HomeMy WebLinkAbout2133 8. Upon each regular principal payment, as provided in
the promissory note and this mortqaqe deed, the Mortgaqor, for it-
self, its successors, the heirs, leqal representatives, successors
and assigns of its joint adventurers, shall be entitled to have re- ~
leased from the lien of this mortgage, one acre for every $8,750.00
of principal payment. The property to be released shall be deter-
mined as follows: ~
(a) The~lands first released shall lie at the West
boundary of the above described property, contiguous to the westerly
most 13.9 acres of the West 3/4 of the South 1/2 of the Northeast ~
1/4 of Section 11, Township 35 South, Range 39 East, and run from
the North boundary of the encumbered property described above to the
South boundary thereof. Each parcel so released shall be of uniform
vidth. Subsequent releases shall adjoin and be contiguous to the
lands previously released; extending from the North boundary of the
encumbered property described above to the South boundary thereof.
Each parcel so released shall be of uniform width.
(b) In addition to the release provisions above the ~
Mortgagor, for itself, its successors, the heirs, legal representa-
t~ves, successors and assigns of its joint adventurers, may, at its ^
option at any time~ obtain additional partial releases fro~n the lien
of this mortgage upon the followinq basis:
(1) Mortgager, for itself, its successors, the heirs,
legal representatives, successors and assigns of its
joint adventurers, shall determine the parcels to be
released, in accordance with sub-paragraph 8(a) above,
and place in escrow with the St. Lucie County Bank at
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Fort Pierce, Florida, according to a written escrow agree-
ment to be executed by the parties hereto, money or certi-
ficates of deposit from a Federal or State Savings and Loan
Association, National or State Bank, or a combination of
money and certificates of deposit, in an amount equal to
the payment for the land to be releasec~, at the rate oi
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