HomeMy WebLinkAbout0056 (ii) "Temporary construction mortgage":
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A mortgage given to a bank, federal ~avings and '
loan association or life insurance con~any, or
mortgage banker with an office or agent in Dade
~ County, F2orida, encumbering the~~''Ssame property
the peru~anent uartgage will encumber, to secure
the payment of a loan the proceeds of which will
be wholly applied toward payment of the cost of
~ constructing improvewents, an~ the fixtures -
therein_or thereon, on the said Parcel 1;
~ and -
. (fii) "Combination m~rtgage": A mortgage
to be given or assigned to and permanently owned
and held by a bank,~federal savings and Ioan
.
association, life insurance company or pension trust
'
' fund with an office or having a licensed servicing
~ agent in the State of Florida and a disbursing office
~ • _
or agent in Dade County, Florida, from which con
~ struction ro ress a nts will be made encumb r-
~ P S. P Y~ . e
ing the sam~e property as the above defined mortgages
will encumber, to secure the payment of a loan the ~
~proceeds of which will be wholly applied to the
same use as in the case of a temporary construction
~ loan as defined above, but which ~i1Z remain after
~ construction is co leted~ and the cost thereof
~ mP .
~ fully paid, as the .permainea~ m~rtgage and will
not ba refinanced. s
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