Development Matters. To the extent required by applicable law, the Mortgagee, without incurring any obligation to file or record any documentation and at Mortgagor's cost and expense, shall join in the execution of subdivision plats, easements and declarations covering all or any part of the Mortgaged Property and other documents with respect to which Mortgagee's joinder is necessary for the development of the Mortgaged Property as contemplated in the Business Plan, PROVIDED that such subdivision plats, easements, declarations and other documents are in form and substance reasonably satisfactory to Mortgagee and Mortgagor shall have complied in all respects with all applicable provisions of law with respect thereto.
Appears in 2 contracts
Sources: Mortgage and Security Agreement (Atlantic Gulf Communities Corp), Mortgage and Security Agreement (Atlantic Gulf Communities Corp)
Development Matters. To the extent required by applicable law, the Mortgagee, without incurring any obligation to file or record any documentation and at Mortgagor's Mortgagors' cost and expense, shall join in the execution of subdivision plats, easements and declarations covering all or any part of the Mortgaged Property and other documents with respect to which Mortgagee's joinder is necessary for the development of the Mortgaged Property as contemplated in the Business Plan, PROVIDED that such subdivision plats, easements, declarations and other documents are in form and substance reasonably satisfactory to Mortgagee and Mortgagor Mortgagors shall have complied in all respects with all applicable provisions of law with respect thereto.
Appears in 2 contracts
Sources: Junior Mortgage and Security Agreement (Atlantic Gulf Communities Corp), Junior Mortgage and Security Agreement (Atlantic Gulf Communities Corp)