HomeMy WebLinkAbout1851 6. In consideration of the payment or prepayment of each annual
installment due upon this mortgage and the note secured hereby,
the Mortgagee, its 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. One foot of land fronting on State Road A-1-A and extend-
ing to the waters of the Indian River shall be released for each
$~65.Q0 so paid.
b. Parcels must be released from south to north and the
parcels so released shall be in multiples of not Iess than I00
feet of frontage on State Road A-1~A.
c. Whenever a release shall be requested, Mortgagor shall
furnish Mortgagee with a description of the Iand sought to be re- ,
leased and the Mortgagee shall thereupon execute and deliver a
recordable written instrument releasing lands from the lien and
operation of this mortgage as herein provided.
d. The cost of preparing and recording such releases shall
be paid by the Mortgagor. ~
e. Releases may be requested at any time after they have
been earned and need not be requested a~ the time of payment there-
for.
f. All prepayments of principal shall apply to the next pay-
ment falling due and all principal payments shall be cumulative to-
ward releases.
7. 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 Mortgagor shall not be personalZy liable for
payment of the promissory note secured hereby or for any deficiency.
8. It is agreed by and between the parties hereto that this is a
purchase money fourth mortgage, subject to prior mortgages recarded
in Official Records Book 175, at Page 326, Official Records Book ~
179, at Page 2641, and Official Records Book 192, at Page 1320, all
in the public records of St. Lucie County, F2orida, and the Mortgagor
herein agrees that any default of any nature in the prior mortgages
shall be deemed to and shall constitute a default in this mortgage,
and in the event thereof, the holder hereof shall have the right
to place the prior mortgages in good standing and to add the cost
and expense thereof to the principal balance of this mortgage, with-
out waiving the default in this mortgage.
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