HomeMy WebLinkAbout2672EXHIBIT "B"
MORTGAGB RIDBR
TO THAT MORTGAGS FROM OCBAN HARHOUR OF NORTH BBACH DBVBLOPMBNT
CORPORATION TO ERSKINB CONTRACTING CORPOAATION . an Ohio corporation .
I. RELfiASB PROVISIONS . The Mortgagee. its successors ~or assigns, will release
from the lien and operation of this Mortgage. lands encumbered hereby in accordance
with the following terms and conditions:
A. Mortgagee will not be obligated to release any portion of the subject
property until such time as Mortgagor has filed of record in St. Lucie
County . Florida . a Declaration of Condominium for any portion of the
property for which partial release is sought and a CertiHcate of Occupancy
for the building in which any such dwelling unit is located has been
issued by appropriate governmental authority .
B. Upon the filing of Declaration of Condominium in St . Lude County .
Florida . Mortgagee will release all common elements shown in any
Declaration of Condominium affecting any portion of the pretnises
without consideration. Additionally. the Mortgagee herein will, upon
the request of the Mortgagor herein or of the Mortgagee of the prior
mortgage referred to herein. subordinate this mortgage to the condo-
minium documents affecting said premises ~ or join in said documents .
C. The Mortgagor . or any third party , including without limitation . the ~
holder of the first mortgage. shall have the privilege of securing releases
at ihe time payments are made. or at such future dates as it elects.
D. Monies paid for partial releases shall be credited to the entire principal .
E. Partial releases for each-unit shall be prepared by the Mortgagor and
delivered to the Mortgagee or its attorney for approval and execution
by the Mortgagee . The Mortgagor shall pay for the cost of preparation
as well as recording of same .
F. Releases shall be paid on the following basis. to-wit:
1. ' As to all lands described in Exhibit "A" attached hereto:
(i) Each condominium dwelling unit, including the percentage
interest in the common elements incidental thereto , shall be '
relea~ed upon payment to principal of the sum of ;9, 260. 00.
II. SUBORDINATION. Mortgagee agrees that this mortgage and the promissory note
secured thereby shall be at all times subordinate and inferior to that certain mortgage of
even date herewith between OCBAN HARBOUR OF NORTH BBACH DEVBLOPK,ENT CORP-
ORATION, as Mortgagor. and MELLON BANK. N.A.. as Mortgagee, including any
extensions ~ modifications or renewals, replacements or reSnancings thereof, securing
the original principal sum of =9.725, 000. 00. this subordination provision of the mortgage
herein being further evidenced by a separate Subordination Agreement executed of even
date herewith. In addition. this mortgage shall be second and subordinate t~ any
mortgages hereafter Lo be made by MELLON BANK, N.A. , or any assignee of said
Mortgagee during construction of the project and Mortgagee herein will , upon demand
from MELLON BANK , N. A., further subordinate said mortgage to the lien and terms .
covenants and conditions of the said MELLON BANK . N. A., mortgage as may be extended .
renewed, modified or consolidated.
~ It is agreed by and between the parties hereto that any default of any nature in ;
~ the above prior mortgage shall be deemed Lo and shall oonstitute a default in this ,~
mortgage ~ but the Mortgagee herein shall have no right t~ cure any default in the ~
~ prior mortgage without the consent of the prior mortgagee .
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