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HomeMy WebLinkAbout0768 1 of this agreement are payable in ten (10) equal, annual install- ments with i~terest at the rate specified in the promissory notes secured by said mortgages from October 16, 1963, and that the annual installment due and payable under said mortqages is on October 16 of each year during the life of said mortqages, the first annual installment being due and payable October 16, 1964; that all annual installments due under said mortgages have been paid through October 16, 1968. That the time for payment of the present unpaid balances of said mortqages shall be payable in ten (10) equal, annual, successive payments, the first such payment thereunder being due and payable October 16, 1969. 3. That the respective MORTGAGORS release and relinquish unto CDLVERHOUSE the right of prepayment contained in the above de- scribed mortgages and the promissory notes secured by the same. That in place and lieu of said prepayment privilege the above described mortgages shall be modified by this agreement so as to provide therein the following provision: "It is hereby covenanted and agreed that if Mortgagor, after October 16, 1969, should desire to enter into a long term first mortgage with an insurance campany or other lending institution, then Mortgagee shall have the option, which ; must be exercised within fourteen (14) days after receipt ; of notice thereof from Mortgagee, to either accept pre-payment ; of the mortgage in cash (without penalty) or require Mort- E gagor to arrange for a written irrevocable disbursal agreement = from such insurance company or other lending institution as ~ to payment of Mortgagee's purchase money mortgage in annual ~ installments as specified herein in which event Mortgagee ~ shall subordinate its purchase money mortgage to the long term first mortgage of such insurance company or other lending ~ institution. An acceptable major insurance company shall be ~ one such as Connecticut Mutual Life Insurance Company, Prudential ~ Life Insurance Company, New York Life Insurance Company or Northwestern Mutual Life Insurance Company, or any qualified ~ company or other lending institution which has a minimum capital ~ or capital surplus of $50,000,000.00 and which said company ~ or institution has been in business for not less than twenty- ~ ~five (25) years. In the event Mortgagee fails to elect to ~ either subordinate his purchase money mortgage and receive an irrevocable disbursal agreement from such insurance company or ~ other lending institution, or accept prepayment of his promissory - note in cash, as aforesaid, within the time period set forth above, Mortgagee shall be deemed to have elected to accept - prepayment in=-~cash. " = 4. That the term of the lease hereinabove referred to re- = corded in O. R. Book 72, page 645, public records of St. Lucie County, C, ~ - Florida, is hereby extended for a period of ten (10) years from - October 16, 1969. 5. That the right of the L'ESSEES named in the lease ~ .M iFS ~ ~ ~i~i ~ ~ - - - - - - - ~ ~ ~ ~ _ u ~