HomeMy WebLinkAbout0057 (iv) "This Mortgage"; Means this .
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purchase money nartgage.
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(c) Any permanent or combination mortgage ~
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shall be payable in monthly levely or constant payments,
applicable first to interest and then to principal, and said
monthly level or constant payments shall not exceed the '
equivalent of $9.56 per thonsand per month. The amount of
indebtedness secured by any mortgage to which this mo~r~gage-
shall be subordinated shall, in no event, be more than 609'. ~
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of the actual bona fide cost of the building to be constructed `
on Parcel 1 of the land encumbered by said mortgage, a~cul~60~ ~ ,
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of the fair market value of the land as determined 6y the
mortgagee of the combination mortgage or perman~nt mortgage
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or $60,000.00, whichever is the lesser amount. The permanent.
or combination mortgage shall obligate the mortgagee thereof
~f to give I~ortgagees thirty (30) days written notice of any _
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default prior to acceleration~of the note secured by said :
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mortgage so that M4rtgagees may cure such default prior to . ~
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acceleration. "Actual bona fide cost of the building" shall
mean the actual bona fide cast of (i) constructing the
building, and (ii) the installation_of a central sir ;
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condition3ng system, and (iii) all other permanent fix- E
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tures installed i~n or on the building. The actual bona
` fide cost of the building shall not include architect's and
engineer's fees, cost of financimg~and interest pafd on the
~temporary construction mortgage or combination mortgage during
` the courae of construction. Concurrently with the subordination i
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