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Land. Mortgagor does hereby grant, bargain, sell and convey
to Mortqaqce, for the benefit of the nnreleased portions of
the Land, a perpetual, non-exclusive easement over, and the
right to use, such areas hereafter located on the reZeased
portions of the Land.
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(d) The~easements granted under subparagraphs (a),
(b) and (c) above shall be extinguished and of no further force
and effect upon satisfaction of this Mortgage.
(e) No portion of the Land designated to be
released shall be released unless such portion contains at
least two and one-half (2.5) acres.
(f) The first release shall consist of that portion
of the Land described in paragraph 2(a) above, and all sub-
sequent releases shall be contiguous to previously released
portions and reasonably and substantially in accordance with
the site and develonment plan approved by Mortgagee. No por-
tion of the Land designated to be released shall be released
if the release would leave any portion of the Land remaining
subject to this Mortgage non-contiguous to the balance of the
Land remaining subject to this Mortgage.
(g) Except for the first release, no portion of
Tract A shall be released until all other portions of the Land
have been released.
(h) Mortgagor shall pay all out-of-pocket costs and
expenses, including attorneys fees, incurred by Mortgagee in
connection with taking any action requested by Mortgagor
nereunder, and Mortgagee shall not be obligated to release any
portion of the Land if, as of the date such action is
requ.ested or required, such costs and expenses have not been
paid by Mortgagor.
(i) Mortgagee shall not be obligated to release an~~
portion of the Land if, as of the date any such action is ~
requested or required, an event of default_has occurred and
scabsisting under this Mortgage.
- t6) ~iortgagee shall execute and deliver all documents •
and papers as may be necessary and reasonably required by
Mortgagor to consummate and evidence any release of the Land.
Mortgagor's right to release Land shall accrue at the time of
receipt of payments by Mortgagee and may be exerciseci at the time
of any such payment or at any time thereafter by Mortgagor fur-
ni~shing Mortgagee a release deed describing the Land to be
released, and a plat of the Land showing the portion of the Land
to be released in relation to other released and unreleased por-
tions of the Land, such plat to be prepared with sufficient detail
and clarity to enable Mortgagor and Mortgagee to calculate the
acreage and payment required to consummate the release.
(7) Provided Mortgagee has approved a site and deveop-
ment plan in accordance with paragraph (2), above, Mortgagor shali
have the right, at Mortgagor's option and election, to zone or
rezone all or any portion of the Land to any use now or hereafter
permitted by the governmental authorities having jurisdiction of
the use, subdivision and development of the Land, and, subject to
Mortgagee's written approval of the site and development plan pro-
vided for in paragraph (2) above, Mortgagee shall cooperate with
Mortgagor in any such effort by Mortgagor to zone or rezone the
Land; provided, however, such cooperation shall not reouire
Mortgagee to join in any petition or application for such zoning
or rezoning or any litigation with respect thereto, unless, under
Florida law, Mortgagee is a necessary party and, provided further,
that Mortgagor indemnifies Mortgagee and holds Mortgagee harmless
from all costs and expenses associated therewith.
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~~'~ 3~9 e~~E 823