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PARTIAL RELEASE CLAUSE. It is the intention of
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 and provided further,
that the release price for any lots fronting on the St. Lucie
River shall be Nine Thousand ($9,000.00) Dollars per lot.
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 Seventeen Thousand ($17,000.00) ~
Dollars. No releases shall be given if Mortgagor is in default
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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.
M a a rees to 'oin in the execution of the
ortg gee g ~
subdivision plat of Mortgagor for the limited purpose of con-
senting to dedication of roads and easements as shown thereon E
to the public; provided however, that such action shall be
without cost to Mortgagee and shall be fully paid for by
Mortgagor.
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Schedule "A" 464136
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