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HomeMy WebLinkAbout1047 PAGE 4 regularly required principal installments or credit for lots re- conveyed to the Mortgagee shall entitle the Mortgagor to releases of lots at the rate of $1131.00 per lot. In the event that the Buyer shall redivide or replat any portion of said property, then the release price for any such redivided or replatted lots will be a sum equal to $1131.00 times the quotient of the number of previously platted lots divided by the number of redivided or replatted lots in the same area. 10. Z'his 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 ; herein mortgaged under certain conditions at the option of 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 contingencies 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, all of such provisions of such unrecorded agreement shall be binding upon the Mortgagor and Mortgagee herein and upon their heirs successors and assigns. 11. 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. 12. Z'he Mortgagee by the acceptance of this mortgage represents and warrants that the First Mortgage to Florida Bank at Fert Pierce recorded in Official Records Book 173, Page 261, is in good standing ~ and Mortgagee covenants and agrees to make all payments due on said ~ ~ mortgage and the note secured thereby and to otherwise keep said ~ mortgage in good standing until such time as said mortgage is paid in _ ~ fu11. Mortgagee further covenants and agrees to deliver to the ; Mortgagor releases of lots from the lien of said First Mortgage simul- ~ taneously with the payment by the Mortgagor to the Mortgagee of the ~ release price required to release said lots from the lien of this ~ second mortgage. Should the mortgagee fail to make any payments due on said first mortgage and the note secured thereby or otherwise fail ~ to keep said first mortgage in good standing then the Mortgagor shall ~ have the privilege of making such payments and taking any other ~ necessary 'steps to place said first mortgage in good standing and any ~ paymerts so made for such purposes including costs and reasonable attorney's fees incurred in connection therewith shall be credited upon the next installment of principal and interest due on this second ~ mortgage and the note secured hereby and should the Mortgagee fail to ~ furnish the Mortgagor with a release of any lot from said first mortgage when requested to do so in accordance with the terms hereof then the Mortgagor may obtain such release direct from the first , mortgage holder and credit any sums paid for such releases-an the next installment of principal and interest due on this second mortgage ~ and the note secured hereby. (Continued on Page 5.) ~ } ~ ~ ~ x ~ ~ ~ \ •`L; ~ ~ ~ * ~ ~ s~i~i ~~p~ . ~ ~ ~ - - - - ~ : - - - ~ . - ~ ~ ~ _ . . . ~ ~ r _ _