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to the Mortgagee shall entitle Mortgagor to releases of lots at the ~
rate of $1000.00 per lot. In the event that the Buyer shall redivide ~
or replat any portion of said property, then the release price for j
any such redivided or replatted lots will be a sum equal to $1000.00 ~
times the quotient of the number of previously platted lots divided
by the number of redivided or replatted lots in the same area.
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10. Z'his mortgage is hereby subordinated and made subject and
inferior to any land acquisition and payment loans and any subdivision
development loans and also to any building construction loans to
institutional ienders which may be placed upon any of said property
from time to time by the Mortgagor herein the proceeds of which loans
shall be used to pay for said lands, or develop said lots or to
construct residences thereon. In the event any building construction
loan is placed on any lot covered by this mortgage, then one -half of
the release price for the release of said lot from this mortgage
shall be paid when the Mortgagor receives the slab draw on said
construction loan and the other one-half of the release price for the
release of said lot from this mortgage shall be paid at the time the
closing of the sale of the residence constructed on said lot. The
Mortgagee agrees to execute any further subordination agreements or
other papers required by any such institutional lender to satisfy
said lender that its mortgage is superior to this mortgage.
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11. This mortgage is subject to the terms and provisions of an
unrecorded agreement between the Mortgagor and the Mortgagee herein
providing for the reconveyance to the Mortgagee of certain lots llerein
mortgaged under certain conditions at the option ~f the Mortgagor and
providing for credit upon the note secured hereby for the value of
said lots as more fully set forth in said agreement. Said unrecorded
agreement provides for certain credits upon the note secured hereby
in connection with certain lots upon the happening of other contin-
~ gencies as provided by said agreement and also for certain credits
for the improvement of certain lots by the Mortgagor after the same
; have been reconveyed under the terms of said agreement to the Mortgagee,
E all of such provisions of such unrecorded agreement shall be binding
€ upon the Mortgagor and Mortgagee herein and upon their heirs, successors,
5 and assigns.
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~ 12. Z'he Mortgagee agrees to assist the Mortgagor and join in the
~ replatting and/or rezoning and/or annexation to the city of Fort
~ Pierce of any part of said property and to sign such papers or documents
~ as may be necessary for such purposes.
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= 18~34iv /
FILED AND RECQRDED (
- ~T. IUCIE COUNTY, FLA.
~ i<E CORt? +,•EF.i~!Ft) • !
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COURT
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