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10. Neither Lakeview nor Oceanview shall proceed
with the development of the second stage of either project s
unless the respective mortgage in favor o.f Bankers and the
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construction loan for the first stage, if any, is 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., and Bankers in
connection with the Lakeview Property, shall have received the
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full release prices for twenty-five percent (25$) of the units
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in stage one. Furthermore, the Lakeview Property third stage
will not be commenced by Lakeview until Bankers shall have
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received full release payments for ninety percent (90$) of the
units constructed in stage one and full release payments for
not less than twenty-five percent (25$) of the units in stage
twa. Similar release payment requirements shall exist in
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progression in connection with the successive development of
stages four and five of~the Lakeview Property.
In connection with the development of Oceanview Property,
Oceanview shall have and so demonstrate to Bankers the ~
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existence of firm binding contracts for not less than 50$ of
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~ the units in stage two and a similar requirement shall exist
I for commencement of stage three. A "firm binding contract"
shall be a bona fide, enforceable contract under which the
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