HomeMy WebLinkAbout2049 MOtTOAffE OEEO DtEW'S fOtM t. E. A4whchrrN ~N Iw Nb M Tb M. l W, Oh. G.~y '
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. Execueed ehe ~ a day oJ (,tV~VS A. D. t9~I5, by
~ NORTH TRAIL GOLF CLUB, INC., '
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^ ~ a corpo?nfton existtng untler the ~nws o/ Florida . and kaving i!s principn~ p~ace o~
!5 6winess ae 329 Pine Lake Orive, Stuart, Florida 33494,
~ ~ 8 he?~e~na/te~ called tl~e mo~tgagor, to EMILY KITTERMAN ~ a single adUlt ~
~
w~ose posto/(~ce ndd?+es= ~ Post Office Box 3253, Fort Pierce, Florida 33450,
C;~ ^ ~ hereina(ter cci~~ t~e mortgngee:
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(Nlbcrerer wed 6uci~ t6e terms "mort~ssor•• aed mort~asce•• incl~de all tbe parties to tbis instrumest aod t6e 6ein.
~ kEa! rcprneautivea and ariam o( indrndwl+. and ~hr ~ctcmrs and auism of corporatiom; and t6e urm ••oote••
iaduda all tAe ~otes 6ercie dacribcd il so~e tAaa oae.)
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~ Z~ ~ ~l~l~~~ tkat Jor good and vnlun6le considerations, a~d also in considemlion oJ tke aggre-
0
~ ~ gate sum named in the promissory note o~ euen date kerewith, 1?ereinnJter descri6ed, tl~e mo?tgugor here-
by 9.~,~~s, bargains, sells, aliens, remises, conveys and con(irnu unlo the morlgagee alI tl~e certain land
of whicl~ !he mortgagor is nou~ seized and in possession siluale in
- ~ S t. LUC 1' County,
~ : ~ Fiorido. uis:
~ ~ ~ ~lS~- ~CJ/ ~C~.?,~~ - 0~' ~
~ Lot 16, Block 2, MODEL LAND COMPANY, a subdivision
~ N of Section 15, Township 36 South, Range 40 East, ac-
cording to the plat thereof recorded in Plat Book 1,
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page 41, of the public records of St. Lucie Count ,
~ y~.`~ Florida,
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EXCEPTING from the above description, however, the ~
rights-of-way for public roads (U.S. Highway ~1 and
; ~ ` ' Kitterman Road) .
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'_~-;I,t ALSO LESS AND EXCEPTING THE FOLLOWING;
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_:..;;;;;i1; A parcel of land containing 3 net acres described as
follows:-
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_ Beginning at the Southwest corner of the above-described -
property thence run Easterly along the South boundary
of said property 300 feet to a point; thence run~North
~ ~ parallel to the West boundary of subject property 440
' 1 feet to a point; thence run West parallel to the South
~ J boundary of subject property 300 feet to the intersec-
~1 tion of the West boundary of subject property; thence
M run South along the West boundary of subject property
~ 440 feet to point of beginning.
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! THIS IS A PURCHASE MONEY FIRST MORTGAGE.
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~ PARTIAL RELEASE CLAUSE: The mortgagor shall be entitled to receive
and the mortgagee agrees to release from the force and effect of the
purchase money first mortgage portions of land on the following form-
ula: For purposes of Partial Release the property shall be divided
into three (3) release parcels numbered Release Parcels 1, 2 and 3,
~ as~per diagram attached hereto and marked Exhibit "A". RELEASE PAR-
CEL #1 shall be the approximate South 220 feet extending a ong U.S.
~ H1gh
aw y#1, 220 feet from the Southeast corner of subject property
~ and extending Westerly to the East boundary of the previously release
~ tract. RELEASE PARCEL #2 shall lie North of and contiguous to Releas
Parcel ~ wit t e same rontage. RELEASE PARCEL #3 shall contain
~ ~ the remaining frontage along U.S. Hig way an s all extend to the
~ West boundary of subject property.
Release Parcesl 1 through 3, inclusive, shall be released by a princi
~ ~ pal payment or prepayment of a sum as follows: Parcel #1 -$90,000.00
~ ~ Parcel ~2 - $50,000.00; and Parcel #3 - $25,000.00. All principal
~ ~ under regular amortization shall be cumulatively applied toward Par-
tial Releases as herein contained, PROVIDED, that all releases here-
~ ~ under shall be reasonably contiguous to prior land released. All pre
~ payments toward principal and/or releases hereunder shall apply to th
~ next ensuing regular amartization and shall, to the extent of payment
~~reduce the next ensuing principal payment at the election of the mort
~ gagor. ~
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