HomeMy WebLinkAbout0623 ~ (a) Construction of such portion of the
improvements shall have beea completed in accordance with
the plans a?nd specifications heretofore submitted by Mortgaqor
to ~ortqaqee and the Loan Aqreement, such that the conveyance
and occupancy of the individual condominium units shall be
permitted (ryeqardless of whether all construction is completed)
pursua.nt to all applicable ordinances, rules, requlations,
and s'tatutes of the constituted public authorities havinq
jurisdiction over the improvements.
(b) Sorrower shall not then be in default
under this Mortqaqe, the Note,• the Loan Aqreement, or any
other loan document qiven in connection herewith or therewith.
(c1 A fully exectited copyj in ferm ~nd
substance satisfactory to Mortqaqee, of the Purchase and
Sales Aqreement with respect to the unit to be released
shall have been delivered to and approved by Mortgagee.
~ (d) The net proceeds of the sale of the unit
in question shall be paid to Mortgagee for application
aqainst the balance of the loan then outstanding.
. (e) Mortqagor shall have reimbursed Kortgagee
for any and all costs incurred by Mortgagee in connection
with the release of the lien of the Mortqage from time to
time, includinq, but not limited to, the fees and disburse-
ments of counsel for Mortgagee.
(f? The release of the lien shall be delivered
by Mortgaqee at settlement of the unit to be sold against
receigt of the net proceeds of sale as aforesaid.
(g? A certificate of occupancy for the unit
to be released shall have been delivered to Mortqagee.
(h~ Mortgagor, through its attorney, shall
be required to prepare all Purchase and Sales Aqreements,
_ releases, and all other closinq documents, all at the cost
of Martgaqor. All of Mortgaqor's closinq docwnents shall be
subject to approval by Mortqagee's counsel.
8. Internal Revenue Stamps: If at any time the United
States or any departtaen~ or bureau thereof shall require _
Internal Revenue stamps on the Note secured hereby, :~ortgagor
on demand shall pay for them with any interest or renalties
payable thereon.
9. Future Taxes: If hereafter any Zaw or ordinance
shall be adopted imposinq a tax directly or indirectly on
Mortgaqee with respect to the Mortgaged Property, the value
of Mortgagor's equity therein, or the indebtedness evidenced
by the Note and secured by this Mortqage, :~iortgagee, at its
election, shall have the right at any time to give Mortqagor
written notice declaring that the principal debt, with interest
and other appropriate charges, shall be due on a specified date
not less than sixty (60) days thereafter; provided, however,
that such election shall be ineffective if, prior to the
specified date, Mortgagor lawfully pays the tax (in addition
to all other payments required hereunder) and aqrees to pay
the tax whenever it becomes due and payable thereafter, T~hich
aqreement shall then constitute a part of this :~!or-tgage.
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