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~ Executed the f iL dny o/ August A. D. t9 81 6y
~ GI~7VE, a Joint Venture, havinq as its general partners ~ G~OVE QF FT. ~
~ ~ I~E, Il~C. ar~ TREASURE ~ST ~T.LGE OO~2PQRATICN, both Florida vorporati,o~s, a~
~ reinn~ter ralled the mortgagor, to DUNN BROTHERS ~ INC a FlOY'ida corporation '
~ ~whose mailing address is: P. O. Box 204 - Fort Pierce, FL 33454
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~ a ereina~te? cn~~ t~e rnortgagee:
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C ~ V (1V6eieve~ wed 6ercia tLe vrm~ "mort~. ud ••oortsasec" iactudr all e6s p~rtia to t6i~ instrnsc~t ud tLe ?ein
Q~ Y kytal irpre~eaudves aed ~nt o( udrv~. ud tLe wccerors and ~ri~ ot corparatior; aad t4 ters •~wtc•t
• includea al! tbe aota hereie defcribed it oore thaa oee.)
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~ tl?at Jor good and ualua6le canaideratForu, nnd alao in constderatton o/ !he aggro-
gate aum nnr?ted in lhe promisaory note o~ even dale herewit~. ~ereina~ter de.~t6ed, the rnortgagor ~ere-
6y granta, 6nrgairu, aells, nliens, remtses, conveys and con/irma unto the morlgagee nll t1~e cwtntn land
o~ w~tch ttie morfgagor is now seized and in pos~ession sifunte in St. Lucie (,'o~~y,
Florida, viz:
~ PARCEL I: Lots 248, 249, 250, 251, 252, 253, 260, 261, 262, 263,
264 and 265, of the Subdivision of WHITE CITY, as per
plat thereof on file in Plat Book l, page 23, of the
public records of St. Lucie County, Florida, EXCEPTING
THEREFROM all rights of way for drainage canals and publi
roads.
PARCEL II: The Sauth 60 feet of Lot 254 of the Subdivision of
WHITE CIT`Y, as per plat thereof on file in Plat Book 1,
page 23, of the public records of St. Lucie Coun~y,
Florida, EXCEPTING THEREFROM, alI rights of way for
drainage canals and public roads.
l FURTHER LESS AND EXCEPT the Parcels described as Parcels 1 through
i 4, appearing on Schedule A, appended hereto and by this reference
incorporated herein.
THIS IS A PURCHASE MONEY FZRST MORTGAGE.
f (
~ I PARTIAL RELEIiSE PROVISION
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F ~ Provided Mortgagor is not in default under this mortgage or
( ~ the promissory nate secured by same, Mortgagee covenants and
~ f agrees to grant partial release of portions of the lands described
~ ~ in this mortgage from its lien and operation upon the following
~ ~ terms:
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1. Releases shall be granted by Mortgagee on the
( basis of one (1) acre for each Nine Thousand Three Hundred
Seventy-five & 00/100 ($9,375.00) Dollars principal payment or
pre-payment upon the promissory note secured hereby.
2. No release shall be requested by Mortgagor or
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~ granted by Mortgagee other than for acreage contiguous to acreage
~ i~ not encumbered hereby, except in the case of acreage upon which
: there is to be located water and sewer plant facilities,
4 i~ necessary pumping stations, water arid sewer collection lines,
€ and other utilities equipment necessary to serve acreage
~ unencumbered hereby when developed for residential use. FURTHER,
no release shall be requested by Mortgagor or granted by
~ + Mortgagee which would serve to deprive Mortqagee of an easement
s ! for ingress and egress leading to and from a public road for the
~ benefit of-the remaining mortgage security.
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~ j~ (CONTINUED ON THE FOURTH AND LAST PAGE OF THIS MQRTGAGE}
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