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21. This is a construction loan mortgage, the p~occeds
of which are loaned £or the purpose of financing ~he con$truction
of improvements npon the premises herein described.
This mortgaqe i~ subject to the terms, provxsions and ~
Conditions ot that certain Construction Loan and Project 1~greer.~ent ;
n date t~e.re~•~ith, entered into between the riortgagor and the
of eve
Mortgagee l~erein and said.Construction Loan and Project Agr~Saidt
is by referenc~ incorporated herein and m3de a part hereof.
Construction Loan and Project Agreement is available for inspec- 4
tion by all par~ies in interest at the office of thP rlortgagee ~
herein. It is understoo~? and agreed that a default by the rlort- ~
gagor under the terr.:s of said Construction Loan and Project Agree- ?
ment ~hall constitute a default under the ter:ns of said mortgage ~
and in such event the R:ortgagee m~y at its option accelerate the ~ ~
payment of the debt hereby secured. • . ~
. ~
tJotwithstanding ai~ything in this mortgage and the note ~
secured hereby, to the contrarv, it is further aqreed by the
Mortgagor that in the event the building or buildings to be ~
erected on t:le said orer.~ises are not completed in accordance I
with plans and specifica~ions submittefrom datet,hereoi`orherein
on or before
that work on said construction shall cease before
completion and said ~sor}: shall rernain abandoned for a period of
fifteen (15) days, then and in either event the entire sum that
has been.disbursed on account of the note secured by this mort-
gage, less any ar.mounts that may have been repaid by the tdortgagor,
shall, at the option of i~lortgagee, at once become due and paya.ble
v,~i.th all accrued int°rest thereon at the rate provided in said
note; and in the event of abandonr,tent of :~ork upon the construc-
tion of saic? building or buildings for a period of fif~een (15~_ .
. days as aforesaid, the 2`ortgagee may, at its option, also enter'
into and upon said pre:~ises and:conplete the construction of the
}~ui~.ding or buildings, ::ereby giving to the ::ortgagee full poc~er
and au~hority to make such entry and to enter into such contracts ~
o= arranger*.tents as r.iay be necessary to co:aplete the said building ~
or buildings and money e:~pended by the I~?ortgagee in connection
yJi.th such co*_~pletion of construction shall be added to the prin-
cipal amount of the note secured hereby and such a~ded amounts
shall be secured by the lien of this mortgage and shall be pay-
able on demand with interest at the rate specified in said tlote.
22. The 24ortgagor and t`ortgagee have agreed that the pre-
~ mi.ses encur:.bered hereby r.iay be subje~ted to a Declaration of
Condominium for resi~ential apartn:ent units pursuant to the
Florida con~orainium lacz~. Mortgagee may join in said Declaration
of Condominiuzn for the purpose of e:cpressing its consent thereto
and Mortgagee shall thereafter release individual condom~nium
units from the lien of this riortgage unon achieving certain min-
imum sales levels and the payr.tent to it of certain sur,~s all as
more specifically set forth in paragraph 24 of the Construction
Loan and Project P_gree*1ent. The 2iortgagee's obligation to join
in such Declaration of Condominium shall be subject to:
• (a) Mortgagee's approval of the form and content of
such Declaration oceduresE nlconnectiontwithdthe saleSofeco do-
tracts and all pr
minium units. _
(b) Evidence of ~he sale of at least fifty percent
(50$) of all condo^~iniur.~ units to bona f ideopu~heasales price
purchasers shall deposit ten (10$) percent
with the T:scrow Agent, as hereinafter designated. ;':ortgagor shall
eertify and supply ;•+.ortgagee with sufficient assurances that ail
sales are not rescindable by the purchasers.
• ;
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