HomeMy WebLinkAbout0055 Mortgagees have subordinat~ the lien of this mortgage pur- ,
suant to Paragraph 7. -
7. (a) Mortgagors may hereafter construct
~ improveu~ents upon Parcel 1 of the real property e ncumbered
' hereby. To facilitate constructi~on of such improvements,
M~ortgagees will, upon request, provided that this unrtgage ~
and the note secured hereby ar~ not then in default in any
manner,subordinate the lien of t his mortgage as to Parcel 1
to a"temporary construction mortgage" and/or to a''permanent f
mortgage" or to a"combination mortgage", upon the following ~
terms and conditions. . '
(b) The following definitions will apply ~
to this Paragraph 7:
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. (i) "Per~faneat nwrtgage": A mortgage
given to a bank, federal savings and loan associa-
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~ tion, life insurance company or pension trust ~
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j fund with ~n office, or having a licensed servici~g ;
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agent with an office, in the Szate of Florida,
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° encumbering said Parcel 1 and the improvements to ~
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be constructed thereon, and the fixtures therein ~
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or thereon, to secure the payment of a loan, the `
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,proceeds of which, upon the clas ing Chereof, will
be appiied to the extent necessary to pay and
~ discharge aay temporary construction mortgage or
the cost of constructi~ a of such improvements if
otherwise paid; and
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