HomeMy WebLinkAbout1083 The next tract of land to be released shall likewise lie within
the W 1/4 of the NW 1/4 of Section 16 and shall be contiquou~ with
and adjacent to the South boundary line~of the tract previoualy
released.
When the entire W 1/4 of the NW 1/4 of Section 16 has been released,
successive tracts of land shall be released in a similar manner as
outlined above commencinq at the North line of the $ 1/2 of the
W 1/2 of the NW 1/4 of Section 16, until the entire E 1/2 of the
W 1/2 of tie NW 1/4 has been released; then the release procedure
shall be similarly continued with respect to the W 1/2 of the
8 1/2 of the NW 1/4 and the W 1/2 of the NE 1/4 of the SW 1/4j then
the E 1/4 of the NW 1/4 and the E 1/2 of the NE 1/4 of the 3W 1/4;
then ~he W 1/4 of the $ 1/2; then the E 1/2 of the W 1/2 of the
T 1/2; then the W 1/2 of the E 1/4, and finally the S 1/2 of the
E 1/4 of said Section 16.
(C) At any time after receipt by Mortgagees of the first mortgage pay-
ment and prior to the receipt by the Mortgaqees of the third mort-
gaqe annual payment and upon request of Mortgaqor, Mortgaqees
will release from the encumbrance of this mortgage any platted or
unplatted tract of land contiquous to a previ~+usly released tract
of land but which does not comply with the successive release pat-
tern prescribed by Paragraph (B) above upon payment of $1500.00
per 3cre of land situated North of the North riqht-of-way line of
Canal No. C-24 aforementioned, and $1,000.00 per acre for land
situated South of the South riqht-of-way line of said Canal No. C-24.
After receipt by Mortqagees of the third annual mortgage payment
the acreage release amounts prescribed by this paragraph shall be
$1,000.00 per acre and $750.00 per acre, respectively; after the
fourth annual mortgage payment and thereafter, the release amounts
shall be $750.00 and $600.00, respectively.
Where lots for which releases are requested lie within a recorded
subdivision plat and fall within an area which does not comply
with the successive release pattern prescribed by (B) above, the
individual lot release price shall be calculated in the same manner
as set forth in paragraph A(ii) above except that instead of using
$500.00 per acre as a multiple, the appropriate acreage release
price as prescribed within this paraqraph C at the time the release
is requested shall be applicable.
(D) Al1 payments for release of land shall be applied to the next ma-
~ turing installments of principal maturinq under the note secured
€ hereby. Payments made on account of the note secured hereby, where
; such payments are other than those which were made for a release
~ of land, such as annual amortization payments, shall likewise en-
~ title the Mortgagor to receive releases computed in accordance with
the terms above set forth.
IN WITNESS WHEREOF, the Mortgagor has caused these presents to be execut-
ed by its proper officers who are thereunto duly authorized, and its cor-
~ porate seal to be affixed hereto, all of which was done as of the day and
~ year hereinabove set forth.
GENERAL DEVELOPMENT CORPO ION .
~ ATTEST: • - ~ N ~ • e p /l,• ''t
~ sY: 4 _ 9,,, ,
b ,e~.-;.~1 ~4 - - -
~ Executive ice-P esi eni:. r ~~.~i,
: Secretary
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~ STATE OF FLORIDA ~ ' C``': - t
~ COUNTY OF DADE . J~ _ v ~ 1 ~ ~t, - ' f
~ ~ .
~ I IiEREBY CERTIFY that on this lOth day of April , 1968, before me
~ personally appeared FREDERICR E. ROACH and DAVID A. DOHENY, Executive Vice-
~ President and Secretary, respectively, of GENERAL DEVELOPMENT CORPORATION,
~ a Delaware corporation, to me well known-and known to me to be the persons
~ described in and who executed the foregoing Mortgage Deed, and they ack-
~ nowledged the execution thereof to be their free act and deed as such of-
~ ficers for. the uses and purposes therein mentioned; and that they executed
~
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