HomeMy WebLinkAbout0058 -.a
of this mortgage to any temporary constructfon uwrtgage, .
Mortgagors shall assign such commitment to M~ortgagees or their
designee upon condition that if Mortgagors default in the
building loan agreement with Che temp~rary constYUCtion lender
or its note or nartgage, the Mortgag ees, or their ciesignee,
may, at their optfon, have Che benef it of the permanent
mortgage co~nnitted to be made . ~
(d~ As condition precedent to the require-
ment that Mortgagees shall subordinate this mortgage,as to Parcel
1, to a temporary consrruction mortgage, the com~nitment for the
perenanent mortgage must have been issued and accepted; and the •
M~ortgagors shall have complied with all other conditions prece-
dent-herein provided for. Any temporary construction mortgage
shall be payabl~ from and discharged artd satisfied out of the .
proceeds of and upon theclosing of the permanent mortgage,
whether such closing is effected (i) by Che giving of a new
I =
~ mortgage whfch will be the permanent mortga~ , or (ii) whether
~ it is closed by modification and an assignment of the temporary
,
construction mortgage to the permanent nwrtgagee. The am~unt of
any temporary construction mortgage shal~, not be more than 95~
of the amount commftted by the commitment of the permanent
lrbrtgagee. Progress payments or advances under the temporary
construction m~rtgage shall be made as hereafter provided.
(e} The terms and conditions and aAwunt
of any combination mortg~ge to which 2sortgagees shall be re-
quired to subordinate this mortgage and the conditions upon
which Mortgagees shall be required to subordinate shall be the ,
f
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g~1i5 ~ 58
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