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Partial Release Clause (Continued): '
- page 36, of the public records of St. Lucie County, Florida, on the
West by the Weat line of the zeal property described herein, and on
the South by a line connecting the aforesaid East and~Weat boundary lines
and drawn parallel to the South line of Section 24, Township 35 South,
Range 39 East. Said release shall be granted upon the pre-payment
to Mortgagees of that-portion of the principal indebtedness hereby
secured which, when added to prior payments of principal and the
cash sum paid at the time of execution of this mortgage, equals the
total sum of $175,000.00.
(b) Following the grant of release provided for in sub-part a.
above, releases of additional acreage lying to the South and East
of the 1.5 acre parcel, above described, shall be granted by Mortgagees
upon receipt of pre-payments of principal amounting to $15,625.00
per acre, or fraction thereof, to be released.
(c) No release will be required or granted by Mortgagees other
than for reasonably contiguous parcels which do not tend to divide the
mortgage security. Further, no release shall be requested or granted
which would serve to impair Mortgagees' legal access to the remainder
of their mortgage security..
EXCULPATORY CLAUSE
Mortgagees, for themselves, their successors or assigns, by the
acceptance and recording of this mortgage, covenant and agree to and with
Mortgagor. that in the event of Mortgagor's default hereunder or default
in payment of the promissory note which is secured hereby,~Mortgagees
may proceed solely against the lands encumbered hereby, and Mortgagees
hereby covenant that no deficiency decree shall be sought against
Mortgagor or against any other person or entity in the event of such
default by Mortgagor. -
THIS IS A CORRECTIVE MORTGAGE, executed and recorded to correct the -
legal description in tha certain mortgage between the parties ,
" hereto, dated December 2~, 1978, recorded in O. R. Boo 300 a
page 1791-1794, on which mortgage the intangible tax i
has been paid. ~ Q
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