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Bankers, Lakeview will have caused the recreational complex to
be conveyed lien free to~the master association to which all
condominiums developed on the Lakeview Property shall belong
and each owner of a condominium unit in any stage shall have
full enjoyment o.f such complex. Bankers shall also have the -
.right to assure-that Lakeview will remain responsible for the
payment of all costs in connection with the construction of
recreational facilities required to be constructed and that
- said property will not be subject to any liens or mortgages.
The subjection of the recreational property to a mortgage or
lien (whether prior to or after being released from the
Lakeview mortgage) without the prior written consent of Bankers
shall be and constitue a default under the Lakeview Mortgage.
12. Bankers agrees to subordinate the lien of the
Lakeview Mortgage to advances made under any construction
mortgage to finance the construction of improvements to the
sewer plant provided that, prior to such subordination, the
following conditions have been met:
(a) No default shall exist under the Lakeview `
Mortgage and no event shall have occurred which with
the passage of time or the giving of notice or both
would constitute a default under the Lakeview .
Mortgage=
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s~x3~~2 P~~E1771
M[RiNON, EAWtlEQ, JOMNSTON, pUNWOpr i CO~t,1600 lOUTNGiT /IRST. NATIONAL SANK •UILOINO, MIAM1; ~LORIOA ~EIEI
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