HomeMy WebLinkAbout1411 i
MORTGAGE RIDER
EXHIBIT "C" TO THAT MORTGAGE FROM ISLAND VILLAGE OF HUTCHINSON
ISLAND DEVELOPMENT CORPORATION AND SAND DOLLAR VILLAS DEVELOP-
MENT CORPORATION TO AME12ICAN BANK OF MARTIN COUNTY, DATED JUNE 1980.
RELEASE PROVISIONS AS TO PARCEL "B" ONLY. The Mortgagee, its successors or
assigns, w re ease rom t e en an operation of this mortgage lands en-
cumbered 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 condominium for any portion of the
property for which partial release is sought and a certificate of occu-
pancy for the building in which any such dwelling unit is located has
been issued by appropriate governmental authority.
b) Upon filing of the declaration of condominium in St. Lucie County,
Florida, Mortgagee will release all common elements shown in any declara-
tion of condominium affecting any portion of the premises without consid-
eration. 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 condominium documents affect-
ing said premises, or join in said documents.
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.
e) Partial releases for each unit shall be prepared by the Mortgagor and
delivered to the Mortgagee or his. attorney for approval and execution by
the Mortgagee. The Mortgagor shall pay for the cost of the preparation ~
as well as recording of same.
f) Releases shall be paid on the following basis, to wit:
i
x20,000.00 per condominium dwelling unit including the percentage
interest in the common areas incidental thereto, together with
accrued interest as of the date payment for each such release is
received by the Mortgagee.
I
q8O JUN 15 3
I 20 PII ~
FILEO FHL' FECjjaR@[0
S R6~ER
POITRAS~~
CLERK CIRCUIT COU i
s RECORD 4'£F.~~~~0-
~so~~s
f
f
g~333 P~E1409
6
- r~._
.sue`''.'
_:3
~_'f