HomeMy WebLinkAbout0321 3. MECHANICS' LIEN LAW. The right of the th~mer to make
proper payments under hia conatruction contract will be limited
by a~y notice to Owner or claims of Lien that may be served by any
peraon supplyfnq labor or materials to the project. If the Owner
cleaires the Mortgaqes to conaider any auch notice or clafms of
lien in making disburaements u~der the conatructfon loan agreement,
the Owner shall furnish the Mortgage with a copy of any such notices
or claims of lien immediately upon their receipt. In the event the
Mortqagee haa not received any auch copies at the time of any dis-
bursement under this loan, the Mortgagee tmay disburse as directed
by the Owner in the authorization letter without notice to Owner,
and without regard to the proviaiona of the Florida mechanics' lien law,
and without reaponsibility of liability to Owner, contractor, sub-
contractors, laborers or materialmen.
4. CONSTRU~CTION. The Owner agrees to complete the ronstruction
of the improvements on the subject property in accordance with the
plans and speci~£ications submftted to the Mortgagee, with the work to
be performed by the contractor specified to the Mortgagee, the con~
struction to be connnenced within thirty (30) days from the date of
this agreement, and to continue without abandonment and to be completed
with due diligence. Any change orders mast have prior approval of the
Mortqagee. Construction of the improvements wili be cdmpieted on ar neiare suiy
31, 1973 -
EXPENSES OF LOAN. The Mortgagee will deduct the costs and
expenses of the loan from its proceeds. The Owner aqrees that all
expenses of appraisals, searches, title insurance, certificates,
examination of title, drawing, perfectinq and recording papers, will
be paid by the C~wner, whether this martqaqe loan is made 4~' not,
5. nISBURSEi~NTS. The Mortqagee shall make disbursements of
th is constr»ct ion loan x~txxltlo~cxttma~lxiuti~lll~C~tdiK~~~4 aCCOrdi ng to Exhi bi t A
attached hereto and made a part hereof, ,
]09G when subfloor is finished.
( 2) when 1 intel is po~ired.
(3) 25~G w~ oof is dri.ed in, all i.nterior framing, including
furrinq stri 's completed, and windaw frames are set.
(4) 25% when plasterin completec~, all windows are gla~ed
and finish roofing is ins ~d.
(5) 25~6 when alZ improvements are 1 ompleted and the
necessary receipted bills and releases ien l~ave been
It~rn ish~~? to the r•tort~aqee .
All disbursements are to be made upor~ requisition o c~?~-
tractor, enclorsed in writin~ l~y thc Owner.
" ~1~~1t~`~DR~catyt~c .
7. -INSURANCE. The nwner a~rees to furr.isY~ such ha~arc3 insurance
as may be requirec~ by the Mortga~~ee, ancl expressly agrees tilat the
Mortqaqee, without obligation tv do sa and £rom time to ti:^~ Ys
constr»ction of the building proqresses, may place fire and wind~tarm
insurance on it at the expen~e of the Owner, for t~~e protection of
the Mort~agee, in suc1~ amounts as may be neec~ed to fully protect the
I Mortqagee. -
; 8. TNSPECTIONS. The Mort~aqee shall ~~ave the ri~~ht, during
' the construction of the building, to inspect it ancl to reject and
require to be replacec3 any material or workmanship that does not
comply with plans and specifications. It is a~reed expressly that all
inspection services renclerec7 by the Mort~{ac~ee's officers or a~ents
shall he renderecl solely for the protection and benefit of tt~e
Mort~Ta~Jee, anc~ the ~7wner shal.l not he entitled to claim any loss or
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i #.Disbursements will be made in accordance with Exhibit A attached hereto and made
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~ a part hereoP'
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