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purchaser shall have made a deposit of at least 10$ of the-
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purchase price, shall have received a binding and valid ~
commitment for any financing required by the terms of such
contract and shall not have any unilateral right to cancel or `
rescind the contract. The Oceanview Property must be developed
in the numerical sequence provided on the site plan, but the
commencement of construction of stage two shall not otherwise
be conditional on stage one and commencement of state three
shall require only that construction on stage one and stage two
have been commenced and be continuing and that the pre sale
requirement for stage three have been achieved and acknowledged ~
-~by Bankers. No development of a new stage shall commence
~ unless the mortgages thereon shall all be in good standing and
not in default in any respect and no event shall have occurred
which with the passage of time and the giving of notice or both
would result in a default in any respect.
Bankers agrees that it will not foreclose its mortgage on
any portion of the Oceanview Property that is subject to a
\ construction mortgage to which Bankers has previously
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subordinated the lien of its mortgage only if the default under
~ the Bankers mortgage is solely the failure of Oceanview to pay
interest due from it on the Note; provided, however, Bankers
may proceed to foreclose its mortgage against the remainder of
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BOOK X42 Pa~f 1769 '
MERSMON, SAWYER, JOMNSTON, D4NWODY b GOLE,1600 SOUTHEAST FIRST NATIONAL DANK oY1~O1N0, MIAM1, ILORIDA SSISI
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