1(2100 ft. ocean front) $ 275. QO per front foot Zone 2(1100 ft. ocean front) 120. 00 per front foot Zone 3(2200 ft. A-1-A Highway front) 60.00 per front foot ~ Zone 4(2000 ft. A-1-A Highway front) 50. 00 per front foot ~ i Zone 5(5-acre parcel) 0 Zone 6(25 acres) 4500. 00 per acre ~ Zone ?(215 acres) 2000. 00 per acre < i 1 ~ Zones are roughly delineated on the attached map initialled ~ by the parties. The areas and distances set out are approxi- mate. Notwithstanding anything contained herein or foregoing to the contrary, it is understood that although there are no minimum sizes or quantities for releases, all releases must bE contiguous to property already released, if that be the case, in the same Zone and tha~ releases will only be grarited if the Mortgage is in current condition and not in default in any manner. All pre-payments for releases shall be credited to the next installments of principal and interest coming due on the above Note and ~ Mortgage. Any reasonable expense, including the trustee's fee, pertain- ~ ~ . ing to the granting of a partial release herefrom shall be borne by ~ Mort gagor . ~ ~ ' " ~ ; - B~K 1Ey F~G~ 2557 - - .