HomeMy WebLinkAbout0063 . • j . .
its "date", and ''year of a mortgage" will be, in the first fn-
.
stance, the time between and including its ''date" and the day
imme~iiately prior to a corresponding date in the next calendar ~
?
year, and thereafter subsequent periods of a year so computed
and determined. ~
. (i) Subject to the conditions of this Para-
graph 7, Mortgagees will subordinate this mortgage to the
nwrtgage or mortgages referred to herein, upon written request
of Mortgagors. Sudi request shall contain a representation that
the Mortgagors are ready, willing and able to commaence the cori-
struction of improvements, and it will be a covenant and~con- -
dition hereof that Mortgagors will com~nence such construction
of improvements promptly. M~rtgagors shall not receive subordina-
tion, except upon and after co~lianc~ with the conditions and
. . ~ ~
terms of this Paragraph 7, an~ while Irbrtgagors are not in de-
fault under this mortgage and the note secured hereby. If the
~ . -
t
Mortgagors shall use only a combination mortgage, then it will {
• ,
- i
be the only mortgage to wh3c h this narzgage will be subordin~a ted; ;
_
but if Mortgagors shall use a temporary construction mortgage ~
followed by a peraaanent ~mortgage, then, subject to the condit ions
and terms hereof, subordination of this mortgage will be bo th t
r
to the temporary constructi~ n m~rtgage and to the permanent ~
1
mortgage. Nothing herein contained shall be construed as a
requirement that construction of any improvements is required
by Mortgagozs even though such is authorized; and that while
any mortgage is prior ian lien and dignity to the lien of this
,
c
4
:
i
-16- _ ~
,
t
i
~1'75 r~ 63 s
~
F
~_~_~,?ws. s~aawN ~ KiMNtr ATf~O1Mlt1/f AT LI111r. .woMT waouw. Muur~.
w • _ : - - ; ~ ~
~ ~ ~
-