HomeMy WebLinkAbout0680 law, shall not be a waiver of or preclude the exercise of
any such right or remedy. The procurement of insurance or
' the payment of taxes or other liens or charges by mortgagee
shall not be a waiver of mortgagee's right to accelerate
the maturity of the indebtedness secured by this mortgage.
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22. Except for any notice required under applicable ~
law to be given in another manner, (a) any notice to mortgagor
provided for in this mortgage shall be given by mailing such
notice by certified mail addressed to mortgagor at the property
address or at such other address as mortgagor may designate
by notice to mortgagee as provided herein, and (b) any notice
to mortgagee shall be given by certified mail, return receipt
requested, to mortgagee's address stated hereinn or to such '
other address as mortgagee may designate by notice to mortgagor
-----as-provided herein. Any notice provided for in this mortgage
shall be deemed to have been given to mortgagor or mortgagee #
.when given in the manner designated herein.
23. Mortgagor covenants with mortgagee that upon its
acquisition of rights of way and/or crossing permits from ~
either or both the Florida East Coast Railroad Company and ;
Florida Power & Light Company, it will execute and deliver
to mortgagee for recording a "Mortgage Spread Agreement"
in form--satisfactory to mortgagee, extending the lien and
operation of this mortgage to such interests after acquired
by mortgagor.
24. THIS IS A PURCHASE MONEY FIRST MORTGAGE. It is
contemplated that the proceeds of the within mortgage loan
will be used by mortgagor for land acquisition and development
of same as an industrial subdivision or park. Mortgagee
covenants with mortgagor that so long as mortgagor is not ~
in default under the terms and conditions of this mortgage
and the promissory note secured hereby, mortgagee will, at
the expense of mortgagor, execute and deliver. partial releases -
of lots from the lien and operation of this mortgage upon
payment to mortgagee of 100 per cent of the net sale proceeds
received by mortgagor in exchange for said lots; PROVIDED,
HOWEVER, that mortgagee shall not be .obligated to grant any
partial release of lot for a sum of money which does not
equal, or exceed, a sum per acre, or fraction thereof, to
i be released derived by dividing the principal indebtedness
secured hereby by the gross number of acres encumbered hereby.
Additionally, mortgagor and mortgagee agree that any removal f
of soil for the purpose of sale as fill shall not be considered
waste in so far as removal is limited to those areas desig-
I nated as Borrow Pitts as defined in the final engineering
plans for said industrial subdivision or park; provided, how-
ever,-that upon sale of the aforementioned fill, mortgagee
shall receive a sum of money equal to 90 per cent of the sale
proceeds derived from said sale to be applied to the reduction '
of this obligation. -
IN WITNESS WHEREOF, mortgagor has executed this mort-
gage the day and year first above written.
Signed Baled a ST. LUCIE COUNTY-INDUSTRIAL ~
in r ct D MENT CORPORATION
gy . ~
Ernest E . Set a ,;x:. =
Its President'~~ ~ ~ ' _
~ Corporate V. _ - _
Seal ~ - - ~ -
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STATE OF FLORIDA ~
COUNTY OF ST . LUCIE ~ : ~ - -
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I HEREBY CERTIFY that on this day, before me, an officer
duly authorized in the State and County aforesaid to take -
FEE. KOBL~GARD & TEEL. P. A.
ATTORNEYS AT LAW R p
P08T OFFICE 90X 1000 8(lOK ~v 6 i f C ~j~Q
I FORT PIERCE. FLORIDA 03480 ~6~ 17 ((~~~V (WC lJ ~
TEL[rNONlf 13081 4618020
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