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(b) All permits and approvals required by any
governmental authority having jurisdiction necessary
to improve the sewer plant have been issued;
(c) The holders of the Midlantic Mortgage, Ft.
Pierce Mortgage and Costa Lakeview Mortgage have
subordinated the liens of the respective mortgages
held by~them to the -lien of the construction
mortgage=
(d) Bankers shall have approved all agreements with !
f ~
i the Utility Company relating to supplying of utility
v
service to the Lakeview Property and the Oceanview
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Property, which approval shall not be unreasonably
withheld;
(e) Bankers shall have approved the plans and
specifications for all renovations and improvements
.arid the cost thereof and shall have approved the
amount of the mortgage for same which the
subordination is sought, which approval shall not be
unreasonably withheld. Bankers shall be satisfied
~ that none of the proceeds from this construction loan
~ _ for sewer and water facilities shall be applied to
any out-of-pocket cost expended by Lakeview unless
such cost were incurred directly by Lakeview and not
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