HomeMy WebLinkAbout2412 party on the ~~day_of May, 1973, and recorded in Official Records
sook 357, Paqe 2329 , Martin County, Florida, public records.
As of this date the aforesaid Mortgaqe and Note have not been assigned,
pledged or negotiated in any manner.
2. In the event of default of payment pursuant to the
terms of the aforesaid Promissory Note and Mortgage, MILLER aqrees
to notify WISCONSIN in writing by certified mail of the existence of
such default, whereupon WISCONSIN shall have a period of thirty (30)
days from the date of receipt or rejection of such written notice
in which to pay over to MILLER all principal and interest then
outstanding, due and gayable under the terms of said Promissory
Note and Mortgage and to receive therefor in duly recordable form an
Assignment oF such Promissory Note and Mortgage without recourse to
MILLER. In the event that WISCONSIN fails seasonably to pay over to
MILLER all of the sums owing under the terms of said Promissory
Note and Mortgage within the period hereinbefore provided, then and .
in that event the riqht of WISCONSIN to require assiqnment of said
Promissory Note and Mortqage shall forthwith cease and determine.
3. MILLER aqrees to subordinate the lien of the aforesaid
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I Mortgage to the lien of any Mortgage created in favor of WISCONSIN
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~ upon the subject lands for the purpose o~ constructing roads and
bridges and public utility improvements. The extent of such
subordination shall not exceed the dimensions of road rights-of-way
and/or square footage for public utility plants then required by
applicable Martin County Ordinances for similar structures. Ingress
and egress from a public right-of-way to subordinated areas over and
upon existing roads or by the most direct and reasonable route shall
be assured to WISCONSIN by MILLER. -
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~ 4. In addition, MILLER agrees to su~ordinate the lien of
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~ the aforesaid Mortgage to the lien of any Mortgage created upon the
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