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(III) In the event the real property for which the release Is requested
is the last parcel of property to be released from the lien of the Real Estate '
Mortgage, then In such event, In addition to the required release payment,
all accrued and unpaid interest shall also be payable.
6. Mortgagee agrees to release the lien of the Real Estate Mortgage on
Tracts A and F-1 of CORAL COVE BEACH Section 1, according to the plat
thereof, recorded In Plat Book 11, Page 30A and 30B of the Public Records of St.
Lucie County, Florida, upon payment of $ 88,249.32 ,together with
unpaid interest accruing from and after July 1, 1980, to-the date. thereof.
7. Mortgagee agrees to consent to and join in declarations creating a
condominium with respect to individual residential Sections on a stage by stage
basis, and further agrees to release individual condominium units in such individual
residential Sections and the appurtenant interest in the common elements from the
lien of the Mortgage, provided that Mortgagee shall have received the required
sums. The description of the Section contained in each subordination shall conform
to the survey thereof a.nd to the Declaration of Condominium for that particular .
Section.
8. Developer covenants that it will promptly pay when due and payable
the interest, installments of principal, and all other sums and charges payable under
any construction mortgage to which Mortgagee subordinates.
9. Mortgagee covenants and agrees that it will, from time to time as
requested, join in all applications for zoning changes for the Real Property, plats of
the Real Property or portions thereof, easements which Developer determines are
necessary for the development of this property, including ingress and egress and
utilities, declarations of restrictions, covenants, and uses for .the property
consistent with the Site Plans, and conveyance of roadways to a master association
for the entire development.
10. In addition to those events which constitute a default under this Real
Estate Mortgage, the Mortgage Modification Agreement and Modified Replacement
i Note No. 1, the following shall constitute additional events of default, the
occurrence of which entitle Mortgagee to exercise its right to accelerate the
indebtedness and foreclose the Mortgage and exercise such other remedies as
available at law or equity:
' ~ (a) Failure to pay, within any applicable grace period, an installment
of interest or principal or any other payment which may be due under any
construction mortgage to which Mortgagee has subordinated, and the
acceleration of the maturity of the indebtedness by~ said construction lender.
(b) The acceleration by a holder of a superior mortgage encumbering
the Real Property of the obligation secured thereby and the institution of
foreclosure proceedings.
(c) In the event of the dismissal of a foreclosure proceeding by a
E superior mortgagee or construction lender, or the event of default which
gave rise to the right of the superior mortgagee or construction lender to
accelerate the maturity of the indebtedness, has been cured, the Mortgagee
shall, if Developer is not otherwise in default hereunder, dismiss any
foreclosure action instituted by it which shall constitute a reinstatement in
good standing of the Mortgage and the Modified Replacement Note No. 1.
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