HomeMy WebLinkAbout1831 View Slte Plan", the entice marina project on that portion of the property
mortgaged hereunder described In Exhlblt "A" attached hereto, or the
portion of the property mortgaged hereunder which Is to be used to operate
and expand the sewage treatment facilities, which property is described in
the "Lake View Slte Plan" or the portion of the property mortgaged
hereunder which Is to be used for the construction of the recreational
facility which isdescribed In the "Lake View Site Plan".
(S) MORTGAGOR shall pay to MORTGAGEE the following
consideration for such subordination or releases: -
(a) Residential Condominium Project -Amounts:
• Section 1 - $8,000, less such payments as required for
subordination or release to be made to MIDLANTIC
• NATIONAL BANK and BANKERS TRUST COMPANY and
SOUTHEAST FIRST NATIONAL BANK OF FORT PIERCE,
for each unit in Section 1, as set forth in their respective
mortgages.
Section 2- - $8,500, less such payments as required for i
subordination or release to be made to MIDLANTIC NATIONAL ~
BANK and BANKERS TRUST COMPANY and SOUTHEAST
FIRST NATIONAL BANK OF FORT PIERCE, for each unit
in Section 2, as set forth in their respective mortgages.
' Section 3 - $9,000, less such payments as required #or
subordination or release to be made to MIDLANTIC NATIONAL
BANK and BANKERS TRUST COMPANY, for each unit in
Section 3, as set forth in their respective mortgages.
Section 4 - $9,500, less such payments as required for
subordination or release to be made to BANKERS TRUST
COMPANY for each unit in Section 4 as set forth in its mortgage.
- Section S - $10,000, less such payments as required for
subordination or release to be made to BANKERS TRUST
j COMPANY for each unit in Section S as set forth in its mortgage.
~ or such greater or lesser sum equally calculated among all j
the units in this Section, this Section, so as to fully satisfy
the purchase money note .and mortgage including any interest ~
or other outstanding costs, when the last payment is made _ ~
f to MORTGAGEE.
• (b) Residential Condominium Project -Procedure: - '
I
The amounts payable as set forth in preceding Paragraph 22(BxSxa)
shall be paid (i) 5090 of the total amount payable to MORTGAGEE for the entire
Section at the time the subordination or release is requested by MORTGAGOR and
executed and delivered by MORTGAGEE and (ii) the remaining 5090 on a unit-by-
unit basis as the sale of each individual unit to the original purchaser thereof is -
closed at which time MORTGAGEE shall execute and deliver a partial release of
this Mortgage as to such unit if a release has not already' been executed - by .
MORTGAGEE. - '
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