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between thatpaya?ents upon the purchase prico hereinahovs d®scribed
Mould be applied for releases. from- the- subject 1~3ortgatgs h+ereibatbove
referred to. and that such releases would be,granted at one hundred
twenty-five percent- (1259: of the: principal with such .releases to
run in a West to East direction beginning at the Northwest corner
of the subject property, within boundaries of subject property,-
computed on a square foot basis; and .
WBSRBAS, notwithstanding such intention and agreement,
the Mortgage hereinabove referred to-did not reflect such intention,
agreement and under~tanding;~
NOW, THSREFORB, it is the desire of the MORTGAGOS and the
MORTGAGOR to modify the Mortgage hereinabove described and recorded
in Official Records Bonk 323 at Page 2.937 of the Public Records of.
St. Luoie County, Florida, so as to add thereto as=a new paragraph
8 appearing on page 3 of such Mortgage, the following provision:
"8. Mortgagor shall be entitled. to release from the
Purchase Money Mortgage property encumbered thereby, Any
such prepayment for releases is to be credited against
the next mortgage payment. Releases shall be granted at
125$ in value of the property to be released based upon.-
square footage of the property to be released in propor-
tion to the-total square footage encumbered by the Mort-
gage. Such releases may only .be obtained by Mortgagor,
however, upon contiquous~parcels running in a West to
East direction beginning at the Northwest corner thereof.
The parcels which may be released under this provision
shall be comprised of one or more lots as the. same may
be platted, or, if not yet platted at the time the release
is to be obtained, the property may be released from the
lien of the Mortgage in parcels described by metes and
bounds description, provided that such parcels are contig-
uous and run in a~West to Bast direction. It is further
agreed that while the Purchase-Money Mortgage shall on
its face. encumber the entire subject property being sold,
.that Mortgagee shall at time of closing or shortly after
closing present to the Mortgagor a release or releases
of property from the lien of the subject Mortgage, such
releases representing the total deposit and cash to close
of $97,6b1.15 to be paid to Mortgagee at time of closing..
It is the intention of the. parties hereto that releases
be granted to the Mortgagor against such down payment. and
cash to close at the time of closlnq or shortly. thereafter.
The parties further agree that at such time as the property
may be platted,-that the Mortgagee shall .release from the
lien of the Mortgage without the need far payment, the
portions of the property which shall be .designated as
dedicated streets within the subject property."
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