The Court of Appeal held that payments made by a first mortgagee to a builder under a step-in deed and infrastructure charges paid to a local authority fell within the 'First Priority Amount' under a Deed of Priority, reversing the trial judge. The expression 'any other amount which may be debited to the account under the terms of the First Mortgagee's Mortgage' was construed broadly to encompass any amount that augments the Secured Money under the mortgage, regardless of whether the source obligation arose from the mortgage itself or from a collateral instrument such as a step-in deed. The Court also held that the Deed of Priority was not rendered otiose by this construction, because the first category (the stated dollar figure) operates as a cap on principal advances eligible for first priority, meaning any principal advanced in excess of that figure would fall outside the First Priority Amount and into the third-tier priority.
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