HomeMy WebLinkAbout2294 AND the Mortgagee covenants and agrees with the Mortgagor
that provided the mortgage is not in default, the Mortgagee shall
release portions of the mortgaged property from the lien of the
mortgage on the following terms and conditions:
1. The release price to be paid for each release shall
be $750.00 per front foot measured along the Atlantic Ocean.
2. Each parcel released shall have a measurement alonq
the Indian River which is the same proportion of the total Indian
River frontage as the ocean frontage in the released parcel bears
to the total Atlantic Ocean frontage encumbered by the mortgage
and each such parcel shall extend the full width of the property
from East to West.
3. The first parcel to be released shall have as its
Northerly boundary the Northerly boundary of the mortgaged property,
and thereafter releases shall be given in a Southerly direction with
each release to be contiguous to the last parcel released.
4. At the time a release payment is made, the Mortgagor
shall also pay the interest then accrued on the amount so paid.
5. No release payment shall be made in the year the trans-
action is closed except to the extent that advance payments of
principal may be made in that year pursuant to the provisions relating
thereto contained in the promissory note secured hereby.
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