Agricultural Alumni Seed Improvement Ass'n v. Diaz

SCHWARTZ, Chief Judge.

This case involves the construction of the release provision of a real estate mortgage. The trial court ruled that the sum required to secure the release of a described portion of the property included the down payment. We reverse.

The objective facts of the matter are undisputed. In 1977, Diaz bought a large tract of land in Dade County from the appellant, Agricultural Alumni Seed Improvement Association, Inc. (AASIA).1 The total purchase price was $800,000; $150,000 was paid at closing, and the seller took back a $650,000 purchase money mortgage at eight per cent,…