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RIDER NO. 2 TO MORTGAGE FROM GERMANY HAMMOCK GROVES COMPANY, a a~l~
Florida corporation, to THE EQUITABLE LIFE ASSURANCE SOCIETY OF
THE-UNITED STATES, Dated June 30 , 1980. fN
SEVENTEENTH: This mortgage is given to secure an indebtedness
of $500,000.00, of which $500,000.00 has been withheld by the
mortgagee at the time of closing for future disbursement (hereinafter
called "Future Advances"). Future Advances shall be made only upon
compliance with the following conditions at the time of each future
advance
A. There shall have been completed, to-the satisfaction
of the mortgagee:
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- 1. Clearing of approximately 174 acres with ~
engineered beds constructed, canals developed, water
- control structures built, and with drainage and irrigation
pumps and motors installed, by July 1, 1980•, at which
time $335,000.00 will be disbursed.
~ _ 2. Planting of 7500 citrus trees, to be
i completed by March 1, 1981, at which time the remaining
~ $165,000.00 shall be disbursed.
B. The mortgagor shall be the Owner of the premises described
in this mortgage.
C. There shall be no uncured default in this mortgage nor in the
note which it secures.
D. Each Future Advance shall be secured by this mortgage and
shall constitute a valid first lien on the mortgaged premises, as
evidenced by such title searches, abstract continuations, opinions
of counsel, title policy endorsements or other evidence of title as
the mortgagee may require.
E. All expenses of title searches, abstract continuations,
opinions of title and title policy endorsements required by the
mortgagee shall be paid by the mortgagor.
F. The mortgagor shall not be affected by any insolvency
proceedings nor shall the mortgagor have made an assignment for the
( benefit of creditors.
G. The mortgagee shall not be obliged to make more than
two (2) Future Advances, nor shall the mortgagee be obliged to make
any Future Advances subsequent to the first day of March, 1981. '
H. Not less than thirty days' written notice shall have been
given to the mortgagee prior to the intended date of each Future
Advance.
8~ 334 Pa~E 174
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