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MORTGAGOR, Its partners, principal agents, stockholders or their successors or
assigns, after any and all remaining collateral encumbered hereby has been applied
toward the obligations secured hereunder.
20. Provided, however, that in the case of an occurrence of an event of _
default, as specified herein or In the promissory note(s), if such event of default
shall be cured, or any foreclosure or other action instituted by any other Mortgagee
is dismissed oc judicially determined In favor of MORTGAGOR prior to entry of a
judgment of foreclosure on this Mortgage, and no other event of default shall be -
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continuing under this Mortgage, and MORTGAGOR shall have paid to MORTGAGEE
a!! costs and expenses incurred by MORTGAGEE in enforcing its rights under this
Mortgage, including, without limitation, reasonable counsel fees, search fees, -
advances to protect the mortgaged ,property and any other sums MORTGAGEE is
authorized by the Mortgage or by law to expend, then and in such event,
MORTGAGEE will reinstate this Mortgage and the promissory note(s) and dismiss
any proceedings commenced under this Mortgage or promissory note(s) secured
hereby. -
21. (A) MORTGAGOR intends to develop the property described as
Parcel 1 on Exhibit "A" attached hereto by dividing it Into seven (7) parcels and to
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develop five (S) such parcels by constructing thereon residential condominium units -
and other improvements, to develop one (1) such parcel by the constructing thereon
recreational facilities and to improve the existing sewer treatment plant situated
on the remaining parcel, al! as shown on the Preliminary Site Plans prepared by
Buigas do Associates Architects, Inc., and referred to herein as the "Lake View Site
Plan" and contemplates the development of a marina on the property described as
Parcel 2 on Exhibit "A" attached hereto. '
(B) By -acceptance of this Purchase Money Mortgage,
MORTGAGEE agrees to subordinate this Mortgage lien or release same if required :
by the -construction lender to the same extent required of all other mortgagees of
record on the same property to the lien and provisions of a construction mortgage
placed by MORTGAGOR as to that portion of the property taken under mortgage
by the construction lender, upon the following terms and conditions:
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(I) MORTGAGEE shall not be obligated for the payment of any
such construction loan or any part thereof. -
(2) The declaration of a default under the construction note ,
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and/or mortgage shall automatically be a default under this Purchase Money
Mortgage.
(3) MORTGAGOR herein covenants and agrees shat the proceeds
of the loan to be evidenced by the construction note shall be used solely for ~
such purposes as contemplated or permitted by the construction loan ~
documents.
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(4) Any release or subordination shall only be as to entire
residential Sections of said condominium project, as described in the "Lake
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