HomeMy WebLinkAbout0367 ' • F
PARTIAI, RELEASE CLAUSE : ~
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All principal payments or prepayments under regular amortiza-
tion (1/10) and the payment thereof, or prepayment, shall entitled ~
Mortgaqor to partial releases from this third purchase money mortgaqe,
at Mortgagor's sole option, in random, contiguous releases, PROVIDED
that the first five (5) releases shall not be within two hundred (200)
feet of the Indian River frontage, unless the fi'rst and second mort-
gaqes, are prepaid or paid at time of requested releases to Indian
River frontage. All Indian River frontaqe releases, shall require the
release of adjacent land lying West of released Indian River frontage
and extending to the FEC right-of-way. All partial releases shall be
contiguous to prior releases, and release structure shall not sever
subject property from Torpey Road.
It is additionally agreed that Mortgagor shall retain a 60-
foot access strip from Torpy Road to all unreleased portions of the
property until this mortgage shall be paid in full, at which time this
reserved access easement shall be released and rendered null and void.
Likewise, Mortgagor shall have a 60-foot access easement from
Torpy Road to all lands released or partially released, which access
easement shall not rec~uire prepayment release consideration until the
last principal payment is due and/or prepayment in full.
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~ GERALD S. JAMES, ATTORNEY AT LAW. POST OFFICE BOX 308~. FORT PIERCE, FLORIDA a3460. TELEPHOkH 30s-461-2500
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