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HomeMy WebLinkAbout0585 , , w , , : ' ` y ~ ~ . f ~ ~ R I D E R This Rider is made a part of Mortgage Deed dated of June A. D.1969 executed by Lakeaide Gardeas, Iac. a Florida corpora ion. in favor of Ths Miami ~ Beach Fixat National Baak, a national banking corporation organized aad existing uader € the laws of the United States. ~ The mortgagee hereby agrees with the mortgagor as long as the mortgage % is not in default to release portioas of the mortgaged premises from the lien of said mortga.ge upoa making payment of ths principal aanouat of the indebtedness aecured by said mortgage oa the following basis: (a) Prior to releasing aay acreage BUYER shall deliver to OWNER a plan of proposed development of the property to be ~ released. Said plan aad aay modificatioa or revision thereof submitted shall be subject to the OWNER'S approval, which approval should aot be unreasonably withlield. (b) Said purchase money mortgage shall contain release clause provisions for releases at the rate of $750.00 per acre. Land shall be released from the liea and the effect of the purchase money mortgage in the following manner: (c) The mortgagor may select the land to be firat released from the lien of th~e mortgage but aay such selection shall be made commeac- ing at the North end of the property aad rua West to East, boundary to boundary, in a Southerly direction. The next release applied for must be continuous and contiguous to the property previously released, West to East or East to West, as the directioa may be. ! (d) The iaitial release shall be of a tract of not less than 20 acres, and thereafter in the number of aares required by the mQrtgagor to be released. save and except all such release s shall be based ~ upoa the formula or plan of development hereinabove agreed upon. € ~ (e) All monies paid for releases of land shall be applied to th~e reduc- ~ tion of the next ensuing installment or installments for priacipal. ~ All monies paid to the C)WNER on account of principal on the pur- ~ chase money mortgage shall likewise eatitle mortgagor to re- ~ leases on the basis of $?50.00 per acre, for the amount paid on account of principal, in accordance with the foregoing formula. ~ 'b' "A" A line ~ An outline of the tract is attached hereto as Exhi it . ~ has been drawn from East to West thereon marked "X", to in- dicate the North part as distiaguished from the South part. The ~ parties agree that no part of the South part shall be released until ` ~ all of the North part shall have been released in accordance ~ with the term s he reof. ~ ~ . ~ (gy The uareleased portion of the entire tract shall at all times be ~ ~ accessible by dedicated roadways or easements satisfactory " ~ to OWNER. ~ ~ .(h) Mortgagee in~derstands t6at mortgagor intends to develop the ~ property covered hereby and mortgagee will co-operate in connectioa ~ with the filiag of any Plat of subdivision of said property as long ~ as there is no impairment of the valwe of tl~e security of the mortgage ~ 0 ~ ~l, eo~~.78 P~~ 584 COriLAND. TlItRRO.. ~AI~OOI • rRtMON. MIAMI •[ACN. /LORIDA ~ r~~ ~ ~ ~ _x. , _ . ..-i ~~c.~.,~ ~,.~~..;-",s?~-~`-3r~