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HomeMy WebLinkAbout2859 MORTGAGE - Page 4. 00°34'27" East, 1,000.0', thence run North 89°55'27" East, 435.60', thence-run South 00°34"27" West, 1,000.0' to the point of beginning. Provided this mortgage is not in default, mortgagees agree that they will, from time to time, release from the lien and oper- ation of this mortgage, at the request of mortgagor, portions of the property encumbered by this mortgage at the rate of $1,500.00 per acre, for each acre of land to be released. It being understood that mortgagor will only be entitled to the release of land from the application of principal payment~ toward the mortgage and not in- terest payments and that the cost of preparation of partial release instruments and recording thereof shall be borne by mortgagor. Mortgagees further agree that mortgagor may close any and all existing ditches and drainage facilities within the boundaries of the mortgaged property and agree to release mortgagor from any injurious results which might accrue from the closure of the afore- mentioned ditches. Mortgagees understand that mortgagor intends to develop the mortgaged land in such a way that mortgagor will be selling part of the property to others for building sites. Therefore, mortgagees agree to join in any platting of the mortgaged property or any portion thereof, for the purpose of dedicating roads and public = utility easements required for the orderly development of the prop- erty. Furthermore, should mortgagor or others elect to develop the property, or a portion thereof, without filing a recorded plat, but in compliance with the county road and drainage requirements, mort- ; gagees agree to execute any documents required by the County of St. ~ { Lucie or any other governmental authority to remove the lien and operation of this mortgage from any such road and drainage rights- ! of-way. Along this line, mortgagees further agree that they will ~ ~ execute all necessary documents to facilitate the construction of ` = a rail spur track or tracks on the mortgaged property, as well as ~ all necessary documents for easements to be accomplished for elec- ~ tric, gas, water and other utilities which will have to be installed ~ to serve the mortgaged property from time to time. i - Mortgagees further agree to subordinate the lien and opera- ~ tion of this mortgage to each and every mortgage placed upon any ~ portion of the property being sold hereunder to permit the con- ~ struction of buildings and other improvements thereon, provided ~ that none of such mortgages are grant~d for more than 8096 of the ~ value of the improvements to be constructed thereon. It being fur- ? ther understood that the cost of preparation of such subordination ~ agreements and the recording thereof will be at the expense of mort- w gagor. ~ _ Should mortgagees not remove either of the two dwellings on subject property within six months of the date of this mortgage, ;y mortgagor may demolish same or remodel same without committing ~ waste under the terms of this mortgage. - THIS IS A PURCHASE MONEY MORTGAGE AND IS GIVEN TO ~ SECURE A PORTION OF THE PURCHASE PRICE OF THE PROPERTY F3~iCUMBERED HEREBY. Mortgagees further agree to subordinate the lien and op- w ~ lAW OFFICE! ~ WILLES, BITTAN 8 WILLE3 gU~ A~~ ~~rvW = P. o. eox aoo j - FORT PIFRCE. FLORIOA JJ460 _s