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HomeMy WebLinkAbout0366 ADDENDUM TO MORTGAGE ~ FROM ' PENLANTIC 00., INC., A FLORIDA CORPORATION TO ROBERT G BISHOP ! 3 10. The said mortgagor further covenants and agrees for so long as ~ one-half.(1/2) or more of the orig~.nal indebtedness secured by this ~ mortgage remains unpaid Co preserve, maintain, and care for the citrus ~ groves upon the above described premises, auch care and meintenance ~ to include cultivating, spraying, dusting, pruning,-fer~ilizing, water- ~ ing, protection against damage by frost and fire, marketing of crops and replanting of trees when needed, all to be done in a husbandlike ~ manner and in accordance with approved methods of grove culture, and ~ , agree not to top-work said grove without the written consent of the holder of this mortgage prov3.ded furCher that upon failure of the mortgagor to fully comply with any or all the provisions of the above 4 covenants, the~holder of Che indebtedness secured hereby, in addition to all its other rights and remedies for breach of covenanCs in this mortgage contained, and in addition to its right hereby expressly given, to declare a default upon the breach of any such covenant, may, at its option, take such action as ft deems necessary to preserve, maintain and care for such premises, for so long as one-half (1/2) or ' more of the original indebtedness secured is unpaid, and any reason- able expense incurred by it in so doing shall become inmaediately due and pay~ble and shall bear interest at the rate provided for matured obligations, however, it is expressly understood and agreed that the holder of such indebtedness is under no obligation to so do, except at its own election, and failure on the part of such holder to take any action hereunder shall not constitute a waiver of further breaches of such covenants; and said holder of such indebtedness is hereby given full rights of ingress and egress to the premises secured by this mortgage in order to preserve, maintain and care for the premises ~ secured by this mortgage. 11. Mortgagor shall be entitled to partial releases from this mortgage 1 and note secured hereby, provided said note and mortgage are not in default at the time of request. Releases~shall be in minimums of two and one-half (2 1/2) acre tracts. ' : ~ Upon payment of each principal amount, when due, morCgagor shall ~ ~ be entitled to releases of land in accordance with the release price $ ~ herein set forth; provided, however, that mortgagor may accumulate ~ E his right of releases and need not obtain releases as principal pay- ~ ments are made but may wait until such time as it is convenient for mortgagor to choose what contiguous land he wishes to have released. Mortgagor cannot release any portion of_the property until one half (1/2) of the mortgage principal has been paid off, unless agreed to by_the mortgagee. ~ The release price shall be $5,625.00 principal per acre. All ~ ~ payments made for releases shall apply to the next ensuing principal ~ payments on this mortgage and note secured hereby. E ~ .L ~ Releases shall be from front to back or back to front so that ~ the highway frontage will not be released first. The mortgagor may ~ start at either end of the property, but once he starts, all releases ~ must be contiguous. ~ ~ ~ ~ ~ fItEO ANU RECORDEO ; ~ ST.IUC~E COUMT1f FLA. ~ R@CE~ rO~jRAS ~ -CLERR C+.~'iCUIT COURt ~ ~ RECORO v~~IF1ED ; ~ ~til ~8 9 44 AN ~r5 ~ 3134s5 ~ooK ~42 PdGE 3Efi ~ ' ~~'s~ V ~ n ~ . _ } ~ ye _