HomeMy WebLinkAbout0828 canplete copy of any such notice; and (c) e~force the perfoYmance
or observance of each and every tercn, covenant and provision of eny
such lease by the lessee thereunder to be performed or observed;
and that, in the event of any default under this Mortgage, Mortgagor
will pay monthly in advance to Mortgagee, or to any receiver appointed
to collect said rents, issues~and prof its, the fair and reasonable
rental value for the use and occupation of such part of the mort-
gaged property as may be in poesession of Mortgagor, and upon default
in any such payment, will vacate and surrender possession of such
part of the mortgaged property as may.be in possession of Mortgagor
to Mortgagee or to such receiver, and in default thereof, Mortgagor
may be evicted by awanary proceedings or otherwise.
Section 1.15-. Mortgagor has been duly authorized by its
Board of Directors to execute and deliver this Mortgage. 1t~e Arti-
cles of Incorporation, By-Laws, and any other agreements which
Mortgagor may be a party to, do not prohibit Mortgagor fram execut-
ing thia Mortgage, and the Note secured hereby, and all other loan
documents referred to in this Mortgage. Mortgagor will do ell th ings
necessary to preserve and keep in full force and effect its existence,
franchises, rights and privileges under the laws of Florida, or under
any other State in which Mortgagor may have been organized, and will
canply with all regulations, rulea, ordinances, atatutes, orders
and decrees of any govern~ental authority or court applicable to
Mortgagor to the property encunbered hereby.
Section 1.16. Mortgagor will cause the improvements to
be constructed in accordance with the terms of the Building Loan
and Construction Agreement, will proaecute such construction with
due diligence, and will caaply with the covenants made by it in the
Building Loan and Co~struction Agreement, all of which are incor-
porated herein by reference as though set forth herein and will
permit no Eventa of Default as therein defined.
Article II
i
~ Events of Default and Remedies
l
t
~ Section 2.01. If one or more of the following Events
~ of Default shall happen, that ia to say:
~
: (a) if (i) default shall be made in the payment of
~ any interest on the Note secured hereby when and as the
~ same ahall become due and payable, and such default shall
have continued for the period of time referred to in the
Note, or (ii) default sha1Z be made in the payment of the
~ principal of the Note secured hereby when and as the same
~ shall become due and payable, whether at maturity or by
ti acceleration or as part of any prepayment or otherwise,
~ in each case, as in the Note aecured hereby and this
~ Mortgage provided, or (iii) default shall be made in the
payoent of any tax within the time required by Section
1.07, or (iv) default shall be made in the pa}rnent of
~ insurance preaniians ~ithin the time required by Section
1.09; or '
~
= ~ -10-
~
.
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" WILl1AMS. 1'iALOMON, KANNER 6 DAMIAN, ATTORNEYS AT LAW, OuPONT BUILDINC3, MIAM1, FLORIOA
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