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uOtTGAGE DEfO RAMCO fGRM J2\ ~~~C,(~~ ~
~~M CMpNO~~N (MPWa~.N .
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• l:xeruled Il~e day o~ July r1. n. 19 71 by
~ WAYNE CONSTRUCTION COMPANY
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! a curporQlion exisling unde~ the Iaws o/ Florida , n,~c~ {~ae~ing its principa~ p~ace oJ
i l:~u~^PSS ar p. O. Box 89 3- Fort Pierce , Florida 3345~
I hereinn(~er CPII~~d the mortgngor, to GENERAL DEVELOPMENT CQRPOR~~'ION ~ a eorporatio
~ organized and existing under the laws of the State of Delaware and
! d tha]~ iz~d to t~an~s~c~t ~i 'i~r ess in the State ~f Florida,
~ 7t'lf3fK'Rxt'~9CX~4c 1llEx , u~el i!s permnn~nl posfo~~ice
a ressp~ Z~Zl S. Eayshore Drive - Miami, Florida
~tPfE'//1Q~~Pr MI~P~l ~~1P Rt0llqAqPP: •
~ INAere.er lYd Atff1A tAe eerms "mc.rtta~cx" and "m.Ntta~te" iac:udr al! ~he putin m this ipi~~utptql iRA ~hr bein.
' kta! nprestout~~n aad au;~ns o( iadi~iduals. aad tAe ~ucrewxs and aasitm o( curp~.ratiuas- and the te~m 'note..
~ ind~~ all ~he ~.~~r A~rtin described i( more i6ac une.) '
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~ =
~ltll[SS[~1 ~~at ;
~ /or good nncl ~~alunble cansidPrations, ane/ a~so in ronsider~fion o~ tlip aygre-
i~ ~ate sum nom~d i~ tli~• promissory note o~ e~c•en ~Alp hpreu~ith, l~erpir:affer c~escribpcl, th~ irtorl~~at~or hrre
1' by gra~ils, boryairts, sPE~.s. a~ip~ts, rFmis~s, rcrtt~eyc o~t~ t-o~ti~irms unlo Ihn niorlqa_yr~ esl~ Ilt~ ~•erfain Eartt~
o~ u~{iii-ti f~i~ mortflar~or is notr seize~~ an~1 in pos~essio~ situate in $t. I,UCle ~~otenh.
~f t'~onc~a. i~iz:
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The West 1/2 of the SW 1/4 of Section l, Township 36 South, Range
i~40 East, and all that portion of Section 2, Township 36 South, f
~~'Range 40 East lying East of INDIAN RIVER ESTATES, UNIT 7, as
;per plat thereof on file in Plat Sook 10 at page 75 of the public `
.~;records of St. Lucie County, Florida, RESERVING to the Mortgagee " ~
;a perpetual easement for drainage purposes over and upon the South ~ ~
!•40 feet of the above described land and the following strips of ( _
I~ land : ~ -
A. A strip of land SO feet in width beinq the easterly ! `
prolongation of Scott Street from the east boundary of said Indian ~
' River Estates, Unit 7, to the east boundary of the above described ~
land .
i B. A strip of land 50 feet in width being the easterly ~
!;prolongation of Braaley Street from the east boundary of s~id Indian I
I!River Estates, Unit 7, to the east boundary of the above described j
~~land. ~
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j,THIS IS A PURCHASE AiONE~F `~TGAGE, executed 'co secure the balance
i'of the purchase price of the lands herein described. By acceptance
i~hereof, mortgagee agrees that so long as mortgagor is not in default
~,under any of the terms and provisions of this mortgage and the
promissory note secured hereby, for all sums paid on principal the ~
martgagor sha11 be entitled, at its expense, to have parcels comprisi g ,
not less than ten (10) acres released trom the lien and operation
`of this mortgage on the basis as follows:
1. Prior to payment of that certain mortgage from Mortgagor
h~rein to Mortgagee herein dated July 20t~ 1971, recorded in
O. R. Book 194 at page 315 of the puh ic records of St. Lucie
County, Florida, upon principal payment of the szun of $264.00 for =
1~each acre to be released. ~
2. Subsequent to payment in full of the mortgage referred to ~
!=in Paragraph 1 abov~, upon principal payment of the sum of $132.00 ,
j:for each acre to be released.
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The release credits shall be cumulative; that is to say, ~
~~!mo~tgagor shall not be required to seek releases with each payment ~
~lon the principal debt, but may proceed to retire the mortgage '
~~principal and later request and receive partial releases for
~principal sums paid and for which no releases had been previously
•granted. It is understood that except for the first parcel released
~from the lien and aperation hereof, mortgagee shall not be required
to release any parcel unless the same be contiguous to a parcel
previously released.
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2~ is i trument prepared by:
~~ank e. Attorney
FEE, P it & LIAYD
i21 Or ge Ave. 194 ~~4
r t. Pi ce , Floxida ~
sour.
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