HomeMy WebLinkAbout0590 PARTIAL RELEASES:
Provided this Mortgaqe and the Note are in good standing
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tions of the Mortgaqed Premises from the lien hereof on the followinq
terms and conditions:
(a) Z'he release price per released parcel shall be $45.00
per foot of frontage of each such parcel along the Atlantic Ocean.
All sums paid as regular installments or prepayments of the Note
(whether a request for release is made at the time of. before, or
after any such payment) shall be credited against the price of re-
leasing the next parcel for which a release is sought. All paymente
toward releases which are prepayments of the Note shall be credited
to the next maturinq installment or installments of principal due
on the Note.
(b) Mortgagor may select the land to be released. so
long as (i) the release pracel is contiguous and parallel to the
property previously released from this Mortgage or contiguous and
paraZlel to either the northerly or southerly boundary of the
Mortgaged ~re~rcises releases being ~ermitted from both boundariea;
(ii} release parcels have a minimum frontage along the Atlantic
Ocean of i00 feet and shall extend easc to the Atlantic Ocean and
west to the Indian River, and (iii; at all times the Mortgaged
~remises remainincx subiecc ta this Mortqage shall be a tract
extending in depth east to the Atlantic Ocean and west to the
Indian River and in width no less than 400 feet in any place and
shall be released only on payment in full of the Note and satisfaction
; of thi~ Mortgage.
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E (c) Mortgagor will prepare all releases in form satisfactory
~ to Mortgagee. Mortgagor will fiirnish Mortqagee a survey prepared and
certified by a Florida registered Engineer or Land Surveyor showing
~ ~he =~onc ~eet along the Atlantic Ocean and description of the
- proposed reiease parce2, ae well ss a portion of the Morcgaged
~ Premises remaining subject to this Mortgage.
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; JOINDER IN DEDICATIONS:
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~ Upon the request of the Mortgagor Mortgagee will from
~ time to time ;oin in plats, righz-of-way deeds of public roadways
' or othe: a:~ss public utility easements, zoning applicaz~ons and
~ :estr;ct~or.s with L'ne applicabl~ governmental authorities regarding
~ 3eveiop;~enL o= ~chE property pursuant to plans approvzd by ~ucr.
' governmen~a~ auzhorities pravided such instrumen ts, and the
~ activizies ~oatemplated under them, ~n the opinion or the Mortgagee,
~ wii~ r~ot adversely ~mpair the ~air market value of the remaining
- ~iortgaged Przmises. 5uch joinder by Mortgagee.wil~ acknowledge
that t'r.e ~ien a~ ~his Mortgage is su'~ordinat~ and sunject ~n all
respecLS i.a snc:-i instruments. Such jo~nder will not be 3eemed or
construec as •renCerir.g the Mortgagee liabile for th~ paving of
~any streets r~or ior any other development obligations asswr~ed by
the :~ortgagor in co:~nection wit'r. any such instrumer.t ar.d the
Mortgagee shall not be liable to anyone including governmental
- bodies. by reason of ite caapliance with the terms of thia pro-
= vision. with respect to any improvements required as a re$ult of
- any such inetrument.
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