HomeMy WebLinkAbout2431 9) This ~ortseas is aasignable and aball bs construed in ~
accordance xith ths la~rs of th~ State of !'lorida as to all •attera. (
_ 10) This ia a PUti~HASE MaNSY MORT(N1t3S, aub~ect to thoas
certain ~ortgagea in good atanding deacribed in liarrenty Deed bearing
svsn date here~rith.
C. RSI.~ASS PRO~VISIONS: .
1) Upon pay~ent of Four Thausand Five Hundred Dollara ~
(t4,5~) per acre for tha i~eal property described in sub-paragraphs
(a) thru (h) belor-it being tha intantion of the parties to describe
a~ll oi the real pacoperty encumbered by this nortgage, to be applied
to the final principal payoe~a~ta due on the pvrchase ~oney note, .
Mortgag~e~rill raleaae a portion of the real property encumberad by
this Mortgaga~ said releases to be evidenced by instrusents to be
la~rm as "psrtial releasea iro~ the lien of this morEgage" properly :
sigied in recordable fo~ by Mortgagee a~i delivered to Mortgagor .
for recording. Mortgagee aclaioMledges that the real pac~operty sub3ect
to this ~ortgage is encunbered by a prior mortgage granted by Mortgagee
~ to Frances Kerr Lo~re under date of February 21, 1966 ard recorded in
the official records of St. Lucie County at O.R. Book 139, Pa6e 2~•
-Mortgagor shall be entitled to a credit against the release payveuts
to be nade pnrsuant to this paragraph for any principal swas per acre
~required to be paid to Frances 8err Lo~e or her assigns in order to
obtain the release of the ~rith3.n described acreage fro~ the said
Frances Rerr Lo~re ~ortgage ar~d also for the sua~ of One Huadred
Thousand Dollars (E100~000.) credit at the closing and for all ,
regular priricipal paynents made on this aortgage.
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~ All releases granted hereunder irill be in trenty=acre
I
~ tracts in seqwence as illustrated by the attached plats of the
~ enc~bered Sunshine and Header Canal Groves marked F~hi.bit "C" an~d
~ SYhibit "D°, respectivel,y,.xhich are incorporated herein by references
(a) Releases rrill start with the ~ain tract lmown as the •Sunshine
Grive• located on the Horth side of Highr?ay # TO and r+i11 be8in Kith
the 20-acre tract located at the SE corner oi this North parcel on
State Highrray # T0.
~ .(b) The second 2a-acre tract to be released rrill be immediately to
the North oi arrd contiguous rith the first 20-acre tract si~d xill also
~ be in the 140-acre parcel North of Highway ?0. The third 20-acre
,
~ tract to be released wi.ll be i,moediate~y to the North of and contiguous
xith the second 20-acre tract and xill also be in the 144-acre parcel
liorth of Highray # 70.
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100K r~~i
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