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(a)- Each parcel may be released upon prepayment
of principal equal to 125 of the- loan balance. then
applicable to the unreleased parcel, the initial bal-
ances being set. forth as follows:
Release Price -
Parcel 1 - Pensacola N. $ 795,000.00
Parcel 2 - Pensacola S. 455,000.00
Parcel 3 - Fort Pierce 435,000.00
(b) No default shall exist-under the Promissory
Notes, this Mortgage, the Construction Loan Agreement
or any Other instrument executed in connection with or
as security for the Promissory Notes; -
(c) Mortgagor shall pay any and all expenses
including attorneys fees, incurred by Mortgagee in
connection with such release;
--(d) Mortgagor shall obtain a release of the same
parcel from any other liens on the property;
(e) Any such payment shall not release Mortgagor
from the payment of the $1,685,000 Promissory Note ~
according to its terms and conditions and no such ~
payment or partial release shall in-anywise impair or
affect the validity, priority or standing of such lien
as to the remainder of the premises, regardless of who
may own the same, or any part thereof, or the order of
its alienation or acquisition; and
(f) The right of Mortgagor to partial releases
shall be exercised by written request- to Mortgagee
accompanied by recordable partial releases in form and
substance satisfactory to Mortgagee describing the
property that Mortgagor desires to have released. Each
such request shall be delivered to Motgagee in a rea-
sonable period of-time prior to the date on-which Mort-
K gagor desires to have the partial release executed and
delivered.
(q) Further, it is understood and agreed that
following the obtaining of a release pursuant to this
paragraph 45, Mortgagor shall have the right to have
the amount of the remaining principal installments
owing on the Promissory Notes reduced to an-amount
which is equal to the principal amount of the Promissory
- Notes prior to such release less the amount which would
be 100y of the loan balance applicable to such parcel
prior to its release divided by the remaining number of
principal installments owing on the Promissory Notes.
46. It is understood and agreed that the premises
described hereinabove are subject to any valid and existing
rights pursuant to the following:
f
-19- a~K 317 PAGE 579