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and said partial release of mortgage shall be recorded in the public records ~
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of St. Lucie County, Florida simultaneously with this agreement. ~
2. Owner shall pay to mortgagee the cash sum of $500. 00 as partial ~
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; consideration for the granting of the aforesaid partial release of mortgage.
Such sum is not and shall not be considered as a payment on mortgagee's
said note ancl mortgage but is a separate and distinct payment made for the ~
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~ purpose of covering mortgagee's time, legal fees and recording casts incurre~
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in ~ranting owner's request for said partial release of mortgage.
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3. Owner agrees that he will not sell, bargain, grant or cc,nvey the
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above describecl Lot 7 prior to the time that mortgagee's said note and mort-
gage have been fully paid and satisfied without the written consent of mort-
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gagee recorded in the Public Records of St. Lucie County, Florida: it being t
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the intent of the parties that mortgagee's said note and mortgage shall con- j
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tribute a second mortgage lien upon said Lot 7 as hereinafter provided. ~
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4. Owner shall, within one year from the date hereof, construct a com~ i
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~ rrercial building containing a minimum of 12, 000 square feet upon the said 4
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~ Lot 7 and owner shall have the right at any time during said one year period ;
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; to place one mortgage not to exceed the principal sum of $~O~ooo, oo ~
' upon said lot 7 and such mortgage, once recorded, shall be and constitute ;
' a first mortgage lien upon said Lot 7 with a1I ihe rights and priorities gen- ~
erally had by first mortgages and the dignity and standing of such first
mortgage shall be paramount and superior to alZ claims or rights had by 3
mortgagee in and to said Lot 7, Said first mortgage to be placed by owner
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~ shall be promptly recorded in the Public Records of St. Lucie County, Florid~
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and thereupon and immediately thereafter and without anything further re- '
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~ quired by the parties hereto said Lot 7 shall become re-encumbered and re• :
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covered by mortgagee's said note and mortgage, to the end that mortgagee's i
said note and mortgage will then constitute a second mortgage lien upon said ;
Lot 7 and be j unior only to said first mortgage to be placed by owner. In the ~
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event that owner fails to construct said commercial building and also record ~
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a first mortage upon said Lot 7 within I yeRr from the date of this Agreemen~
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' then said Lot 7 shall automatically become re-encumbered and re-covered b~
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-2- ~II PACE~~ .
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