HomeMy WebLinkAbout0060 mortgagee of said uartgage, and denonstrate ,
• t~ Mortgage~ that all construction csn and shall
.
, ' be completed and paid for free of inechanics'• and
materialmen's liens; and .
(~Lv) Execute, and deliver a copy thereof
to Mortgagees, a construction contract with a
licensed general contractor for an amount not in
excess of the actual cost of the improvements;
and
_(v) Deposit with the m~rtgagee of the ~
temporary construction mortgage or combination ~
m~rtgage the difference between the cost of con-
structing the building and/or improvements and
- the amount to be disbursed under the temporary
' construction mortgage or combination mortgage.
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~ (g) When Mortgagors have complied with each of
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~ the provisions of Subparagraph (f), then the work of construc-
~ tion by Mortgagors shall commence, and Mortgagors may demolish
the existing buildings on said Parcel 1. Administration and ~
~
disbursement of the escr~w building fund shall be as follows: ~
;
(i) The construction funds shall be held ~
. ~
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in escrow a~c~d disbursed by the mortgagee of the
temporary construction ~artgage or combination
nartgage as qscrow disbursing agent only in
accor~dance with its conatructi~on loan agreement
and in the manner here inafter provided~; and
(ii) Diabursements to the contractor, sub-
contractors, materialmen or laborers on the job
shall be made as the payments are earned; but
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