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same as arc applicable in the case of subordination to a
peraaanent uartgage and the uwde ofprocuring progress payments
;
or advances under any combination uartgage shall be in accord- ;
;
ance with the provisions hereof applicable to a~temporary con- _
i
~ strfiction mor tgage . ~
(f) As a condition prcedent to the require-
ment that Mortgagees shall subordinate the lien~of this mortgage
~ as to Parcel 1 to the lien of a temporary construction mortgage
or combination mortgage, and before doing anything which, as a
matter of law, would co~ titute a demolition of existing improve-
ments or the visible comrnencement of any new construction work, • ~
i
M~ortgagors shall: `
~
t
(i) Deliver to Mortgagees a complete
se~ of the plans and specifications for the
. i
~ ~ building to be constructed and a plot plan to
f
,
indicate the location thereof; and
, ~
i (ii) Deliver to the.Mortgagees
~ nce of the "acCual bona fide cost of the '
~ evide f
i
;
building and/or improvements", as such term is ;
;
hereinabove defined, such evidence to be in the ;
. ~
form of bona fide bids received by Mortgagors ,
. ~
and/or other information.acceptable to Mortgagees; j
and . , - °
(iii) Execute aad comply with all con-
~
ditions precedent,of a construction loan agreement
. with the mortgagee of the Cemporary constructio n
mortgage or the mortgagee of the combination
mortgage i.n such fora~ which is acceptable to
~ -12-
go~~i75 ~ 58
wru.u?w. ~?wwoM a~ wrrow~sw wT u?w. wro++r su~wiwo. ~uwa ~wu~a?
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