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waives any right to require the marshalling of assets in connection
with the exercise of any remedies under this t9ortgage.
16. Release.
(a) After the Initial Payment Date, the tlortgagees
shall release portions of the Property from the lien of this Mortgage
upon the i4ortgagor's request, if (i) all adjustments prior to the
release date in the principal amount of the *7ote which result from
increases in the number of governmentally approved residential units
have been paid and (ii) a construction mortgage is to be recorded or
a building permit or permits have been issued for all construction
planned by the Mortgagor for the portion of the Property to be released.
In the case of a release accompanying recor~ation of a construction
mortgage the Mortgagees may comply with this section by delivering
the executed release instrument to the escrow agent closing the
construction l~an with instructions to return the executed instrument
if the construction mortgage is no~ ~recorded. '
(b) The r•iortgagees shall have no obligation to
release any of the Property from the lien of this Mortgage prior
to the Initial Payment Date.
(c) After the Initial Yayment Date (as defined in
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the Note) the Mortgagees shall (provided the P4ortgagor is not in
default under this Mortgage) release from the lien of this Mortgage
any portion of the Property which the Mortgagor, pursuant to govern-
msntal requirements, will; contemporaneously with the release, be
dedicating to a public use or purpose or conveying to the State of
Flori.da o"r any agency of ~he State of Florida.
sn'mc349 P~cE2',96'~
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