HomeMy WebLinkAbout0299 AND this purchase money mortgage and promissory note secured thereby
shall be expressly made sub~ect and subordinate to the lien and provisions
of a construction mortgage to be executed and delivered by the mortgagor
herein to an institutional lender as security for the payment of a
promissory note, upon the following terms and conditions: ~
1. Mortgagee herein shall not be obligated for the payment of ;
any such loan or any part thereof.
2. Mortgagor herein shall be obligated, either directly or contingently.
for the payment of the construction note.
3. The construction note shall contain the following terms: '
principal and interest payable not later than on or before twenty years
after date; provided, however, that the obligation evidenced by the '
construction note shall be payable in full before the maturity date of ;
the note secured hereby.
4. A default under the construction note or the construction
mortgage shall automatically be a default under this purchase money '
mortgage. The holder of the construction note shall be obligated to give ~
the mortgagee of this purchase money mortgage and promissory note written
notice of any default thereunder and an opportunity to cure such default
for a period of ten (10) days following the receipt of such notice.
5. Mortgagor herein covenants and agrees that the proceeds of the
loan to be evidenced by the construction note shall be used solely to pay
development and building costs, loan expenses and carrying costs with
regard to the mortgaged property.
6. The construction note shall provide that any surplus remaining
after the application of any proceeds of a foreclosure sale thereunder
shall be applied to the indebtedness secured hereby.
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AND mortgagor shall construct several multiple dwelling units on i
subject property. Mortgagee shall grant to mortgagor a release of
all of the interest in the land and improvements thereon applicable
to a given unit sold at the time of said sale. For consideration of
the release~the mortgagor shall pay to the mortgagee a principal balance
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; reduction on the unpaid principal balance of the debt in a percentage
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~ amount which when totaled together with the other units built on the
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' property equals one hundred percent. In addition to the principal
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payment, there shall be paid to mortgagee at time of sale of each ~
unit any accrued interest to date on the unpaid principal balance sum. ~
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