HomeMy WebLinkAbout0677 ATTACHMENT 1
l. Upon execution and delivery of the Mortgage Note and
this Mortgage by the Mortgagor, together with the sums required to
be paid by said Mortgagor'to Mortgagee at closing, Mortgagor shall
~ be liable -
only to the extent of the right, title and interest hela
by it in the property so-encumbered by this Mortgage. Upon default,
Mortgagee agrees to waive, and does waive by acceptance of this
.
Mortgage, its right to any deficiency or deficiency judgment whether
or not a foreclosure and sale of said property is consummated.
However, nothing herein contained shall constitute a release or
impairment of the lien created hereby nor shall otherwise preclude
the holder of said Note and this Mortgage from foreclosing the
~ -
Mortgage and enfoxcing any other right herein provided other than •
expressly waived by the provisions hereof.
2. Mortgaqee agrees, providing Mortgagor is not in default
~ of any provision hezein and has performed the covenants and agree-
ments bp them b be performed, to release, upon application by Mort-
gagor, from the encumbrance of this Mortgage, certain lands and
p~rcels composing a part or all of the property so encumbered in
accordance with the followi.ng manner and procedure:
(a) Releases shall be in minimum parcels of one-half (.S)
acres each.
. (b) All releases may be commenced at any area on either
the East, West, South, or North boundaries, at Mortgagor's option.
(c) Any parcel released from the lien of this Mortgage
shall be provided with an easement for ingress and egress from the
public or private right-of-way, and, similarly, an easement for
ingress and egress shall be provided to Mortgagees by Mortgagors over
released lands to unreleased lands that may be landlocked.
- EooK?23 P~E 6?? -
BUf7N5 ANO WE6ER7. LAWVERS. 325 THlRO STREET, WEST PALM BEACH. FLORIDA