HomeMy WebLinkAbout0724 SECOND MORTGAGE PARTIAL •
RELEASE PROVISIONS
The Mortgagor shall be entitled to partial releases from - -
the force and effect of the purchase money second mortgage, and the
holder of the mortgage shall be obligated to partially release prop-
erty upon the following formula:
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(a) At closing, all of subject property shall be
included under the terms of the second purchase
money mortgage. The subject property shall be di-
vided into four (4) parcels. (See Exhibit I in-
corporated by reference as a part hereof.) For
purposes of this formula, the four (4) parcels
shall be called Release Parcel No. l; Release Par-
~ cel No. 2; Release Parcel No. 3; and Release Par- ~ ~
cel No. 4. The first released parcel shall con-
tain not more than 433 front feet of Okeechobee =
Road frontage and lie adjacent to the West boundary ~
of Hartman Road. Release Parcel No. 2 shall contain ~
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not more than 433 feet of Okeechobee Road frontage :
and lie adjacent to the West boundary of the first '
rele~ased parcel. Release Parcel No. 3 sha1Z contain
not more than 433 feet of Okeechobee Road frontage =
and shall lie adjacent to the West boundary of Re- ~
lease Parcel No. 2. Release Parcel No. 4 shall con- ~
tain 364.21 feet of Okeechobee Road frontage and 3
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shall lie adjacent to the West boundary of Release
Parcel No. 3 and extend to the West and North bound-
aries of the total tract. (See Exhibit I attached
hereto.) -
For purposes of prepaymen~ and releases, and excluding amor- '
tization under the terms of the note, which does not apply to releases, _
the Mortgagor shall be entitled to release of these parcels as follows: ~
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(a) Release Parcel No. l, by the payment of $13,000.00
per acre tiines the number of acres contained in Release
Parcel No. 1.
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` (b) Release Parcel No. 2, by the payment of $12,000.00 =
~ per acre times the number of acres contained in Release '
~ Parcel No. 2.
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(c) Release Parcel No. 3, by the payment of $12,000.00 -
~ per acre times the number of acres contained i;i Release
~ Parcel No. 3.
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~ (d) Release Parcel No. 4, by the payment of $13,000.00
° per acre times the nunber of acres contained in Release
~ Parcel No. 4. ;
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~ The first partial release shall begin with either Release ;
-3 Parcel No. 1 or Release Parcel No. 4. Al1 subsequent releases shall ~
~ be contiguous to previous release or releases. All payment for re- ~
~ leases shall be exclusive of annual payments under the note and mort- ~
:l gage . ~
Tha~ the Mortgagees shall be entitled to-a reserved ease-
ment which shall extend along the NOrth boundary of the property here- '
~ in conveyed, which shall be a strip of land with one hundred (100) foot ?
frontage lying adjacent to Hartman Road and extending West along the -
- North boundary of subject property to the West boundary of subject
= property (East of boundary of Canal No. 29). This easement shall re-
- main upon the Iand and be reserved to Mortgagees until such time as
s':; the second purchase money note and mortgage have been paid in full
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~Y' (See Exhibit I.) -
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