HomeMy WebLinkAbout2888 IN ADDITION, Mortgagor (as that term is defined herein) covenants
and agrees with Mortgagee (as that term is defined herein) as
follows:
(a) During the term of this mortgage, Mortgagor shall
maintain the orange grove and the real property encumbered by
this mortgage in at least as good a condition as its present
condition, and Mortgagor shall not permit any unreasonable
deterioration of said orange grove, acts of God only excepted.
(b) On this date, Paul H. Leffmann, joined by his wife,
Th~o H. Leffmann, has executed and delivered to Mortgagee herein
a mortgage an real estate that $djoins to the north the property
encumbered by this mortgage, said Leffmann mortgage being in the
original principal amount of $172,087.50. Mortgagor herein
covenants and agrees with Mortgagee that in the event Mortgagor
of the Leffmann mortgage defaults in any of the terms, provisions
or conditions of said Leffmann mortgage :uch default shall be
deemed to be a material default of this mortgage. ;
(c) Mortgagor and Mortgagee covenant, each with the other,
that from and after such time as the Leffmann mortgage is paid ;
and discharged in full, and this mortgage is not in default,
Mortgagor herein shall be entitled to releases of the real
property encumbered by this mortgage an the following basis:
(1) No releases for the down payment toward the purchase of
the encumbered property.
{2) At the rate of $2,815.00 per acre as paid under this
' mortgage in units of 18 acres on the terms and rrovisions
st2ted herein. The first group of releases under thi~
provision shall relate to the east one-half of the encumbered _
property. The release of the first 18 acres (of the east
one-half of the encumbered property) shall conomence at the
northeast corner of the encumbered property, shall extend
along the northerly line of the encu~ered property to the ~
midpoit~t of the encumbered property, and shall extend `
southward a sufficient distance to encompass 18 acres. The
second release of 18 acres under this provision shall, in
like manner, extend from the eastward boundary of the
encumbered property to the midpoint of the encumbered
property, shall comnence imonediately south of the first 18
acres released and shall extend southward a sufficient distance
to encompass 18 acres. The third release of 18 acres and
the fourth release of 18 acres (more or less) under this ;
provision shall, i.n like manner,.extend from the eastward
boundary of the encumbered property to the midpoint of the ;
encumbered property, shall commence south of the preceding ;
18 acres previously released, and shall extend southward a '
sufficient distance to encompass 18 acres for the third s
release and 18 acres (more or less) f.or the fourth release. _
After the east one-half of the encumbered property has been
released as aforesaid, then the releases under this provision
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