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HomeMy WebLinkAbout0540 6, In consideration of the payment or prepayment of each annual installment due upon this mortgage and the note secured hereby, the Diortgagee, his successors and assigns will release from the lien and operation of this mortgage, portions of the lands en- cumbered hereby according to the following schedule: a. In Parcel No. 3, one foot of land fronting on the Atlantic Ocean and extending to the Indian River shall be released for each $520.00 so paid. b. Parcel No. 3 must be released in its entirety prior to the release of Parcel No. 1 and Parcel No. 2. c. For purposes of releases, Parcel No. 1 and Parcel No. 2 shall be consolidated and considered as one parcel. Parcels must be released from south to north. One foot of land fronting on the Atlantic Ocean and extending to the West boundary of the parcels shall be released for~each $440.00 so paid. E d. Whenever a release shall be requested, Mortgagors shall furnish Mortgagee with a description of the land sought to be released and the Mortgagee shall thereupon execute and deliver a recordable written instrument releasing Zand s from the lien and operation of this mortgage as herein provided. For purposes of , released descriptions, Mortgagee and Mortgagors hereby agree that each oceanfront foot so re2eased shall be considered as .94 feet, as measu~ed on the perpendicular. _ e. Th~ cost of preparing and recording such releases shall be paid by the Mortga~ors. f. Releases may be requested at any time after they have been earned and need not be requested at the time of payment therefor. g. All princiFaZ payments on the mortgage shall apply to the i i next payment falling due and all principal payments shall be ~ cumulative toward releases. ; 7. This Mortgage is given and accepted upon the condition E that the Mortgagee shall in case of default satisfy the obligation i . ~ secured hereby solely by foreclosure and sale of the mortgaged ~ premises, and that the N.ortgaqors sr~all not be personally liable for € an, d• • • ic:.e:~cy. ~ R ~ , i ~ ~ . t i ' ~ t e~22U ~ 5~40 i ~ { _ r ~ : ~2~' ~ ~ _ _ti s...~ ~ a ~ r. . ~ ~ `~da~ . . _ . -~..n'_' ~~=,.r-~.