HomeMy WebLinkAbout0455 ADDENDUM
TO THAT CERTAIN MORTGAGE F'ROM VICTORY CONSTRUCTION, INC., A FLORIDA
CORPORATION, VICTOR GEORGEFF, INDIVIDUALLY AND VIRGINIA GEORGEFF,
HIS WIFE, INDIVIDUALLY, TO AMERICAN BANK OF MARTIN COUNTY, A
FLORIDA BANKING CORPORATION.
9. RELEASES: In consideration of the partial prepayment of prin-
cipa
p~
e~tted hereunder by the Mortqaqors to the Mortgaqee upon
this Mortgage and the note secured hereby, the Mortqaqee, its
successors and assigns, will release from the lien and operation
of this Mortgage portions of the lands encumbered hereby in accord- ~
ance with the following terms and conditions:
i
~
(a) The Mortgagors shall have the privileqe of securing
releases at the time the payments are made, or at such future `
dates as they elect, for any portion of the partial principal i
payments not theretofore absorbed in releases. ~
~
,
(b) Moneys paid for partial releases shall be credited
first to accrued interest and the balance to principal.
- ~
(c) Partial releases of la~d shall be prepared by the ~
Mortgagors and delivered to the Mortgagee or its attorney for ~
approval and execution by the Mortgagee. The Mortgagors shall ~
pay for the cost of the preparation as well as recording of same.
~
~
(d) No partial release shall be required nor shall the I
Mortgagee be required to execute and deliver any partial. re- ~
lease if at the time this Mortgage and the note secured thereby ~
are in default or in the event of default under that certain t
First Mortgage encumberinq Parcel "B" hereunder from Don Medalie,
Trustee to Clayton Trust Company, Trustee under the Testamentary
Trusts under the last Will of Erwin T. Huber, Deceased, and Admin-
istrator of the Estate of Delma Alviena Huber, a/k/a D. Alviena
Huber, Deceased, and guardian of Nancy Jean Huber and Rita Marie '
Huber, minors, assumed by Victory Construction, Inc. ;
~
,
(e) No partial releases shall be granted as to Parcel "B" ~
describ~d herein.
a
(f) Partial releases as to Parcel "A" shall be granted ~
' only after Mortgagors have caused a Plat of said lands to be ~
; duly recorded in the Public Records of St. Lucie County, Florida,
in accordance with Chapter 177, Florida Statutes, as amended, ~
and the ordinances and regulations of the City of Port St. ;
~ Lucie, Florida. _
~ . ,
(g) After compliance by Mortgagors with the foregoing
provisions, releases for platted single-family residential lots
~ shall be paid for on the following basis:
4 a) Lots having frontage along the North Fork
~ of the St. Lucie River shall be released at
~ $18,000.00 per lot;
~
i
~ b)~ All other waterfront lots shall be re-
~ leased at $12,000.00 per lot; ~
~ c) All remaining interior, non-waterfront R
j lots shall be released at $6,000.00 per lot. ;
~ ~ ~
10. It is agreed by and between the parties hereto that any default ;
z of any nature in the existing First Mortgage, described in Paragraph ;
~ 9(d) above, and encurtibering Parcel "8" described herein shall be ~
deemd to be and shall constitute a default in this Mortgage, and '
in the event thereof the holder hereof shall have the right to place ~
` the said First Mortgage in good standing and to add the cost and -
~ expense thereof to the principal balance f his Mortgage, without ;
~ waiving the default in~this Mortgage. -
~ ;
€ ~
~ :
_
, ~
600K PACE 4~ ~
~
. ~
- _ ~ ~:y - -
=3
P{:'~^