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Construction Mortgage and the lien of the Mortgage.
5.06. Release of Recreational Parcel. Provided
there is no coat nu ng Event of Default under the Mortgage F
or the Second Replacement Note, Mortgagee agrees to release
the Recreational Parcel from the lien of the Mortgage
provided either of the following conditions shall have
been met: (a) Mortgagee shall have received in aggregate
5625,000 as a prepayment of principal under the Second
Replacement Note or (b) Mortgagee shall have received the
sum of S50,000 plus interest accrued and unpaid thereon to
the date of such payment as the release price for the
Recreational Parcel.
5.07. S ubordination as to Sewer Plant Parcel.
Mortgagee agrees to subordinate the lien of the Mortgage to
advances made under any Construction Mortgage to finance the
construction of improvements to the Sewer Plant 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 Replacement Note, (b)
Developer shall have forwarded to Mortgagee an estimated
cost breakdown for the construction of the improvements to
the Sewer_Plant, certified by a licensed architect of the
State of Florida, (c) all permits and approvals required by
any governmental authority having jurisdiction necessary to
improve the Sewer Plant in accordance with the Preliminary
Site Plans have been issued, the time for appeal therefrom
shall have expired and no appeal with respect thereto is
pending, and (d) the holders of the Subordinate Mortgages
shall have subordinated the liens of the respective mort-
gages held by them to the lien of such Construction Mortgage
and the lien of the Mortgage. ~
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~ 5.08. Release of Sewer Plant Parcel. Mortgagee
~ agrees to release the Sewer Plant Parcel from the lien of
f the Mortgage provided the following conditions shall have ~
~ been met: (a) no'Event of Default shall exist under the
Mortgage or the Second Replacement Note and (b) all con-
~ ditions specified in subsections (a), (b), (c) and (d) of
Section 5.04 shall have been satisfied with respect to the
Residential Phase I.
5.09. Subordination as to Utilit Easements.
Mortgagee agrees to subord Hate the lien of the Mortgage to
any easements for utilities, drainage or roadways, includ-
~ ing, without limitation, gas, telephone and electric lines
and conduits, sewer and water lines, lift and pumping
stations, provided (a) such consents are required in con-
nection with the development, use and enjoyment of the
~ Premises in the manner shown on the Preliminary Site Plans,
~ (b) the Construction Lender and the holders of the Subordi-
~ Hate Mortgages shall have subordinated the liens of the
respective mortgages held by them to such easements and (c)
and such easements do not impair the development of the
~ Premises in the manner shown on the Preliminary Site Plans. }
~ ~ 5.10. Procedure for Obtaining Subordinations and
Releases. Developer shall furnish to Mortgagee not less
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BOOK342 Pa~~i689
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