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VERO dE~CN.FLOR~vA 329A0
~M O R T G A G E -
THIS MORTGAGE DEED, Executed the 6th day of December ,
1973, by JACK NEEDY, as Trustee, hereirtafter called the Mortgagor, to
C. B. RINGEISEN and JEANNE L. RINGEISEN, his wife, hereinafter called the
Mortgagees:
(Wherever used herein the terms "Mortgagor" and "Mortgagee" in
clude all the parties to this ihstrument and the heirs, legal
representatives and assigns of individuals.)
~ WITNESSETH, that for good and vaZuable considerations, and also
in consideration of the aggregate sum named in the promissory note of even
date herewith, hereinafter described, the mortgagor hereby grants, bargains,
sells, aliens, remises, conveys and confirms unto the Mortgagees all the
certain land of which the Mortgagor is now seized and in possession situate
in St. Lucie County, Florida, viz: •
The N 1/2 of NE 1/4; N 1/2 of NW 1/4 lying East of Easterly right
of way of Florida Sunshine State Parkway; and SW 1/4 of NE 1/4,
excepting therefrom the folZowing:
From the SW corner of SW 1/4 of NE 1/4, run N along W line of
said SW 1/4 of NE 1/4, 42-1/2 ft., more or less, to N r/w line of
N. St. Lucie River Drainage Canal No. 45, for POB; thence continue
N along said W line a distance of 465 ft. to a point; thence E"
parallel with S line of said SW 1/4 of tJE 1/4, 793.8 ft.; thence
run S para11e1 with aforementioned W line 465 ft. to N-r/w Zine of~
said Canal No. 45; thence run W along said N r/w line a distance
of 793.8 ft. to POB. FURTHER EXCEPTING the S 42-1/2 ft. of SW 1/4
of NE 1/4, the N. 42-1/2 ft. of the entire Section; and E 42-1/2
ft. of NE 1/4 of NE 1/4 of said lands. All lying in Section 10,
Township 35 South, Range 39 East, St. Lucie County, Florida.
THIS IS A PURCHASE MONEY SECOND MORTGAGE.
SUBJECT TO THE FOLLOWING TERMS AND CONDITIONS:
1. The Mortgagor has executed this mortgage in a fiduciary capacity and
in no otAer capacity whatever,and the Mortgagees, by acceptance hereof,
agree that no deficiency judgment shall be sought or obtained by Mortgagees
against Mortgagor.
2. By acceptance hereof the Mortgagees agree to join in the grant and/or
dedication of such utility easements, roads, streets, and plats as required
by Mortgagor for the development of the property.
3. All regular installments paid on tnis mortgage shall apply toward re-
leases as follows:
(a) By acceptance of this mortgage,,Mortgagees agree to release to
Mortgagor upon receipt of all principal and accrued interest payments
due and owing at the time of release, parcels of land in approxi.mate /
forty (40) acre increments (described on survey prepared by A. G.
Weathington as Tracts 1 and 2, 3 and 4, 5 and 6, and Tract '7) immedi-
ately upon Mortgagees having same releaseci to them by the first mort-
gage holder under the release clause as set forth in paragraph ~8 in
that certain Mortgage Deed, executed March 2, 1973, and recorded
March 12, 1973, in Official Record Book 211, page 2372, St. Lucie `
County, Florida,public records, assuming that Mortgagor shall have
paid to Mortgagees prior to the date subject forty (40) acre parcels
are released, yearly installment payments sufficient to cover said
released forty (40) acre parcels figured by the following formula:
Land parcels shall be released from the lien of the mortgage
upon payment to the holder hereof for each acre requested to
be released of a sum derived by dividing the outstanding
principal balance of the note at the tir.ie of the requested
release by ~he number of acres then encumbered by the Mort-
gage and multiplying the result by I25 per cent.
~ ~ STATE ~F FL..r`"~RIf7A ~
`8 DOCUMENIARY.~':-~ S7AM~ '1`.X ~
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