HomeMy WebLinkAbout1308 5(a). In consideration of the payment by Mortgagor to Mortgagee
of the ~own payment at the time of closing the purchase of the land
encw~bered hereby and in consideration of the payment or prepayment '
of each annual installment due upon this mortgage and the note se-
- cured thereby~ the Mortgagee, his successors and assians, will re-
lease from the lien and operation of thiQ mortgage portion~ of the
land encumbered hereby according to the following scheaule:
1. One foot of land, as measured on the perpendicular,
extending from the waters of the Atlantic Ocean to
the waters of the Indian River, shall be released for
each $1~0.00 so paid on the principal amount due under
this mortgage.
2. Each parcel to be released shall be released from North
_ to South, or South to North, shall be in parcels of at
least 100 feet as measured on the perpendicular, and
shall be contiguous to one another.
3. Whenever a release shall be requested, the Mortgagor
shall furnish the Mortgagee with the de~cription of
the lands sought to be released and the Mortgagee shall
thereupon execute and deliver a recordable written -
instrument releasing such lands from the lien of the
mortgage as herein provided. Mortgagor shall pay all
attorney's fees ann recording fees in connection with
such releases.
4. All principal payments made on this mortgage shall apply
-towarci-partial--rel:eases--and--al-l-principa~ pa~men~s-made----
~ for partial release~ in exceas of the principal payments
then due shall apply to the next principal payments be-
. coming due hereunder.
; 5(h). It is agreed by and between the parties hereto that this
~ is a purchase money second mortgage, and the mortgagor h~rein agrees
that any default of any nature in the first mortgage shall be deemed
to and "shall constitute a default in this mortgage, and in the event
thereof the holder hereof shall have the right to place the first
mortgage in good standing and to add the costs and expenses thereof
to the principal balance of this mortgag~, without waiving the de-
fault in this mortgage. _
w S 1~!', I t~F t~ L O F-t t ~_1
' c~ N DCCU'"Ei TA~,R'_ ~ii.~~%.a T:.?C
Z _ _ _ -
~ - JL~tiZ~'71 `•Q'-~ -
tr~ = ~.s_-~~"-,~`_: '3 8 2 8 0-
~ ~ ~ N ~ :eF:T.~F tE:E~:I;E~~
3~i ~ ~ P.F~.~vo~~2
c ~
~
r~ ~
~ : ~,a N
~ ~ `u ~,"+~a" -
~ ~yiCtt ~ -
v '
~ ~ .
~
~ o~~ 19~ 1306
,