HomeMy WebLinkAbout0990 2. The Mortgagor undertakes to comnence construction
on or before September l, 1981, of 39 residential apartment
u~its in one building and 95 residential apartment units in
another building located on the property encumbered by this
Mortgage under proper building permits, issued by all govern-
mental authorities having jurisdiction thereof, and with
sewer and water comn+tments for use, service, treatment and
hookup. for such apartment units for sanitary sewer and
potable water and water pressure. The units shall conform
in size and style to the other Ocean Harbour Condominium
Units built by Mortgagor on property previously encumbered
by the Mortgage. A failure to so commence construction and
to diligently pursue construction thereafter so that con-
struction will be completed on or before Aprii i, 1983 will
be a substantial default u~der the Mortgage as hereby
amended and the indebtedness secured thereby, thereby caus-
ing the acceleration of the entire sum of such indebtedness
eviden~ed by the Amended Note, at the option of Mortgagee.
3. Paragraph 8 of the Mortgage Rider is hereby de-
~ leted,. as are ait amendment agreements relating thereto, if j
any, and the following release provisions shall apply as the
~ sole release provisions under the Mortgage as hereby ;
~
~ amended:
(a) The Mortgagee, its successors or assigns will ~
release residential apartment units from the lien of
~ the Mortgage a~ hereby amended provided all of the
~ following terms and conditions~have been met:
3 (i~ The Mo~tgage as hereby amended is in
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~ good standing and the debts secured thereby are in ~
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~ good standing, as of the date of the request for
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~ release and continuously through the granting and ~
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~ execution and delivery of the release.
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~~35~ P~ ~90
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