HomeMy WebLinkAbout2319 41. The Mortgagor ma}~, from time to time, .
provided it is not then in default under this mortgage, upon
ten (10) days prior written notice to Mortgagee, have Units
released from the lien of this mortgage upon:
(A) having entered into bona fide contracts,
satisfactory in all respects to the Mortgagee, for the sale of
twenty (20) Units in the premises with bona fide third party .
puio!:u~Lryj and su^h contracts sha h be ~n f~force•and effect,
and any applicable period for the cancellation of such con-
tracts pursuant to the provisions of the Condominium Act
shall have ela}~sed and expired, pursuant to which each third
party purchaser shall have delivered to the Mortgagor (and the
Mortgagor shall have deposited into an account maintained with
the Mortgagee) an earnest money deposit in an amount which shall
be not less than ten-(10$) percent of the sales price of each
Unit;
(8) payment to the Mortgagee of a release
price for each such Unit ~o be released in. an amount equal to:
(i) the greater of:
(x) one hundred twenty percent (120$)
of an amount equal to the product
of (a) the number of Units to be
released multiplied by a fraction
the numerator of which shall be
$1,600,000.00 and the denominator of
which shall be the total number of
Units within the Premises, or
(y) one hundred percent (100$) of the
sales price of the Unit to be
released
if such release shall occur prior to the
closing of the sale of the penthouse
apartment (the "Penthouse") on the
premises, or
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(ii) eighty percent (80$) of the sales price
l of the Unit to be released, if such
release shall occur subsequent to the
closing of the sale of the Penthouse;
~ (C) payment of the Mortgagee of all reasonable
legal and administrative expenses incurred by the Mortgagee in
connection with the preparation of such release, and all accrued
and unpaid interest due under this mortgage for the amount released
from the lien of this mortgage. All amounts received by the
Mortgagee pursuant to the provisions of this paragraph shall be
applied first to the payment of all accrued and unpaid interest
and other sums and charges allocable to the amount paid through
the date of such payment and the balance thereof shall be applied
to the reduction of the unpaid principal balance of this mortgage;
(D) furnishing to the tortgagee, at t4ortgagor's
expense, a release for the Unit to be released satisfactory in al
respects to the Mortgagee, accompanied by an accurate legal
description of the Unit and the common elements and facilities
appurtenant thereto which are sought to be released.
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~,~3~9 Pa~E2307