HomeMy WebLinkAbout2077 EXHIBIT 2
ADDITIONAL COVENANTS AND CONDITIONS IN THAT CERTAIN MORTGAGS FROM
STUART ST. LUGIE ESTAT$S, INC., A FLORIDA CORPORATION, TO SSTATE OF
NELL L. COWAN BOSTWICK, DECEASED.
1. Mortgaqor may plat portions of the lands encumbered by the lien
of this inortgage, and ia the case of each and every plat so filed by
Mortgagor, Mortgagee agrees to join in such plats, provided, ?~owever,
that Mortgagee shall not be required to join in any ~ilat which Mortgagee
believes in good faith will substantially impair the security of this
mortgage. -
2. Mortgagor shall have the right to construct, at Mortgagor's sole
expense, facilities for roads, utilities, and drainage, including
canals providing access from said lands to the St. Lucie River; pro-
vided, however, all facilities so laid out and installed shall conform
with a general plan for developing the general area as may be approved
by Mortgagee (which approval shall not be unreasonably withheld).
Mortgagee's int erest shall not be subject to liens for any improvements
made by the Mortgagor upon the encumbered lands. ~
3. Mortgagee agrees that it will release from the lien of this
mortgage at any time parcels of the encumbered nroperty upon the
folZowing terms and conditions:
a. In mini.mum parcels of twenty (20) acres, the initial
parcels to be contiquous with the west 400 acres of
Parce~ 4(deeded to Mortgagor ~nd excepted from the lien
of this mortgage), and subsequent parcels shall be con-
tiguous thereto commencing at the westerly portion of
Parcel 4, extending from southern boundary to northern
boundary of Parcel 4, and moving easterly from time to
time only so much as is necessary to complete the.parcel
to be released until all of Parcel 4 is released in the
manner provided herein; thereafter, parcels released shall
commence at the southern boundary of Parcel 3 above des-
cribed, extendinq from western boundary to eastern boundary
of Parcel 3, and moving northerly from time to time only
so much as is necessary to complete the parcei to be re-
' leased, until all of parcel 3 is released in the manner
provided herein; thereafter, parcels released shall
I; co~nence at the western boundary of Parcel 1 above described,
; extending from the southern boundary to northern boundary
~ of Parcel 1, and moving easterly from time to time only so
' much as is necessary to complete the parcel to be released
' until all of Parcel 1 is released in the manner provided
herein; with all released parcels being contiguous to
parcels previously released, all in the manner provided
herein. Parcel 2 above described shall be released only
upon full payment of this mortgage. Any parcel released
' shall be provided with an easement for ingress and egress
' from the nearest public right-of-way; and similarly, an
easement for inqress and egress shall be provided to
Mortgaqee by Mortgagor over released lands to unreleased
lands that may be landlocked.
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Page 1 of Exhibit 2
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