HomeMy WebLinkAbout0271 set forth in this Paragraph shalt run concurrently with and shall
not be in addition to any other grace periods s{xcified herein.
41. That the Mortgagor covenants and agrees to submit to the
Mortgagee for approval any and all condominium documer~ts not
available for approval by the Mortgag~e prior to the execution and
detivery hereof, as well as any modifications and amendments
thereof or of the condominium documents heretofore so approved,
including but not limited to the Declaration, any Insurance
Trust Agreerr~ent and any-rcrles ar~d regulations for owncrs. - '
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42. That the Mortgagee shall subordinate this Mortgage s;'
to the Declaration of Condominium prior to the conveyance of the
first condominium unit, provided said documents shall first ;
have been submitted to, and approved by writing by the Mortgagee . ~
43. That the Mortgagor acknowledgcs and agrees that the ~
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proceeds of atl builders' risk, fire and ott~er casualty insurance '
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maintained by the Mortgagor, or by any council or gaverning body i
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- of the condominium unit owners, or managing agent, and the ~
proceeds of condemnation or any par^t or the premises, shall be
payable to and held by the Mortgagee for disbursement in restoration i
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of the damage or in reduction of ti~e indebtedness secured hereby, ~
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pursuant to the provisions of this Mortgage. The obligations of
Mortgagor under this Paragraph shall not apply to any matter or
thing then beyond the control of tfie Mortgagor.
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44. The Mortgagee covenants and agrees, on written request
of the Niortgagor, to retease condominium units as said units are
shown on the Dcclaration of Condominium approved by the Mortgagee
from the lien of this Mortgage and thc other collateral security
(a) if the entire strucfiure or phase of construction of which the
unit is a part has been completed to Mortgagee's rcasonable
satisfaction, substantialty in accordance with the Plans and
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