HomeMy WebLinkAbout0666 RIDER TO MORTGAGE FROM RYERSON & HAYNES REALTY, INC,
TO
LAWRENCE C, PORTER, AS TRUSTEE
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30. The mortgaged propertq is presently encumbered by two mortgages
(the "Outstanding Mortgages"): (1) mortgage dated June 26, 1973 from
Lawrence C. Porter, Trustee, to M. A. Ramsey and Phillip P. Zipes
securing an unpaid principal balance of $874, 000 and recorded in Official
Records Book 215, Page 2149 of the Public Recorcls of St. Lucie County,
Fiorida; (2) mortgage dated June 26, 1973 from Lawrence C. Porter,
Trustee to Leon D. Miller, M. A. Ramsey and Phillip P. Zipes, securing
the unpaid balance of $90, 000 and recorded in Official Records Book 215,
Pa,ge 2160 of the Public Records of St. Lucie Courtty, Florida,;
___P_rovided the MQrt~a~or shall not be in default of the terms, covenants,
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con itions and provisions of this Mortgage or the promissory note secured
hereby, the Mortgagee agrees and acknowledges that the Outstanding Mort-
ga,ges shall remain the sole obligation of the Mortgagee and the Mortgagee
agrees that it wilt at all times make all principal and interest payments
required under the terms of the Outsta.nding Mortgages and do all things
required in order to maintain the Outstanding Mortgages current and in good
standing. Except for the payments of principal and interest, Mortgagor
covenants to perEorm and observe the terms and conditions of the Outstanding
Mortga.ges and shall not do or permit to be done anything to cause a default
under the terms thereof. The Mortgagee covenants and agrees that he shall
after January 1, 197_4 obtain such releases of the mortgaged property from
the liens of the Outstanding Mortgages so as to enable the Mortgagee to
comply with the release provisions contained in this Mortga.ge provided,
however, at least 30 da.ys prior written notice shall be given by the Mort-
ga.gor to the Mortgagee. In the event the Mortgagee or any holder hereof
shatl fail to make any principal and interest payment required under the
terms of the Outstanding Mortgages prior to the expiration of any grace
period, the Mortgagor shall have the right to make such payments on beha.lf
of the Mortgagee and every pa ment so advanced by the Mortgagor shall
bear interest at the rate of 10~ per annum from the time of payment and
shail be applied as a credit against the next principal payment due under
I the promissory note which this Mortgage secures.
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i 31. Provided the Mortgagor or the then owner of the mortgaged property
; shall not be in default in the performance of the terms, covenants, conditions
~ and rovisions of this Mor
p tga.ge or the promissory note secured hereby,
s the Mortgagor or khen owner may apply for and shall receive from the
° Mortgagee releases of land from the lien of this mortgage in a.ccordance
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; - - --with -the-faiiowing terms and-conditiflns:-------- - - _
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; The Mortgagor or then oamer shall pay as release consideration
; by cashier's check the sum of $10,125 per acre plus all accrued
= interest to the date of payment.
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~ (b) Farcels to be released shall be a minimum area of 3 acres.
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; (c) All releases shall commence at the northernmost portion of
Parcel 2(contiguous and south of the 43 acres conveyed by the
Mortgagee to the Mortga.gor and not encumbered by this mortgage)
# and thereafter all future parcels to be released shall be ~ontiguous
to parcels previously released and extend southerly across the entire
~ east-west dimension of the mortgaged property so as to enable the
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