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1 .ONO FONM 2396'71 ~ RAMCO RORM R[6
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~ Fxp~Ur~t rl~~ 29th day o/ September A. D. i9 72 6y
MALCOIM MENNINGER
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herei?~aJter calfed the mo?t~a~~or, io .
VAST, INC., a Florida corporation
~ I~Preinn(ter callecl the morlfln{~ee:
i (N'hert~er uxd herein the terats ••mortBaRor" aa~ "ouKttasee" include all tAe pulies to tAu imnumtot aod t6t hti~s. `
I k~al reprexnau~n and auiKns o( indi~iduals, and t6e wcc~wxs a~d usiRna of corporatioss; aed tAe term :•~oa••
inrludea all d~e nutes derein describtd it more than one.) s
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~itnesseth, ~tia~ o~
f ~ood and i~aliiable ronsiclerations, and a~so in consider4tion o~ the aggre-
yate sum name~ in Ihe promissory note o~ even c~ate hereu~iih, hereina(ter ~escri6ee~, !~e tnortgagor {~ere-
6y grants. 6arryains, sells, alie~s, remises, coni~eys and con f irms u?ito the moHgagee aII t~e certnin Iane~
~ o~ u~hic~ f~e morlyagor is now SPIZPII an~ in possession sifuafe ]n $t. Lueie t-'ouniy. .
F~oritla. ~~iz:
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The NE~ of the NE~ of Section 31, Tawnship 34
South, Range 40 East; EXCEPTING therefrom rights
of way for public roads and drainage canals.
THIS IS A PURCHASE MONEY I~RTGAGE. ~
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RELEASE CLAUSES; i
(a) The mortgagee hereby covenants and agrees upon payment
of each principal installment of the promissory note
secured hereby, the mortgagor shall have the right
to, from time to time, release from the mortgage one
(1) acre in the South one-half of the subject property,
. for each $6,000.00 so paid. Such right of release
shaZl be cumulative as to any payment or fractional
payment for which no release is given at the time of
such payment.
(b) In addition to the reZeases provided for in subpara-
graph (a) above, the mortgagor shall have the right to,
fram time to time, release from this mortgage in the
South one-half of the subject property, upon the pay-
ment of $6,000 per acre.
(c} AI1 principal payments made for releases under the terms
of subparagraph (b) above shall be credited to the
principal of the next maturing principal installment
of the promissory note secured hereby.
7NIS ItISTRUMENT WAS PREPARED 8Y~ _
SPfMCER B. GILBERT, Attorney at law :
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220 S. SECOND STREE7 , FT. PIERCE. FIA. 33~50
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