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include expenses relating to site plan, engineering
studies and fees, title insurance premiums, legal fees,
cost of any bonds relating to the project, and other
project wide costs and expenses reasonably incurred which
by their nature relate to an entire project rather than a
single stage, it being agreed that these latter expenses
may be recovered from initial fundings under construction.
loans for the early stages and will be amounts to which
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- the subordination by Bankers is applicable, and it is
~ agreed that once Bankers shall have subordinated to such I
j construction loan it shall not be necessary to obtain the s
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approval of Bankers for advances made under such
construction loan; -
(k) Bankers shall receive the subordination payments
for each stage sought to be developed in an amount equal ~
to the number of units approved by Bankers for such stage ~
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multiplied by the subordination amount per unit, which per.
3 unit amount is shown under Column A on the Schedule A
attached hereto and made a part hereof; and
(1) The conditions precedent set forth elsewhere
herein to Lakeview's or Oceanview's right to proceed with
the development of the subject stage shall have been
. satisfied; and
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MtRiNON, sAMlrtR, JONNSTON, OUNWO01/ i COIt,1dOO 3OUTM[A>fT /IRST NATIONAL DANK pY1LDIN0, MIAM1, ~WRIOA »I~I i
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