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HomeMy WebLinkAbout2262 . . ~ . 1 . , Sefore any releases are made hereunder Frances Kerr Lcwe or her successor will be fur~ished with an acceptable survey i ref lecting the series of releases described above. i Mortgagor agrees that no other property encumbered ~ ~ by said rea2 estate Mortgage may be released pursuant to ~ ~ this agreement and that at all times the unreleased real ~ property will be properly maintained as a producinq citrus ~ grove as prescribed in paragraph 5 of the said real estate Mortgage, and that no portion thereof will be used for any ~ other ur ose until roperly released from the terms of the ~ P P P mortgage as herein provided. Further, Mortgagor agrees that all necessary steps will be taken to ensure that development of the released tracts will not injure in any r.~anner the } ~ , citrus trees or citrus crops on the remaining unreleased ~ property encumbered by the Mortgage. Notwithstanding the foregoing, it is understood that as long as the first Mortgage held by the Prudential Insurance Company of America, hereinafter "Prudential", as ~ recorded at M.B. 161, Page 405, St. Lucie County, remains ~ i f ~ outstanding, no property will be released hereunder unless ~ a supplemental principal payment of not less than Five ~ Hundred Dollars ($500.00) per acre basis is made to Pruden- a ~ tial for a corresponding release from Prudential (provided s ~ ~ ~ Prudential or its assignee will accept such release pay- ~ ~ ments), which payment is to be applied to the final princi- ~ pal payment due on said Prudential mortgage. By way of ~ ~ illustration, if at the time the release is requested the ~ principal balance of the Prudential mortgage is $500.00 per ~ ~ acre, an extra principal payment must be paid to Prudential - in the amount of $10,000.00 for each 20-acre tract to be r~ released. In the event Prudential will not accept said re- ~ lease payments, before any release is granted hereunder, an 3 additional $500.00 per acre will be paid on the Frances Kerr ~ - . . . ~ T'~ 5 ~ _ : ~ . ~ ~~:,t~~ ' ~ 5 . d(1(~( 711 I~ar~:,~s E..~,~K ~•_:d-~ ior~iPa. F1a. 33b0~ ' 3 ~ ~ ~ . - ~f ~ _