HomeMy WebLinkAbout3566 Rider to that certain Mortgage
Deed from TRAFALGAR COMMUNITY
DEVELOPERS• INC., a Florida
corporation, as Mortgagor, to
NORTH TRAIL GOLF COURSE INC.,
a Florida corporation, as Mort-
gagee, dated the 20th day of
December, 1972.
A. Mortgagor and Mortgagee recognize and agree that the First
Mortgage encumbers, in addition to the lands first above described, a cer-
tain parcel of land situated in St. Lucie County, Florida more particularly
described on Exhibit B attached hereto and made a part hereof as if fully
set forth herein. If for any reason, Mortgagor does not exercise an
' -
option to purchase said lands described on the aforesaid Exhibit B from
Mortgagee within two (2) years from the date of this Mortgage; then and
in such event, the parties hereto agree that upon Mortgagee tendering into
a Joint Escrow Account of GREENE and LAYNE, P. A. , counsel for Mortgagor, -
and GERALD S. JAMES, Mortgagee's counsel, in an amount equal to the amount
required to release the real property described on the aforesaid Exhibit B
from the lien of the First Mortgage encumbering the same, the Joint Escrow
Agents shall make a payment on the First Mortgage which would entitle the
Mortgagee to a release of the land on Exhibit B from the lien of the First
Mortgage. Such a partial release shall be obtained and recorded. Mortgagee
i
! agrees simultaneously therewith to increase the amount of the note secured
~
~ by this purchase money second mortgage in an amount equal to the amount -
~
~
~ required to obtain the partial release of the lands on Exhibit B from the
~
~ First Mortgage.
~ B. ;~Iortgagee covenants and agrees with Mortgagor to release from
~
~
~
the lien and operation of this second mortgage, at random and at the sole
discretion of Mortgagor, one (1) acre tracts of the above-described real
~ property for every Three Thousand Five Hundred Dollars ($3500.00) by which
~ the principal balance of the note secured hereby is reduced, inclusive of
3,:
~ any regular installments paid hereunder; all sums so paid on said note,
~ secured hereby, shall be credited first to accrued interest and then to
the principal payment next accruing; PROVIDED HOWEVER, in consideration
~ of the sums paid by Mortgagor to Mortgagee at the time of sale and purchase
of the Mortgaged Premises and without any payment by Mortgagor on the
note secured hereby, Mortgagee covenants and agrees with the Mortgagor to
release, from the lien and operation of this seconc~ortgage as many acres
,~o
~h as Mortgagor is entitled to have released from the operation and effect of
- 1 - ~~,~r ~ ~
;.._;J .
GREENE AND L4YNE PA, ATTQqNE~rS AT ~AK'. 320 N E. ~9"' ST17E~T~ MIAM1, iLOR1OA 33~32
~3
e'~;
>
~ . . • . _ ~
~.:i
s"". , x. _ - _ , ` ~z~~:~=_" r. ~
~~s