HomeMy WebLinkAbout0992 (vi~ A partial release shall be prepared by
Mortgagor and presented to Mortgagee or his attor-
ney for execution. The Mortgagor shall pay all
costs of review, preparation, correction of such
partial release.
4. Paragraph 9 of the Mortgage Rider is eliminated in
its entirety, and the following in substituted therefor:
The Mortgagee agrees to subordinate the lien of
the Mortgage, as hereby amended, to an institutionat
arms-length Construction Loan Mortgage on each of the
two buildings to be built on the Mortga~ed property
provided:
(i) that such Construction Loan documenta-
tion is approved by Mortgagee, which approval will
not be unreasonably withheld;
(ii) the Construction Loan amount does not
exceed 75°0 of the totaf sales price of the build-
; ~ ings, each separately, and the Construction Loan
;
j release price per Unit, together with the retease
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~ price of such Unit under this Mortgage does not
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i exceed 90°0 of the contracted for selling price of
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~ the Unit; ~
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~ ~iii) all sums paid under the Contracts of
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~ Sa1e of such Units are held in escrow; '
3
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R (iv) a construction contract on a guaranteed
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~ cost basis has been obtained and executed by
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; Mortgagor and a duly licensed General Contractor, 3
a
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who has posted a payment and performance bond for ~
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; the benefit of Mortgagee pertaining to the _
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~~~K 355 ~a~E 992
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