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(if Mortgagee does not object to any such instruments
within 20 days after request for such approval, such
approval shall conclusively be deemed to have been given).
Mortgagee further agrees to release individual condominium ~
units in such Residential Phase and the appurtenant interest
in the common elements from the lien of the Mortgage and t
to subordinate the lien of the Mortgage to the ,rights of a
Master Association in and to -the roads shown on the Preli- •
urinary Site Plan, provided, in the case of unit releases,
the following conditions shall have been met: (a) all
documents required by law to be executed•and delivered in
connection with the formation of the condominium under
Florida law, and such condominium shall have been legally
formed; (b) Developer shall have satisfied any presale_
requirement of any Construction Lender and permanent lender
with respect to the units in the Residential Phase in which '
the unit to which the release relates is located; (c)
Developer shall have complied with all applicable Legal
Requirements relating to the marketing and sale of the units
in the State of Florida in the Residential Phase in which
the unit to be released is located; (d) the title insurance ~
company insuring the lien of the Mortgage shall issue an
endorsement to its ,policy affirmatively insuring that the - ~
declaration establishes a valid condominium under Florida
law; and (e) Mortgagee shall have received the sum of 55,000
plus- interest accrued and unpaid thereon to the date of such
payment as the release price for such unit. Mortgagee
further agrees to release from the lien of the Mortgage, at
such time as all units in a particular .Phase have been
released and the entire release price therefor paid, any
land rema}Wing subject to the Mortgage in such Phase, but
• shall reserve nevertheless, a lien on any easements or
rights of way affecting such Phase which are necessary for
the development, use or enjoyment of a_ny other Phase.
k 5.05. Subordination as to Recreational Parcel. ~
Mortgagee agrees to subordinate the ien of the Mortgage to
advances made under a Construction Mortgage to finance the
construction of the Club Facilities upon the Recreational
Parcel provided that, prior to such subordination, the
following conditions shall have been met: (a) no Event of
~ Default shall exist under the Mortgage or the Second Re-
placement Note, (b) Developer shall have forwarded to
Mortgagee an estimated cost breakdown for the development of
the Club Facilities, certified by a licensed architect of
the State of Florida, (c) Developer shall have furnished to
Mortgagee satisfactory evidence that the Club Facilities
have adequate water, sewer, electric and telephone services,
and that such service shall be available notwithstanding the
~ foreclosure of this Mortgage, (d) all permits and approvals
required by any governmental authority having jurisdiction
necessary to construct the Club Facilities have been issued,
the time for appeal therefrom shall have expired and no
appeal with respect thereto is pending, (e) all conditions
specified in Section 5.02 with respect to Residential Phase
i I have been satisfied, and Mortgagee shall have received the
sum of 5240,000 upon subordination to a Construction Mort-
gage encumbering Residential Phase i and (f) the holders of
the Subordinate mortgages shall have subordinated the liens
of the respective mortgages held by them to the lien of such
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aooK34~ PAcE1688