HomeMy WebLinkAbout1401 EXHIBIT "8"
MORTGAGE RIDER
TO THAT MORTGAGE FROM ISLAND VILLAGE OF HUTCHINSON ISLAND DEVELOPMENT
CORPORATION, a Florida corporation, to ERSKINE FLORIDA PROPERTIES, INC. , a
Florida corporation, and ERSKINE CONTRACTING CORPORATION, an Ohio corporation. t
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 to St. Lucie
County, Florida, a Declaration of Party Facilities for any portion of
the real property for 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 .
s
B. Upon the filing of Declaration of Party Facilities and a Declaration of
Restrictive Covenants in St. Lucie County, Florida, Mortgagee will y
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
declarations affecting said premises, or join in said declaration.
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 principal .
i~
E. Partial releases for each unit shall be prepared by the Mortgagor and
delivered Lo 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.
F. Releases shalt be paid on the following basis, to-wit: F
i. As do all lands described in Exhibit "A" attached hereto:
`E (I) Each Lownhouse unit, including any interest in the common
I elements incidental thereto, shall be released upon payment
to principal of ten percent (10$) of the net proceeds of sale
of said. townhouse unit, provided, however, that unfit the
first mortgage holder, AMERICAN BANK OF MARTIN COUNTY,
shah have been paid in full, it is agreed that Mortgagor
herein shall realize no proceeds from any such sate and that ~ '
~ AMERICAN BANK OF MARTIN COUNTY shall receive (a) one
hundred ten percent (110$) of that portion of the AMERICAN
BANK OF MARTIN COUNTY mortgage principal allocated
bo each unit, or (b) eighty-eighty percent (88$) of a unit
s sates price approved by AMERICAN BANK OF MARTIN
COUNTY, or (c) eighty percent (80$) of the actual sales
price of a unit, whichever is greater, from each such sale.
.
(ii) Upon AMERICAN BANK OF MARTIN COUNTY having been
paid in full and its mortgage satisfied of record, each town-
house unit, including any interest in the common elements
inmidental thereto, shall be released upon payment to principal
of the entire net proceeds of sale of said townhouse unit made
gppK~~ 1'ACE~t~~7~7
4
~ _