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Home My WebLink About0272 Specifications therefor; {b) if thc unit to be released has been sold and Mortgagee has been provided with satisfactory evidence of the price at which it was sold (c) if tt?e tndebtedness hercby secured shall have been repaid in an amount which in the aggregate equals 90% of the gross sales pricc for the condominium units , therctofore released and the unit currently to be released . The release of a condominium unit shall also include a release of Mort- gageeis security interest in contract rights with respect to the ; agreeme~t of sale for each unit. At tJ~e optton oP Mortgagee, the release of condominium units shali be admtnistered pursuant to ~ ~ ~ ? Nlortgagec's written instructions to a residcnt agent or trustee selected by the Mortgagee, the expense of which i~ to be borne by ' the Mortgagor. 45. That as soon as a condominium has becn declared with : i ~ respect to any part of the premises arxi the council or other f ~ governing body of tlie same has been organized, the Mortgagor will ~ deliver to the Mortgagee a proxy to votc the interests of the Mortgagor in the condominium units From time to time remaining unsold, together with resignations from each director or council t ~ member at any time appointcd by the Mortgagor, or elected by or ' with the controlling votes of the Mortgagor, and in each case of any default hcreunder, or under thc Note or Construction Loan Agree- ment, remaining uncured for Five (5) days after written notice thereof ; } from the Mortgag~e, regardl~ss of whether any grace period specified in respect to such default in Par~agraph 40 hereof or elsewhere in this Mortgage, shall have elapsed, but in no other case, the Mortgagee may declare any or all of said resig- ~ nations effective, and they shall become effective when so declared, f and the Mortgagee may tF-iereupon exercise said proxy to fill the r~sulting vacancies with its own appointees. Any failure of the Mortgagee to obtain and deliver such proxy and resignations -27- $~K ~.8 ~ ~?x ; : ~ . - - r~- - _ _ _ _ . . _ .