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PARTIAL RELEASE CLAUSE. It is the intention of
_ _ ~-.y
Mortgagor to subdivide the above real property into residential
lots and to record a plat of said subdivision in the public
records of St. Lucie County, Florida. Upon the recording of
said plat in accordance with applicable Federal, State, Local
and Drainage District Statutes, Rules and Regulations and
joinder therein by Mortgagee, Mortgagee agrees to release
from the lien and operation of this mortgage individual lots
as per said plat upon reduction of the principal balance of
the indebtedness secured hereby in the amount of Five Thousand
($5,000.00) Dollars for each lot released, provided there are
at least ten (10) lots in said subdivision. No lots fronting
on the St. Lucie River shall be released from the lien of this
mortgage until the principal indebtedness of the mortgage has
been reduced to Thirty-Three Thousand ($33,000.00) Dollars.
No releases shall be given if Mortgagor is in default under
the terms of this Mortgage. Any such release shall be prepared
at Mortgagor's expense and shall be duly executed by Mortgagee
and shall be in recordable form and the cost of recording same
shall be paid by Mortgagor.
f Mortgagee agrees to join in the execution of the
subdivision plat of tortgagor for the limited purpose of con-
senting to dedication of roads and easements as shown thereon
to the public; provided, however, that such action shall be
without cost to Mortgagee and shall be fully paid for by
Mortgagor.
9 9 OCT 29 a~; 3~ 5 I
FI:Ei3 ~h!: FECU~::i! 0
SLLCCIE !:Clil:tY.Ft
ROGER POtTRi?S
CLER:{ CL;~JiT CCL'R/T
.7
4~~132
Schedule "A"
''K `3~.9 P~~E 937 ff,
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