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consent. Developer further agrees that the order of de-
velopment of the Residential Phases shall be in accordance
with the phasing schedule shown on the Preliminary Site
Plans, that is, development shall proceed from Phase I
through Phase V, and that each Residential Phase shall
contain the number of residential units specified below:
Phase I 96 units
Phase II 96 units
Phase III 96 units
Phase IV 108 units
Phase V 102 units
Total units
(b) Construction Obli ations. Developer shall
cause construct on o the Improvements and any off site
improvements required by the Preliminary Site Plans to be
constructed with due diligence, in a good and workmanlike
manner and in accordance with the Preliminary Site Plans,
all applicable Legal and Insurance Requirements and the
requirements of any Construction Lender.
(c) Correction of Defects. Developer will.
promptly correct any defect in the Improvements or any off
site improvements or any material deviation from the Pre-
- liminary Site Plans, any Legal or Insurance Requirement or
any requirement of any Construction Lender.
(d) Permanent Loan Commitments. Developer
will comply with all conditions and provisions of any loan
'i commitment to provide permanent financing to purchasers of
individual condominium units on the Premises and will not ~
terminate or permit any such commitment to expire without E
prior replacement of such commitment.
(e) Zoning Changes. Developer shall not apply
for or seek any change in the existing zoning of the Prem-
ises inconsistent with the development scheme shown on the
Preliminary Site Plans.
(f) Inspection. Developer will permit the
Mortgagee and its representatives to enter the Premises and
the Improvements from time to time to inspect the same.
5.02. Subordination as to Residential Phases.
Mortgagee agrees to subordinate the lien of the Mortgage
on a Residential Phase by Residential Phase basis to ad-
vances made under a Construction Mortgage to finance the
construction of residential units and related improvements
shown on the Preliminary Site Plans provided that, prior
to subordinating in connection with each such Residential
Phase, the following conditions shall have been met: (a) no
~ Event of Default shall exist under the Mortgage or the
Second Replacement Note; (b) Developer shall have furnished
~ to Mortgagee an estimated cost breakdown for development of
P the Residential Phase to which the subordination .relates,
certified by a licensed architect of the State of Florida;
(c) Developer shall have furnished to Mortgagee satisfactory
evidence that the units in the Residential Phase to which
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eo~342 P~E1686
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