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escrow by the said Escrow 'Agent with instruction to record the per-
tinent Releases upon settlement of each townhouse, even if there is
insufficient proceeds to pay the Erskine Debt related to such town-
house in addition to payment in full of the Pennamco Indebtedness-
related to such townhouse, and in the event of a declaration of i
default by Pennamco, to record the Release covering the entire ~
mortgaged premises upon written demand by Pennamco.
7. Except as otherwise provided in Paragraphs six (6)
and eight (8), Erskine Florida and Erskine Contracting hereby direct
said Escrow Agent to record each said Release at the time of con-
veyance by Island Village of each said townhouse subject to payment
to Erskine Florida and Erskine Contracting calculated as follows:
(a) Ten percent (10$) of the gross sales price for
each townhouse unit; or
(b) The net, proceeds of sale, whichever is less.
"Net proceeds of sale" is defined as the difference
between gross sales price and the total of the following:
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(a) The sum paid to Pennamco for its Release of each
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townhouse calculated in accordance with the provisions of the Penn-
f
amco Mortgage.
i
f (b) Real estate commissions paid by Island Village,
if any; and
f
~ (c) Closing costs and expenses normally incurred by
sellers of real property in St. Lucie County, State of Florida.
Any proceeds remaining after payment of the sums re-
quired to be paid in this paragraph, shall be deemed "excess proceeds" ~
and shall be paid over to Island Village.
~ 8. After written notice sent by Pennamco to said Escrow ;
's
Agent that a default has occurred under the terms of the Pennamco .
Debt and/or Pennamco Mortgage, Erskine Florida and Erskine Contracting
fi
hereby direct said Escrow Agent, at the. written request of Pennamco
to record each Release immediately without payment of the sums set
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