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(h) Any default under the Lakeview Mortgage not
cured within any applicable cure period shall constitute a
default under the Oceanview mortgage.
7. Consistent with the intention of both Lakeview f
and Oceanview to develop the respective properties in stages as
separate, residential condominium projects, it is contemplated
that separate construction loans will be obtained from one or
more institutional lenders for the purpose of financing each
. separate, staged development and. that each such construction }
loan will require the subordination of the mortgage held by I
Bankers. Bankers agrees that it will subordinate the lien of
the Lakeview Mortgage or Oceanview Mortgage to such ~
construction loan and will release individual condominium units !
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provided:
(a) The mortgage held by Bankers shall be in good
standing and not in default in any respect and no event,
shall have occurred which with the passage of time or the
giving of notice or both would result in a default;
(b) Any other mortgages encumbering the property to
be developed shall .concurrently be subordinated; and
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M[RSMON, SAW~[A, JONNSTON, OUNW001/ i COl[, Id00 30UTN[AST /IRST NATIONAL SANK •UILOINO. MIAIRI, /I.ORIOA S91J1