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Ocean) for each foot so released. Releases shall begin at the
. Southerly boundary of the mortgaged property and thereafter shall
be given in a Northerly direction with each release to be contiguous
to the last parcel released. All parcels shall be for parcels
having a minimum Northerly/ Southerly width as measured along the
Atlantic Ocean of 50 feet.
2. All partial releases and the descriptions ~contained therein
shall be prepared at the expen:;e of the Mortgagor and shall be
furnished to the Mortgagee. All descriptions of the lands to be
released shall be prepared by a registered Florida Land surveyor
at the expense of the Mortgagor who shall provide Mortgagee with a
copy of the description as prepared and certified by said registered
surveyor.
3. All advance payments of principal made for the purpose of obtaining
partial releases shall be credited to the next installment due on
the note and all payments of principal on the note shall apply towards
partial releases whether requested by the Mortgagor, its successors
. or assigns, at the time of payment or not. ~
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: ~~~~~aQ~~~ Y ~ Milwaukee, wiscons_.,
..._..._.~ep~embe~'._. u73-------
FOR VALUE RECSIVED, ib~ andersiqned, j~~Jtdqrdti4~~, PROMISF5T0 P1lY !o ihe orde: of__.M......~s..W.r.__~,A~D,_..__.._._
...IN~.........~...Te7nn~s se~ ...ca.r.Ac~ratis~n ~
. .
...S.even..I~~t~axea_..k'9.x~~.-s_~.~...~~Q~S~~.d.._Q~e_._xu~az~a----ana --x~~.~.oQ-_._-._.-....-....-....-....-.. DOLL1lRS.
a~ _Third:_Nati.onal,~Bank.,_~uilding~____~TAashvi le,,.,.~e~ S ee _,_.__,_.,._or such ol6er place as !he ~?tolder -
hereof maT de:ignale ia wriling, logether wilh interes! _i om~ ~ e 2 ~ ~ 37~
e ~fe o?_~~4 per cenlum per annum on ibe unpaid
balance ~uf2i1 maiurity. T6e s~id principat and interest shalt be due and parable as folloars: $24s220.~0 Of the
principal shall be payable November ,~,o , 1974 (the "initial payment date");
$125;000.00 of the principal plus accrued interest on tlZe outstanding princi-
pal balances since November 1973 shall be payable six months after the
initial payment date; $149,220.00 of the principal plus accrued interest on
the outstanding principal balances during said year shalZ be payable on the
first, second, third and fourth anniversary of the initial payment date.
All advance gayments of grincipal made for the purpose~of obtaining
partial releases from the mortgage securing this note shall be credited to
' the next installment due and all payments of principal shall apply towards
partial releases whether requested by the maker,, its successors ar assigns,
~ ~t the time of payment or not. The maker may prepay any part or aZl of the
~ unpaid principal at any time before due without paymen t of premium therefor.
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~ If defa~.lt bs m~de for .__.~.SJ..... dars in t6e pa~eat ot aer iastalfinent of princiq! o~ interest or anr oart tDereol, t6e w6ok sum t6en remainint
~ unpald vith interest shall at 6eldar'~ option become due ~ad oa~able ~ritAenl notice, Failure to e:ercise sucb optioo ahall net constityt~ s~ ~er o( tAe
~ ri~6t lo exercise lhe sune is the e~eat of subsequeat defaulG Afttr msturitr botb principal aad accrued interest sbaU br.~r in[ereat at/.:.,].fL~er centum
j yer annum until oaid. The maken and ssdorsers o( this note lurt6er raiv~ demaad, qolKe of abn-paymeat and proteat. It this note is nol paid ~t
maturity and tAe same is placed ~.i1h ari attorne~. Jor collectioo, t6a makers and eadorsers hcreol a~ree to par ali cos[s ot ~olleetion, includins all covrt
~ costs and reasonabie attoraer leq.
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~ SCHANDELMEIER_ DEVELOPMENT CORP. (SEAL)
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s $y /s/ Milo schandelmeier __...._....._1sEAL1
: •
~ President
` .....~~XX_..._....--•• ...............•-•--•-•----••--...-••---•---••--•-••••-•-•......-•-----....._(SEALI
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