HomeMy WebLinkAbout1811 EXHIBIT CONTAINING CONDITIONS
APPLICABLE TO MORTGAGE FROM
ROTH PROPERTIES TO WILLIAM
A. THOMAS, AS TRt1STEE.
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l. Simultaneously with the execution and delivery of this Mortgage,
the mortgagor is entitled to the release of 10 acres of land encompassed
within the foregoing d~scription of property encumbered by this mortgage
to be selected by the mortgagor and as requested by the mortgagor. The
releases may be requested in increments of no less than one (1) acre parcels
at any time and without further payment to the mortgagee until said 10 acres
have been released.
2. The parties agree that with each payment of $12,000.00 of
principal, whether as a prepayment or upon the regular payment date, the .
mortgagor shall be entitled to the release of one (1) acre of land at such
site as may be requested by the buyer.
3. In the event of prepayments, the mortgagor need not then request
a release of any parcel or parcels, but shall be entitled to accumulate such
releases for its account and shall be.entitled to receive such releases
promptly upon the request therefor. The cost of recording any such release
shall be paid by the mortgagor.
4. The mortgagee agrees to join in any platting that may be proposed
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i by the mortgagor, or otherwise participate without cost to the mortgagee, or
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~ payment to the mortgagee, in any applications that might be required to any
~governmental authorities in connection with the utilization and development
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~ of the property.
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In joining in any platting or dedications, the mortgagee agrees
that any road dedications or easement which it will be required to join in
shall be accepted and approved without any payment by the mortgagor to the
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~ mortgagee and entering into such agreements and releasing such land as neces-
~ sary for road or highway improvement, streets or easements, provided, however,
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~ that the mortgagee shall have no liability or responsibility in connection with
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such releases, improvements or joinders of any nature.
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I.AW OFFICES BURNETT ROTH - 420 LiNCOLN ROAD - MIAMI BEACH, FLORIDA l3199