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creating the Condominiums ("Condominium Documents"), in-
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Covenants, Restrictions and Easements, nor shall there exist
any-notice from Mortgagee to Mortgagor that any event has
occurred, which, with the passage of time, would become a
default under the Note, this Mortgage, the Construction Loan
Agreement or any other Related Document;
(b) the sale and conveyance of any unit in
the Condominiums and interest in the common elements of the
Condominiums -pertaining thereto shall not interfere with or
impede construction of the remaining units in the Condomin-
iums presently intended to be constructed at the Mortgaged
Property; -
(c) the sale and conveyance of any unit in
the Condominiums and interest in the common elements~of the
Condominiums pertaining thereto shall be in conformity. with
all regulations, including, but not limited to, subdivision
regulations of the public authorities having jurisdiction
over the Mortgaged Property;
(d) Mortgagor shall pay to Mortgagee, in
consideration for each condominium unit and the interest in
the common elements of the Condominium pertaining thereto
released from the lien of the Mortgage, at the time of such
release, a release price in the amount set forth in Exhibit
B of the Construction Loan Agreement and each such release
price payment shall be accompanied by a photocopy of the
settlement sheet for the transaction;
(e) any and all sums received by Mortgagee
pursuant to the preceding paragraph (d) shall be applied by
Mortgagee on account of the indebtedness secured by this
Mortgage; ~ -
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I (f) Mortgagor shall have delivered to Mo rt-
~ gagee not less than ten (10) business days prior to the
I requested release date a partial release of mortgage in form
~ and substance satisfactory to Mortgagee. The documentation
for the partial rel-eases shall be prepared by counsel for
Mortgagor, at Kortgagor's cost;
(g) Mortgagor agrees that it will not,
6 without the prior written approval of Mortgagee, execute any -
utility or other agreement with any municipality, public -
.utility, municipal authority, or any other agency or authority,
which does not reserve for the benefit of the Mortgaged
Property the right, without limitation, to hook up, connect
to, continue and use, without charge (except for the tie-in
or hook-up charges), any such facilities installed by or at
~ the expense of Mortgagor and thereafter dedicated or other-
.wise transferred to such entities; -
(h) any such release shall not affect the
. lien of this Mortgage upon property not .specifically released,
shall not affect the liability of any guarantor of the Note or
other party who is primarily or secondarily liable on any
instrument secured hereby, and shall not require the approval
of any such party or notice to any such party; and
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