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S ATTACHED T(~ AND MADS A PART OF MORTGAGE FROM OUTDOOR RSSORTS
• OF AMERICA, INC..; a Tennesaee COrp., to IOWA LAND AND GENERAL
D$VELOPM$NT CORPORATION, INC., a Minnesota corporation authorized to
do business in the State of Florida:
PARTIAL RELSAS$ CLAUSSSa
The Mortgaqee, its successors or assiqns, ~ill make execute and
deliver Partial Releases of this Mortqage as follaws:
l. It is aqreed between the parties that the mortqaqors may
subdivide and plat the mortgaqed premiaes as a recreational
vehicle resort (travel trailer park and/or mobile home park)
and related ~facilities and the mortqaqee aqrees to join in
such plat for the sole purpose of providinq access by private
or public roads to the lots and parcels shown thereon. Said
plat shall conform to the plat laws of St. Lucie County,
Florida. .
2. Parcel No. 1 is described as all of that part of Tract 1 lyinq
West of State Road AlA and extending to the shores of the Indian
River. This parcel consists of 18 acres, more ar less, and may
be released upon the principal payment of $120~OOa.00; however,
if platted into travel trailer lots of approximate~y 2,000
squa=e feet in area, or at.an approximate density of 10 lots per
qross acre, then each lot may be released upon the principal
payment of $665.00. If not platted, then each ~cre approximating
a square in shape may be released upon the payment of $6.650.00,
provided, however, that all such releases are contiguous.
3. Parcel No. 2 is described as Tract 2 and comprises all of
Nettles Island and the submerged land contiquous thereto. Said
parcel may be released upon the payment of $280,000.00; however,
; if all or part of said parcel is platted into travel trailer
lots of approximately 2,000 square feet in area or an approximate
density of 10 lots per gross acre then each such lot may be
released upon the principal payment of $280.00. If not platted,
then each acre approximating a square or a parallelogram may be
released upon the principal papment of $2,800.00 provided, how-
~ ever, that all such releases are contiguous.
4. Parcel No. 3 is described as all of that part of Tract 1 lyinq
~ East of State Road AlA extending to the shores of the Atlantic
Ocean. No partial release of this parcel shall be given during
the existence of the Purchase Money Mortgage; hawever, the
f Mortgage~ its successors and assigns, agree to subordinate said
mortgage to the lien of one mortqage to be given to a reoognized
financial institution for the purpose of permanently financing
the oonstruction of improvements on said parcel in a sum not to
exceed 75$ of the appraised value of said Parcel 3 as so improved. -
~FIlEO AND RECORDED"
ST. LUCIE COUNTY. FLA.'
RFCOR~ V~RIFlED ~
1889g~~
'10 JAN 29 PH I g
~ =~ec~n r~ITRHs~
' - CLERK CIRCUIT COURT:
EXHIBIT MBN
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