HomeMy WebLinkAbout1601 SCH8DUL8"B"
MORTGAGE AIDBR
TO THAT MORTGAGE FROM OCEAN TOWERS DEVELOPMENT CORPORATION TO
BRSKINB FLORIDA PROPERTIES . INC a Florida corporation. as to as undivided
one-half (1/2) interest and HRSKINB CONTRACTING CORPORATION, an Ohio
corporation. as to an undivided one-half (1/2) interest. _ '
1. RBLBASB PROVISIONS. The Mortgagee, its successors or assigns, will release
from the lien and operation of this Mortgage. lands encumbered hereby in accordance
with the following terms and conditions:
A. Mortgagee will not be obligated to release any portion of the subject
property until such time as Mortgagor bas filed of record in St. Lurie
County. Florida. a Declaration of Condominium for any portion of the
property for which partial release is sought and a CertiScate of Occupancy
for the building in which any such dwelling unit is located has been
issued by appropriate governmental authority .
B . Upon the filing of Declaration of Condominium in St. Lurie County .
Florida. Mortgagee will release all common elements shown in any
Declaration of Condominium affecting any portion of the premises
without consideration . Additionally . the Mortgagee herein will , upon
the request of the Mortgagor herein or of the Mortgagee of the prior
mortgage referred to herein. subordinate this mortgage to the condo-
minium documents affecting said premises. or join in said documents.
C. The Mortgagor, or any third party. including without limitation, the
holder of the first mortgage. shall have the privilege of securing releases
at the time payments are made. or at such future dates as it elects.
D . Monies paid for partial releases shall be credited to the entire principal .
B . Partial releases for each unit shall be prepared by the Mortgagor and
~ delivered do the Mortgagee or its attorney for approval and execution
by the Mortgagee. The Mortgagor shall pay for the cost of preparation
as well as recording of same .
F . Releases shall be paid on the following basis , to-wit:
1. As to all lands described in Exhibit "A" attached hereto:
(i) Bach condominium dwelling unit, including the percentage
interest in the common elements inddental thereto, shall be
_ released upon payment to principal of ten percent (10$) of the
net proceeds of sale of said condominium unit, until the first
mortgage holder. MBLLON BANK. N.A. , shall have been paid
in full and it is agreed that Mortgagor herein shall realize no
proceeds from any such sale and that MBLLON BANK , N . A . .
shall receive nicety percent (90$) of the net proceeds of each
. sale .
(ii) Upon MBLLON BANK, N .A . , having been paid in full and its
mortgage satisfied of record, each condominium dwelling unit,
including the percentage interest in the common elements ind-
dental thereto, shall be released upon payment to prindpal
of the entire net proceeds of sale of said condominium unit made
on or before June 30, 1981. For any payment so made after
June 30 , 1981, but on or before June 30. 1982 , the entire net "
proceeds of sale payable m the Mortgagee herein shall be
r~ increased by ten percent (10$) . For any payment so made
4 after June 30, 1982. but on or before June 30, 1983, the entire
net proceeds of sale shall be increase by HReen percent (15$) ,
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