HomeMy WebLinkAbout1856 of the loan to be evidenced by the aonstructlon note shall be used solely for
such purposes as contemplated or permitted by the construction loan
documents.
(4) Any release or subordination shall only be as to an entire
residential Section of said condominium project, as described In the "Ocean
View Slte Plan".
(3) MORTGAGOR shall pay to MORTGAGEE the following
consideration for such subordination or releases:
(a) Residential Condominium Project -Amounts:
Section 1 - $!0,000, less such payments as required for subordination
or release to be made to BANKERS TRUST COMPANY for each unit
in Section 1.
Section 2 - $10,500, less such payments as required for subordination
or release to be made to BANKERS TRUST COMPANY for each unit
in Section 2.
Section 3 - $11,000, less such payments as required for subordination
or release to be made to BANKERS TRUST COMPANY for each unit
in Section 3.
(b) Residential Condominium Project -Procedure:
The amounts payable as set forth in preceding Paragraph 22(Bx3Xa)
shall be paid (i) 3096 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 30916 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.
6) Any subordination or release given hereunder by MORTGAGEE
shall reserve unto MORTGAGEE the right of use of all roads and recorded
l easements reserved or shown by the "Ocean 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.
7) The obligation of MORTGAGEE to subordinate or release any
part of this Mortgage to a construction lender is conditioned upon the
MORTGAGOR being in compliance with all terms and conditions of this Mortgage
and the promissory rate(s) secuced hereby.
22. By acceptance of this Mortgage, MORTGAGEE agrees to join
MORTGAGOR, at MORTGAGOR'S expense, in any and all plats, .agreements,
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