HomeMy WebLinkAbout0061 before any disbursements are made, Mortgagors ,
shall give Mortgagees a writCen breakdown of
the actual cost of the improvements, dividing .
the job into its su bportions and allocating ~
the job into its.subportions and allocating to
each subportion a maximum 8mount which may be
drawn for that snbportion of the job, which said
allocations will be substantiated from time to
time and corroborated_by I~brtgagors as sub-
contracts are awarded; and ~
(iii) Upon each requisition for a ~
draw upon the escrow building fund the amount
sought in each requisition shall be itemized
. and related to each itemized part of the break-
down; and each requisition or draw shall be
accompanied by sufficient proof, in the form ~
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i of partial waivers and/or receipted bills, of the
~ ~applfcati~vn of the money to the items included ~
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in said requisitions. At all times the undis- ?
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bursed portion of said fund s~all be great enough . ;
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to complete payment of all costs necessary to ~
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complete construction of the improvements, free
of liens; and
(iv) At any time when the undisbursed
~ balance of the escrow bvilding fund is insufficient
= to so co lete construc
. mp tion, the amount of any
such deficit shall be paid by M~ortgagors into the ~
- escrow building fund imm~ediately, so that at all `
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times the undisbursed portion of said fund is ~
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sufficient to cooaplete tha job; and ~
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