| (8)__A mortgage is a construction mortgage to the extent that |
it secures an obligation incurred for the construction of an |
improvement on land, including the acquisition cost of the land, |
if a recorded record of the mortgage so indicates.__Except as |
otherwise provided in subsections (5) and (6), a security |
interest in fixtures is subordinate to a construction mortgage if |
a record of the mortgage is recorded before the goods become |
fixtures and the goods become fixtures before the completion of |
the construction.__A mortgage has this priority to the same |
extent as a construction mortgage to the extent that it is given |
to refinance a construction mortgage. |