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PARTIAL RELEASES;
Provided this Mortgage and the Note are in qood standing
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ar?a IlOL ~ii UCLCl111~. li~ ~il~t aG:3Yc~.~~ a-ava L~4~~rV iil.si44Y d~ gz,
tions of the Mortgaged Premises from the lien hereof on the followinq
terms and conditions:
~
(a) The release price per released parcel shall be $45.00
per foot of frontage of each such parcel alonq the Atlantic Ocean. i
Al1 sums paid as regular installments or prepayments af 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 maturing installment or installments of principal due
~n 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 a~d
parallel to eitlzer the northerly or southerly boundary of the
Mortgaged 2remises releases being permitted from both boundariea;
{ii; :elease parcels have a minimum frontaqe along the Atlantic
Ocean of i00 feet and shall extend east to the Atlantic Ocean and
west co the Indian River, and (iii) at all times the Mortgaged
Drami~ePg rPmaining subiect to this Mortqaqe shall be a tracc
extending in deptt. east to tne Atlantic Ocean and west ta the
Zndian River and in width no less than 200 feet in any place and
shall be released only on payment in full of the Note and satisfaction
of this Mortqage .
(c) Mortgagor will prepare all releases in form satisfactory
to Mortgagee. Mortgagor wi13 furnish Mortgagee a survey prepared and
cert~f~ed by a Florida registered Engineer or Land Surveyor showing
the front feeL along the Atlantic Ocean and description or" the
proposed release parcel- as well as a portion of the Mortgaqed
Premises remaining subject to this Mortgage.
JOINDER IN DEDICATIONS:
Upon the request of th e Mortgagor Mortgagee wil~ from
time to time join in plats, right-of-way deeds of public roa~ways
or other areas. public atility easements, zoning applications and
restrictions with the applicable governmental authorities ~egard~ng
development o~ tre property pursuant to plans approved by such
3ove~n~r~znca:~ acthorities provided sueh instruments, and the
activizies conr.emplated under zhem, in the opinior. of the Mortgaqee,
wil~ noz advarseiy ~mpair zhe fa~r m.arket value of the -renainir.g
Morzgaged ~remises. Such joinder by Mortgagee wi1Z acknowledge
thaz the i~e~ of this Mortgage is subardinate and 3ubject ir. ai+
respects zo sucn ir,strumen~s. Such joinder will not be deemed or
construed as rendering the Mortgagee 2iabile for the paving of
any streets :~or io: any other development obligations assumed by
the MortSaqor ~r. connection with any such instrument and thE
Mortgaqee shall not be liab2e ta anyone. including governmental
bodies, by reason of ite caapliance ~rith the terme of this pro-
vieion. witb reepect to any improvements required as a result of
any euch inetrument.
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