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(c) Marina Project:_
Upon the payment of $ /j~o~l/ P.~ to MORTGAGEE,
MORTGAGEE shall execute and delivec a partial release of this Mortgage as to the
property described as Parcel 2 In Exhibit "A" attached hereto.
In the event MORTGAGOR desires MORTGAGEE to subordinate this
Mortgage to a cnnstruction mortgage on the Marina Project property,
MORTGAGEE shall subordinate this Purchase Money Mortgage to a construction
mortgage on the property described as Parcel 2 in Exhibit "A", so long as ail other
mortgagees on that property subordinate or release their respective mortgages. -
(d) Sewage Treatment Facilities:
In rnnsideration of the expanding and upgrading of the sewage
treatment facilities, which will enhance the value of the collateral MORTGAGOR
has mortgaged hereunder, MORTGAGEE agrees to release the property described
as "Utility Area" on the "Lake View Site Plan" including areas designated for lift
stations and water storage tanks from this Mortgage at the time construction of
Section 1 of the aforesaid Condominium project commences or at the time
MORTGAGOR commences such work to upgrade and expand said sewage. treatment -
facilities, whichever shall first occur. .
(e) Recreational Facility:
MORTGAGEE will release from the lien of this Mortgage the
recreational complex, as described on the "Lake View Site Plan", when it has
received at least $50,000.00 in release and/or subordination payments exclusive of
any payments made to supecior mortgagees with respect to the Residential
Condominium Project, and all other mortgages now or hereafter affecting the title .
to said recreational complex shall also be released, and it is further- agreed as a
~ condition hereof that thereafter the recreational complex shall be and remain not
subject to any mortgages.
6) Any subordination or release given hereunder by MORTGAGEE
shall reserve unto MORTGAGEE the right of use of all roads and recorded ~
easements ~ reserved or shown by the "Lake View Site Plan" and condominium
declarations for that Section or portion of property, for the purpose of affording
MORTGAGEE access and utility rights to any and all property remaining
encumbered under the terms of this Mortgage, which right of access and use shall
run with title to the property or any part thereof in the event of foreclosure of this
Mortgage or reconveyance to MORTGAGEE. -
i 7) The obligation of MORTGAGEE to subordinate or release any
part of this Mortgage to a construction lender is conditioned upon the
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MORTGAGOR being in compliance with all terms and conditions of this. Mortgage
and the promissory note(s) secured hereby.
E 22. By acceptance of this Mortgage, MORTGAGEE agrees to join
MORTGAGOR, at MORTGAGOR'S expense, in any and all plats, agreements,
covenants, condominium declarations and other documents or declarations properly
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X342 P~i831 '
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