HomeMy WebLinkAbout0330 6. In consideration of the payment or prepayment of each annual instal?-
~ient due upon this ~~rtg3ge ard th~ note secured hereby, the Mortgagee,
its successor or assigns will release from the lien and operation of this
Mortgage, portions of the lands encumbered hereby according to the following
schedule: ~
a. The release price for released parcels shall be $400.00
per foot of frontage as measured along the waters of the Atlantic Ocean.
b. All sums paid as regu2ar installments or prepayments of
the note, whether a request for release is made at the time of, before,
or after any such payment, shall be credited against the price of releasing
the next parcel for which a release is sought.
c. All payments toward releases which are prepayments of the
note shall be credited to the next maturing installment or installments
of principal due on the note.
d. Mortgagors may select the land to be released so long as
1. The.released parcel is contiguous and parallel to the
property previously reieased from this mortgage or contiguous and -
parallel to either the northerly or southerly boundary of the mortgaged '
premises, releases being permitted from both boundaries;
2. Released parcels shall have a minimum frontage along the
Atlantic Ocean of 100 feet and shall extend easterly to the Atlantic
Ocean and westerly to the Indian River; and
3. At all times the Mortgaged premises remaining subject
to this mortgage shall be a tract extending in depth east to the Atlantic
Ocean and west to the Indian River and in width no less than 400 feet in
any place; which parcel shall be released onZy on payment in full of the
note and satisfaction of this mortgage.
7. Mortgagors will prepare all releases in a form satisfactory to -
Mortgagee. Mortgagors will furnish Mortgagee with a Survey prepared and
certified by a Florida Registered Engineer or Land Surveyor showing the
front feet along the Atlantic-Ocean and a description of the proposed
release parcel as well as that portion of the premises remaining subject '
to this mortgage.
8. Upon the request of the Mortgagors, Mortgagee will from time to time
join in plats, right-of-way deeds of public roadways or other areas,
public utility easements, zoning applications and restrictions with the
applicable governmental authorities regarding development of the property
~~irci~ant to nlans approved.by such governmental authorities, provided
such instruments, and the activities concemplatea under them, in the -
opinian of the Mortgagee, will not adversely impair the fair market value ;
of the remaining Mortgaged Premises. Such joinder by Mortgagee will -
acknowledge that the lien of this Mortgage is subordinate and subject in
all respects to such instruments. Such joinder will not be deemed or
construed as rendering the Mortgagee liable for thp paving of any streets
nor for any other development obligations assumed by the Mortgagor in
connection with any such instrument, and the Mortgagee sha11 not be liable
to anyone, including gbvernmental bodies, by reason of its compliance with
~ the terms of this provision, with respect to any improvements required as
a result of any such instrument.
i
~ 9. This Mortgage is given and accepted upon the condition that the
Mortgagee shall in case of default satisfy the obligation secured hereby
solely by foreclosure and sale of the mortgaged premises and that the
~ Mortgagors shall not be personally liable for payment of the promissory
= note and shall not be personally liable for any deficiency in the event
~ of a foreclosure.
;
¦n ~ ~7~A E ~LQR1Q~ ~
~ ~Z ° OOCUMENI~R~.:~ STaM P T r~
; ° OEaf. UF REYENUE i . ` `
P.~ =.~~~,•n a:- 9 8 0. 7 0 t
A = ti~02 -
a
GG~K218 racE
~ . . ~ . .
_a . _ ~
_ . . _ _