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12A
Section 1.18. The Mortgagor shall not mortgage or
otherwise grant or create any lien on the Premises or any
portion thereof without the prior written consent of the
Mortgagee. A request for said consent shall be delivered
in writing to the ?dort~agee and shall be accompanied by a
valid and binding commitment to the Mortgagor from a financially
responsib le lender which shall set forth in detail the terms
of any proposed financing including a description of the
property to be mortgaged. If within 30 days after receipt
of said request and commitment the Nlortga~ee shall offer its
commitment for mortga~e financing for said property on terms
and conditions not less favorable than those offered by the
proposed mortgage lender, the rSortgagor shall not mort~a~e or
otherwise create any lien on said pronerty exceot in connec-
tion with the transaction contemplated by the Mortgagee's
commitment. If the Ifortgagee shall fail to offer its conmit-
ment within said time period, the Mortgagor may complete the
transaction contemplated by the submitted commitment as con-
templated thereby. In the event that Mortgagee provides such fin-
ancing, upon the closing of the loan and provided there exists
no Event of Default under this t4ortgage, the Aiortgagee shall
! release from the lien of this Mortgage the property which is
~ being financed by said loan upon receipt by the t4ortgagee of ;
a payment equal to the acreage thereof multiplied by the re- '
' sult of the total loan provided for herein div~ded by the
} total acreage of the Premises. If Mortgagee should not provide
~ such financing, it will release parcels to be improved upon pay-
x ment to it of 1y0~ of the above amount. Payments received"
~ pursuant hereto shall be applied to prepayment of the PJote
~ without penalty. In no event shall property be released
~ from the tdortgage as provided herein if as a result thereof ;
~ the portions of the Premises which have not been released ~
; would not have direct and adequate pedestrian and vehicular ~
~ access for the contemplated uses thereof to dedicated roads
~ and highways ad~acent to the Premises.
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