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paid for releases shall not be changed or modified even though there
may be amounts applied on the mortgage resulting from the sale of the ;
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B-3 property hereafter described. . ~
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(e) The Mortgagee and the Mortgagor further agree that the
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property fronting on Orange Avenue presently zoned B-3, with approxi-
mately 730 feet on Orange Avenue and running to a depth of approxi- '
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mately 215 feet, is not included in the above clause, and except ~
for the potential 60-foot release for road right-of-way, that none ~
of the release claude shall be applicable to said property. The ~
parties agree that the B-3 property shall be released by the Mortgagee
upon payment to the Mortgagee of the ~um of Fifty Thousand ($50,000.00)
Dollars or fifty (50$) per cent of the sales price, should same be
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sold by the Mortgagor, whichever is greater. The parties further agree `
that in the event any portion of the land involved is condemned,
that one-half of the condemnation award or amount for which the con- ~
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demnation is settled, shall be paid to the Mortgagee, with that one- ~
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half being then applicable to any other monies required under this '
clause. All payments to Mortgagee under this paragraph shall be
~ applied to the next principal payments due on the purchase money
mortgage.
The parties hereto agree and understand that except for the
Three Thousand ($3,000.00) Dollars of fruit proceeds set out in the
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mortgage and except for the proceeds of the B-3 property, no addi-
tional payments shall be made to the Mortgagee until after August 31,
1977, or such other period of time as is required to preserve for the
Mortgagee the privilege to treat the sale as an installment sale
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for its income tax purposes. '
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