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ADDENDUM TO MORTGAGL~•
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9. Mortgagor shall have the right,~upon written request ~
delivered to Mo~tgagee,~to designate and have released from the lien
of the Mortgage portions of the Property on-the following terms: - ~
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(a) Portions of the Property released shall be released
upon the payment of the`sum of Thirty-Three Thousand Dollars~($33,000.-00)
for each acre released [provided, however, that portion of~the Property .
adjacent to. Okeechobee Road to a depth-of Four Hundred_(400) feet shall
have a release price of Sixty-Six Thousand Dollars ($66,000.00) per
acre and Purchaser shall not be entitled to release more than Four Hundred
(400) front feet along Okeechobee Road], each such payment to be~
applied in reduction of the next maturing ~instal~lment(s) of principal
of the Note and to be accompaniea-by accrued and unpaid interest on
such payment to the date paid. ~ .
. (b) Each portion released shall contain not less than
one-half (1/2) acre and such portions need not be contiguous to a
portion previously released. -
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(c)~ The nonreleased portions shall .have ingress and
egress to Okeechobee and Hartman Roads.
(d) -Purchaser shall not be entitled to releases
aggregating more than nine and three quarters percent (9 3/4$)* during
that period. from the date of Closing .through- and including December 31
of the year of Closing; thereafter, Purchaser is entitled to releases
without limit as to amount.
10. Each request for the release of a portion of the Property,
including the first portion. released,~shall be accompanied by a current
survey of the portion to be released, prepared by a duly licensed sur-
veyor at the sole cost and expense--of the_ Mortgagor. -The cost of pre-
f paring and filing of record an instrument of release 3n connection with
each release shall be-paid by Mortgagor. -
11. No portion of the Property shall be released if any de-
fault has occurred and is continuing under the Note or~this Mortgage.
_ 12.- In connection with any right to a release hereunder, -
Mortgagor shall have the right, but shall not be obligated, at the time
of making any payment or prepayment-upon the note to designate a portion
of the Property to be released by virtue of such payment or prepayment,
subject to the terms hereof. In the event that Mortgagor shall not so -
designate a portion of the Property to be released at the time of any
such payment or prepayment, such release privilege shall be cumulative -
and may be exercised by Mortgagor at any time in the future, in whole or
in part, simply by designating in writing to Mortgagee the portion of
the Property to be released (subject to the terms hereof).
13. Mortgagor shall have a period of thirty (30) days-after
receipt of notice from Mortgagee to. cure any default with respect to~the
payment of any installment of principal and/or interest under the Note,
or the cure any default under this Mortgage, before Mortgagee may exer-
cise any rights or remedies thereunder or hereunder, provided, that
the said 30-day period shall be extended in-the case of a default which
cannot be cured within fifteen (15) days to such longer period of time
as may reasonably be necessary to cure the default, but_only if Mortgagor
diligently commences to cure such default and continuously proceeds
with~the same thereafter.
*of -the total purchase price OK ~r
80~JK3~7 PAcE
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