HomeMy WebLinkAbout0826 title, liens and claims are iiamediately made of value at least equal
to the value of the personal property removed, and that no building
or other property naw or hereafter enclLanbered by this Mortgage shall
be removed, deiaoliahed or materially altered, without the prior
written conaent of Mortgagee.
Section 1.12. Mortgagor, immediately upon obtaining know-
ledge of the institution of any proceedings for the condemnation of
the Pre~ises or any portion thereof, will notify Mortgagee of the ~
pendency of such proceedings. Mortgag,ee may participate in any such
proceedit?gs- and Mortgagor fran time to time will deliver to Mortgagee
all instruments requested b.y it to permit such participation. In
the event of such condemnation proceedings, the award or caa?pensation
- payable is hereby assigned to and shall be paid to Mortgagee. Mort-
gagee shall be under ~o obligat~on to question the amount of any such
award or canpensation and n?ay accept the $ame fn the amount ir whict~
the same shall be peid. Ln any such condemnation proceedings. Mort-
gagee mav be represented by counael eelected by hbrtgagee. 'It~e
proceeds of any award or compeneation so recei~ed hy Mortgagee, less
all coeta, attor~ey'a fees and expensea incurred by Mortgagee in said
proceedings, ahall, at the option of Mortgagee, either be applied,
Without premium, to the prepayment of the Note-secured hereby and
at the rate of interest provided therein regardlesa of the rate of
interest payable on the award by the condecnning authority, or be paid
over to Mortgagor for the restoration of the improvements on the Premises.
Section 1.13. (a) Mortgagor will not (i) exec ute an
assigr~ent of the rents or any part thereof fran the Premises unless
such assignment shall provide that it is subordinate to the assign-
ment contained in this Mortgage and any assigmm~ent executed pursuant
hereto, or (ii) except where the lessee is in default thereunder,
[erminate or conaent to the cancellation or surrender of any lease
of the Presnisea or of any part thereof, now existing or hereafter to
be made, having an unexpired term of two (2) years or more, except
that any lease may be cance.lled provided that promptly after the can-
cellation or surrender thereof a new lease is entered into with a
new lessee having a credit standing, in the judgment of Mortgagee,
at least equivalent to that of the lessee whose lease was cancelled,
on substantially the same.terms as the terminated or cancelled lease,
or (111) modify any such lease so as to shorten~the unexpired term
thereof or so as to decrease the amount of the rents payable there-
under, or (iv) accept prepayanen~a of rent for more than two (2)
montha in advance, or prepayments in the nature of security for the
performance of the lessee thereunder, without the written consent of
Mortgagee, or (v) in any other manner impair the value of the mort-
gaged property or the security of this Mortgage.
(b) Mortgagor Will not execute any lea8e of all or a
subatantial portion of the Premises except for actual occupancy by
the lessee thereunder, and Will at all timea pranptly and faithfully
perfo~, or cause to be performed, all of the covenants, conditions
and egreements contained in all leasea of the Premises naw or here-
after existing, on the part of the lesaor thereunder to be kept and
perfonaed. If any of such leasea provide for the giving by the
le$aee of certificatea with respect to the statua of such leasea,
Mortgagor ahall exercise its right to request such certificates
vithin five (S) days of any demand therefor by Mortgage e.
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WILI.IAMS, SALOMON, KANNER 6 OAMIAN, ATTOI~N<TS AT LAW, pupONT BUIL~ING. MIA~LORIDA
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