HomeMy WebLinkAbout2925 the note and mortgage to that date, Defendants now owe Plaintiff the
sum of $114,103.25 in principal with interest from January 15, 1979
at the rate of $22.664344 per day. Additionally, Defendants owe
Plaintiff the sum of $150.10 for costs incurred in these proceedings.
The Court further determines that Plaintiff is entitled to recover
reasonable attorneys' fees, and the amount of said award will be
determined by further Order of this Court following the determination
of the description of the property which Plaintiff shall be entitled
to have sold at foreclosure sale, or following payment in full of the
principal, costs, and accrued interest due on the mortgage, or upon
entry of Final Judgment. The Court further notes that at the hearing
on May 22, 1979, counsel for Defendants acknowledged that there were
no issues of fact as to the principal, interest and costs due to
Plaintiff.
5. The Court determines that the failure of Defendants to
pay the final installment of principal and interest in full consti-
tutes a default under the promissory note and mortgage. The Court
also determines that Defendants further defaulted under the promis-
sory note and mortgage by failing to pay real estate taxes on the
property which still remain outstanding in an amount in excess of
~ $25,000.
6. With respect to the issue of partial releases, the
Court determines that Defendants have ~
paid a total of $539 656.75 of
the $653,760.00 in principal stated in the promissory note and mort-
gage of August 29, 1973. The Court finds and determines that
Paragraph 6 of the Special Clauses of the mortgage does contain a
provision for partial releases according to the formula set forth
therein. However, Paragraph 7 of the Special Clauses permits Defend-
ants to obtain such releases only after the Defendants have sub- ~
x mitted releases in a form satisfactory to the Plaintiff and after the
Defendants have furnished the Plaintiff with the survey prepared and
certified by a Florida registered engineer or land surveyor showing
5
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the front feet along the Atlantic Ocean and a description of the pro-
y
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