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Executed the 20th duy oj August A. D. t973 6y
LAI~ID DYN~IMICS, INC.
a corporntion existIng under ihe ~aws oJ Florida , and having its principa~ place of
6usiness at 4344 East Tradewinds Avenue, Lauderdale-By-The-Sea, Florida -
hereinaf !er rn~~ the morlgago~, fo
- BAYLEY PRODUCTS, INC.
a corporation existing uncjer the latus o~ the $tale o' Michigan . wif{~ its permnnent poslo(Jice
add.ess a~ 175 Rawsonville Road, Belleville, Michigan •
hereina~ter called tke mo?tgagee:
(Whece~tr ~utd 6etei~ t6e terms "mot~tt~a~or" asd ••morVt~RK" include aU t6e parties to this imtrument and ~he beirs,
le~al rep~e~eetati~:s aod aai~m oI i viduala. and t6e ~uocessws and aniam o( carporatiom; sad t6e ecrm '•aote••
iach~des a11 t6e nota 6ercis dacribed it mwe t6as one.)
~~~~Q~~ that /or good and valua6le considerations, and also in eonsidemfion o/ tf~e agg?e-
gate sum named in the promissory note oJ euen dafe herewith, hereinaf ter descri6ed, the mortgago~ here-
by gr+nnts. 6arguins, sells, aliens, remises, conueys and confirms unto t1~e mortgagee aIl the certain land
of which t~e morlgagor is now seizecl a~c~ in possession sifuate in St. Lueie Counly,
Floridu, uiz:
( Lots 13, 14, 15 and 16, Block 4, Section 12, Township 37 South,
~ Range 40 East, ST. LUCIE GARDENS, as recorded in Plat Book l,
1 Page 35, Public Records of St. Lucie County, Florida, lying
West of U. S. Highway No. 1, comprising 30.06 acres, more or
less (net acre) .
i
~ Mortqagee herein agrees to release the subject property from
the lien of this mortgage at the rate of Three Hundred Dollars ~
($300.00) per front foot. 1'he releases shall comm~ence at the
, northerl,y end of the property and shall be released in incre-
; ments of not less than one hundred (100) feet as measured along
~ the westerly right of way of U. S. Highway No. 1 and shall pro-
~ ceed in a contiguous manner so that all unreleased property
€ remains contiguous.
All principal payments made pursuant to the terms of the note
secured by this mortgage shall apply to the next regular pay-
ment pursuant to the terms of the note. All principal pay-
ments shall be cumulative toward releases. Releases need not
be requested at the time payments are made.
Mortgagee hereby agrees to look solely to the land hereby
encumbered as security for the obligation secured by this
mortgage, and acknowledges that the mortgagor shall not be
personally liable for the obligation secured.
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p~j)RS1N111T TO ~ Tl'174. 11G~ OF 1!~lL,,n.~ ~
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