HomeMy WebLinkAbout0125 maker agrees to pay on account of the principal sum due hereunder,
a sum of Four Thousand Five Hundred Dollars ($4,500.00) per acre
upon the completion of development-of the real property, secured
by the aforementioned Purchase Money Mortgage, which is developed 1
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for other than condominium or apartment use. Completion of ;
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development as used herein, shall mean the completion of all +
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contemplated grading, utilities, construction and landscaping with R
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respect to such acreage. No payment of principal shall be due '
hereunder beca~ase of the completion of development of dedicated
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; streets and utility easements serving the property of maker. ~
' Upon payment of the amounts set forth above, partial releases from ~
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` the Purchase rioney Mortgage securing this note shall be granted ~
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iii accordance with the terr~s of the mortgage hereinafter described. ~
Further, in addition to the above stated principal ~
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installments, within si~ty (60) days following the end of each ~
fiscal year of the maker of this note, the maker agrees to pay, ~
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on account of the principal sum of this note, so long as the maker
of this note is not indebted to Gulf Oil Real Estate Development
Cor~pany, a sum equal to the net available cash of the undersigned
at the end of said fiscal year, as said term "net available cash"
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he defined in the Lir.lited Partnership Agreement dated as of the
30th day of Augc~st , 1972, (the "Partnership Agreement").
These payments shall continue until the principal and interest
are aid in full or until the entire balance of principal and in- ~
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terest become due on August 31 , 1987, whichever event comes first.
_ 2 - BOOK ~6 PAGE ;
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