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(c) The construction lender and the holders of the
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other mortgages shall be or have subordinated their
respective mortgagees to such easements; and i
(d) Easements and restrictions and conveyances of
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roadways do not impair development of the property in ?
the manner shown on the site plan and .are consistent
with the proposed development as contemplated herein.
9. The obligations of both Lakeview and Oceanview
i are evidenced under a single note, the Note, as modified, which
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requires certain payments in reduction of principal and accrued
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interest to be made within stated time periods. The failure to
make any and all payments required under the Note shall
constitute a default under the Oceanview mortgage and the
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Lakeview mortgage, it being understood that the principal
indebtedness has not been allocated by the parties hereto
between the-Lakeview mortgage and the Oceanview mortgage;
provided, however, in the event at least one-third (1/3) of a
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current interest payment due under the Note is made by.
Lakeview, the Lakeview Mortgage shall not be in default as a
result of the non-payment of the balance of such current
interest payment. It shall, however, be a defaul-t under the
Oceanview mortgage unless each and every current interest
payment is made in full when dce without reference~to whether
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BOOK~4~ P~Gf~~S
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