HomeMy WebLinkAbout2749 • SCHEDULE "B"
MORTGAGE RIDER
TO THAT MORTGAGE FROM ISLAND VILLAGE OF HUTCHINSON DEVELOPMENT
CORPORATION DBVBLOPMENT CORPORATION , a Florida corporation , to BRSKINB
FLORIDA PROPERTIES , INC . , a Florida corporation , as to an undivided one-half (1/ 2 )
interest and ERSKINB CONTRACTING CORPORATION, an Ohio corporation. as to an
undivided one-half (1/2) interest.
1. RELEASE 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 has filed of record in St.
Lucie County . Florida . a Declaration of Party Facilities for any portion
of the property bor which partial release is sought and a Certificate
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 Party Facilities and a Declaration of
Restrictive Covenants in St. Lucie County , Florida . Mortgagee will
release all common elements 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 declara-
tions affecting said premises, or join in said declarations. 3
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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 prindpal .
B . Partial releases for each unit shall be prepared by the Mortgagor and
~'~i delivered to 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 .
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F . Releases shall be paid on the following basis , to-wit:
! 1. As to all lands described in Exhibit "A" attached hereto:
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(i) Bach townhouse unit, including any interest in the common
elements incidental thereto, shall be released upon payment
m principal of ten percent (10$) of the net proceeds of sale
of said townhouse unit, provided . however , that until the
first mortgage holder, PENNAMCO. INC . , shall have been
paid in full, it is agreed that Mortgagor herein shall realize
no proceeds from any such sale and that PENNAMCO , INC .
shall receive (a) one hundred ten percent (110$) of that
_ portion of the PENNAMCO , INC . mortgage prindpal allocated
_ do each unit, or (b) eighty-eight percent (88$) of a unit sales
price approved by PBNNAMCO, INC . , or (c) eighty percent
(80$) of the actual sales price of a unit, whichever is greater.
from each such sale .
(ii) Upon PBNNAMCO. INC . having been paid in full and its
w mortgage satisfied of record, each townhouse unit, including
any interest in the common elements inddental thereto , shall
f.
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