HomeMy WebLinkAbout1811 (a) The rate of interest payable from June 30, 1978 thcough June 30,
1980 shall accrue at eight (8916) percent per annum computed on the principal '
balance from time to time remaining. ~ i
(b) The rate of interest payable from and after July 1, 1980, on the {
principal amount of Renewal Replacement Dote No. 1, shall accrue at the
rate of fifteen percent (1546) per annum computed on the principal balance
from time to time remaining, with Interest at the rate of eight percent (846)
per annum to be payable quarter-annually- commencing September 30, 1980,
and quarterly thereafter, with the balance of the accrued interest except as
otherwise provided herein, payable with the final principal payment due
under Modified Replacement Note No. 1. '
(c) The entire unpaid principal balance of the Modified Replacement
Note shall be due and payable June 30, 1983.
(d) The Modified Replacement Note shall be pre-payable in whole or
in part without penalty.
• 4. Mortgagee covenants and agrees 'that it will subordinate the lien of
the Mortgage to advances made under a construction mortgage to finance the
construction of im ov
i pr ements on the Real Property in consideration of the
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fo!lowin ents which are to be received from or for to the ini i
8 PaYR? tai advance
Pr f
under the applicable construction mortgage:
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(a) For Section I as shown on the Site Plan consisting of
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• approximately 12 acres: $ 43,200.00 (96 units at $450.00 per unit)
(b) For Section II as shown on the Site Plan consisting of ~
approximately 13 acres: $ 43,200.00 (96 units at $450.00 per unit)
subject to the prior satisfaction of the following conditions: ~
(i) The issuance of all site work permits and approvals required by
governmental authority having jurisdiction necessary to construct the
improvements on the Real Property to which the subordination pertains.
(ii) Mortgagee has received a survey prepared by a licensed surveyor
with respect to the Real Property for which the subordination is requested
and as to Parcel l~lo. 1 a certif ication by a licensed surveyor of the State of
Florida that the description of the Real Property for which a subordination
is sought is substantially similar to that as set forth in the Site Plan in both
configuration and acres.
(iii) All conditions precedent to the initial advance under the i
construction mortgage have been satisfied, or waived.
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S. Mortgagee agrees to release individual condominium units and the
appurtenant interest in the common elements from the lien of the Mortgage in
consideration of the following payments: ~ .
(a) Section I Condominiums: $450.00 per unit
(b) Section II Condominiums: $450.00 per unit
subject to the prior satisfaction of the following conditions:
(i) The required subordination payment for the entire Section in
which a release of an individual condominium unit is sought has been paid, ~ ;
(ii) The condominium shall have • been legally formed in accordance
with applicable requirements of the Florida Land Sales and Condominium
Board.
8~3~~ p~1810