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' CIERR C~^CUi1 COURT
RFCORQ VER~~IED~
R,ELEASE CLAUSE: M~ 16 3 0o PM'~3
So ionq as this mortga.ye and the note securing the same be not in
defa,ult, the holder hereof agrees to release la.nds from the lien hereof upon
the following terms and conditions:
a) The release price per oceanfront fooi shall be c~termined by
dividing the number of oceanfront fPet into the principa.l balance of
the origina.l mortga.ge and multiplying that figure ~times 1. 25,
b) Each request for pa.rtial release shall be accompanied by a draf~ of
the proposed pa.rtial release in the usua.I form.
c) All pa~ments made for such released sha.ll be applied to the next
ensuing principa.l pa.yment ugon the mortga.ye. Simiia.rly, upon
pa.~ment of each principa.l paymenE when due, mortga.gor sha.ll be
entitled to a release on ocean front footage to the nearest whole
feot in accorc~.nce with the foregoing release price provided. In
an~ such case, all released ocea.n fronta.ge shall be in a consguous
line commencing fro~ the North and not sc.attered. Mortqa.gor does
not have to request a release at time of pa.yrnent and the right of
release at a la±er date ~ reserved ~o t~he morteragor.
d) Mortga.gee agrees, upon compl~ance by Mortgagor with the forzgoing
provisions and the mortga.gor not being ~n defa.ult under any of the
~erms of the mortga.ge, to execute and deliver to mortgagor any pa.rtia2
release within 30 days from receipt of pa.yment and, or request.
e) Substitution of Collateral: The makers reserve the
right to substitute collateral in the form of a letter
af credit acceptable to Spencer B. Gilbert from either
~~irst National Bank of Fort Pierce, Citizens Bank of
Palm Beach County, Jensen Beach Bank, or First National
Bank and Tru.t Company of Stuart. and thereby obtain
_ releases of the real property from the lien hereof, at
no cost or e~ense to the holder hereof.
3CRic 211 PA' i JUV~
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