HomeMy WebLinkAbout0933 (e) A final, unqualified certificate of occupancy for
the Unit to be released shall have been delivered to Mortgagee.
In connection with the release of a Unit, Mortgaqor warrants full
compliance with all restrictions of record and a11 municipal,
township, county and state laws, rules, regulations, ordinances,
agreements, resolutions and statutes regarding condition~ preced-
ent to the issuance of a certificate of occupancy, including but
not limited to, the completion of all site improvements servicing
the Unit and the building in which the Unit is situate.
(f) There shall be paid to mortgagee in cash or by
bank treasurer's check, concurrently with the delivery of each
release, all sums required to be paid by Mortgagor pursuant to
the Proceeds Agreement. .
27. Planned Unit Development Provisions:
(a) The Declaration of Covenants, Easements, and
Restrictions which dedicates the Premises as a Planned Unit
Development ("P.U.D.") (the "Declaration of Restrictions") and
all related documents shall require the Mortgagee's prior written
approval. The Mortgagor shall not, without the prior written
approval of the Mortgagee, record any Declaration of
Restrictions. Such approval shall, among other things, be
conditioned upon the Mortgagee receiving an opinion of counsel
and title evidence satisfactory to the Lender to the effect that~
the creation of P.U.D. is . valid and in full ~compliance with the
laws of the State of Florida and that all necessary regulatory
approvals for the creation of the P.U.D. and the marketinq and
sale of units have been obtained. The Mortgagor will not,
without the prior written consent of the Mortgagee, give any
consent or perform any action in furtherance of any modification
or amendment of the Declaration of~Restrictions.
(b) The Mortgagor will pay all assessments for common
i charges and expenses levied against the portion of the Premises
then owned_ by the Mortgagor pursuant to the Declaration of
Restrictions or any by-laws adopted in connection therewith as
the same shall become due and payable. '
(c) The Mortgagor will comply with all of the terms,
covenants and conditions on the Mortgagor's part to be complied
~ with pursuant to the Declaration of Restrictions and any by-laws,
~ rules and regulations adopted for the P.U.D., and any laws of the
State of Florida or other governmental requirements with respect
g to the P.U.D., as the same shall be in force and effeat from time
to time.
(d) The Mortgagor will not, without the prior written
consent of the Mortgagee, exercise any right it may have to vote
for (i) the expenditure of insurance proceeds or condemnation
awards for the repair or restoration of the Premises, (ii) any
additions or improvements to the common elements of the P.U.D.,
or iiii) any borrowing on behalf of the P.U.D. Homeowner's
~ Association ithe "Association").
~ (e) It shall be a default under this Mortgage if the
P.U.D. shall become subject ta an action for partition at the
suit of any unit owner or lienor and said action has been
i commenced and not dismissed within thirty (30) days after
' commencement thereof, or if any provision of the applicable s
statutes pursuant~ to which the P.U.D. was established or any- ~
section, sentence, clause, phrase or word or the appl.ication i
thereof in any circumstance, is held invalid and such invalidity
shall affect the lien o~ the Mortgage or the rights of the
Mortgagee hereunder.
(f) That all down payments received by the Mortgagor
pursuant to contracts of sale with individual purchasers of units
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