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PARTIAL RELEASE CLAUSE: '
It is understood by the~Mortgagee, for itself, its successora or assigris, that the
Mortgagors, their heira or assigna intend to improve the lands herein mortgaged
by the construction of approximately sixty (80) candominium apartmente . The
Mortgagee for itself, its successors or asaigns does hereby agree to join into any
condominium d~eclaration or plat of oondominium as may be required by the Mortgagors,
theirs heirs or assigns , for the improvement and development of the mortgaged landa .
The Mortgagee further agreea that it will make, execute and deliver~partial releasea
of this mortgage for the individual oondominium units upon payment by the Mortgagors
of a sum equal to 125$ of the original principal amount of the mortgage divided by the
total number of condominium apartments authorized to be conatructed on the mortgaged
premisea . The Mortgagee further agrees that it will enter into a Modification Agreemerit
for this Mortgage to apportion the mortgage indebtedness to various parcels of the
mortgaged lands; provided, however, that such apportionment shall be based upon
the total front feet of ocean frontage divided into the mortgage debt to determine the
value of the lands being apportioned and set apart and further provided that the
Mortgagee shall always be afforded a right of way easement and access for ingreas,
j egress and public utilities to all mortgaged lands .
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; SUBORDINATION CLAUSE:
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~ The Mortgagee agrees for itself, its successors or assigna to subordinate thie
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~ Mortgage to a construction mortgage loan of any recognized financial lending inetitution,
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3 it being underatood by the Mortgagee that the Mortgagor, their heirs or assigns, intend
~ to construct approximately sixty (60) condominium units on the mortgaged lands and
~ intend to obtain a conatruction loan for such purpose. .
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