HomeMy WebLinkAbout0008 title, liens and claims are inmediately made of value at least equal
to the value of the persc•nal property removed, and that no building
or other property naw or hereafter encwnbered by this Mortgage shall
be removed, demoliahed or materially altered, without the prior
written consent of Mortgagee.
Section 1.12. Mortgagor, imnediately upon obtaining krow-
ledge of the institutio~ of a~y proceedings for the condemnation of
the Premises or any portion thereof, will notify Mo rtgagee of the
pendency of such proceedings. Mortgagee may participate in any such
proceedings and Mortgagor from time to time will deliver to Mortgagee
all instruoments requested by it to permit such participation. In
the event of such condemnation proceedings, the award or compensation
payable is hereby assigned to and shall be paid to Mortgagee. Mort-
gagee shall be under no obligation to queation the amount of any such _
award or canpensatioo and may accept the same in the am~unt in whlcti
the same shall be paid. tn any such condemnation proceedinRs. Mort-
gegee mav be represented by counsel selected by Martgagee. 'fie
proceeds of any award or compensation so recei~ed by ~ortgagee, less
all coete, attorney's feea and expensea incurred by Mortgagee in said
proceedings, shall, at the option of Mortgagee, either be applied,
without premium, to the prepaya~ent of the Note secured hereby and
at the rate of interest provided therein regardless of the rate of
interest payable on the award by the condemning authority, or be paid
over to Mortgagor for the restoration of the improvements on the Premiaes.
Section 1.13. (a) Mortgagor will not (i) execute an
aasigrioment of the rents or any part thereof fro~ei the Premi ses unless
auch assignmaent ahall provide that it is subordinate to the assign-
ment contained in this Mortgage and anq assigc~ent executed pursuant
hereto, or (ii) except where the lessee is in default thereunder,
tenainate or conaent to t~he cancellation or surrender of any lease
of the Premises 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 cancelled provided that pranptly after the can-
cellation or surrender thereof a new lease ia entered into with a
new lesaee having a credit atanding, 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 (iii) modify any auch 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 prepayments of rent for more than two (2) -
; months 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 sny other manner impair the value of the mort-
gaged property or the security of this Mortgage.
~ (b) Mortgagor.Will not execute any lease of all or a
aubatantial portion of the Premises except for actual occupancy by
the lessee thereunder, and will at all timea promptly and faithfully
~ perform, or cause to be perfoYmed, all of the covenants, conditions
~ and agreements contained in all leases of the Premises naw or here-
after existing, on the part of the lessor thereunder to be kept and
performed. If any of euch leasea provide for the giving by the
~ le8see of certificatea with respect to the atatus of euch leases,
' Mortgagor shall exercise its right to request such certificates
;
~ ~,rithin five (S) days of any demand therefor by Mortgagee.
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' WIlL1AMS. ~JALOMON, KANNER 6 D/1M1/?N. ATTOqN[l/S AT LAW, ouPONT BUILDING, MIAMI, FLORIOA
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