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HomeMy WebLinkAbout0603 i ATTACHMENT A ' ~ The Mortgagee agrees to release the property as follows: 1 t 4 i (a) Upon the land being subdivided and platted and the plat ' being accepted by St. Lucie County subject to recording requirements, the Mortgagee shall release a portion of the property for road and drainage right-of-way, being at the option of the Mortgagor, a strip ! i approximately 60' x 1285' running from Orange Avenue, or a similar strip running from Hartman Road. (b~ upon the requirements of section (a) above being met the Mortgagee agrees also to rel~ase up to ten (1Q) lots as set out on the plat with said lots to be approximately one (1) acre in size and contiguous including lots across the street from each other pro- vided there shall_be no fewer than four (4) lots on one side of the street'. The releases sha11 be made upon the request of the Mortgagor and based upon bona fide sales of the lots or sufficient funds being obtained from mortgages of the lots to justify the release with all proceeds being placed in an escrow account established by Montgomery Real Estate. The proceeds shall be used only for con- struction of the improvements set out on the subdivision plat for paved roads, drainage, and other necessary improvements required by the County. The funds shall be paid from the escrow account for said improvements upon written request of the Mortgagor and approval of same by the Mortgagee. (c) The above is conditioned upon the Mortgagors representation that pursuant to their plans there would be at least an additional twenty-five (25) platted lots of approximately one (1) acre in size plus or minus two (2) Iots. (d) Based upon the same representation the Mortgagee agrees to release the additional lots upon~payment of an amount equal to One Hundred Fifty Thousand ($150,000.00) Dollars divided by the number of lots in the subdivision after subtracting the ten (10)lots released with the lots released to be contiguous as set out above. Payments made for releases shall be applied against the first payments due on the mortgage, provided that the pre-payments exceed the payment by at least twenty-five (25$) per cent; interest due on amounts pre-paid shall be paid at the time of pre-payment. The amount r~V.,r~~~ PA(~E J~7 !