HomeMy WebLinkAbout0964 6. In consideration of the payment or pre-payment of each annual
installment due upon this mortgaqe and the note secured hereby,
the mortgagee, his successors and assigns will release from the lien
and operation of this nwrtqaqe, portions of the lands encumbered ~
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hereby accordinq to the followinq schedule: f
a. Parcels shall be released in 100 foot increments, '
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as measured on the perpendicular, commencinq on the North line of ;
the subject property and continuing in a southerly direction so !
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that all released parcels are contiquous. Al1 released parcele
shall be bounded on the east by the Atlantic 4cean and bounded on the
west by the Indian River. ~
b. Mortgagors shall be entitled to the Release of each
100 foot parcel upon payment or pre-payment of Fifty Nine Thousand
($59,000.00) Dollars aqainst the principal payments due upon ~
this mortgage. -
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c. The first parcel to be released shall also include the
north 100 feet of the property encumbered by this~mortqaqe which ?
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lies-west of the west right-of-way line of State Road A-1-A.
d. All principal payments made by Mortgaqors shall be
cumulative toward the release of property. Any prepayments~made for
the pu=pose of releasing portions of the encumbered property shall
apply to the next ensuing payment or payments due under this mortgage.
e. Releases need not be requested at the time that payments
are made. Whenever a Release shall be requested, the mortgagors shall
furnish the mortgagee with a description of the land sought to be ~
released, and mortqagee sha22 thereupon execute and deliver a recordable ~
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written instrument releasinq said lands from the lien of this mortqaqe.
Mortgagors shall pay the cost of preparation and recordi~g of all
Partial Releases. ~
7. This Mortqaqe is given and accepted upon the condition that the - ~
Mortgagee.shall in case of default satisfy the obligations secured ;
hereby solely by foreclosure and sale of the mortgaged premises, and
that the M~ortgagore shall not be personally liable for any deficiency. ~
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600K~~~ PACE . ~
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