HomeMy WebLinkAbout0010 complete copy of any such notice; 8nd (c) enforce the performance
or obaervance of each and every tena, covenant and provision of eny
such lease by the lessee ther~under to be performed or observed;
and that, in the event of eny default under this Mortgage, Mortgagor
will pay monthly in advance to Mortgagee, or to any receiver appointed
to collect said rents, issues and profits, the fair and reasonable
rental value for the use and occupetion of such part of the mort-
gaged property es may be in possession of Mortgagor, and upon default
in any such peyment, will vacate and surrender possession of such
part of the mortgeged property as may be in possession of Mortgagor
to Mortgagee or to such receiver, and in default thereof, Mortgagor
may be evicted by strmmary 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 this Mortgage, and the Note secured hereby, and all other loan
documenta referred to in this Mortgage. Mortgagor will do all things
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 wh~ch Mortgagor may have been organized, and will
camp2.y ~ith all regul8tions, rulea, ordinances, statutes, orders
a~d decrees of eny goverinnental authority_or court applicable to
Mortgagor to~the property encuabered hereby.
Section 1.16. Mortgagor will cause the improvements to
be constructed in accordance with the terms of the Building, Loan
end Construction Agreement, will prosecute such construction with
due diligence, and will comply with the covenants made by it in the
Building Loan and Conatruction Agreement, all of which are incor-
porated herein by reference ae though set forth herein and will
permit no Events of Default as therein defined.
Article II
Eventa of Default and Remedies
~ Section 2.01. If one or more of the following Events
; of Default shall happen, that is to say:
' (a) if (i) default shall be made in the payment of
; any interest on the Note secured hereby when~and as the
; eame ahall become due and payable, and such default shall
; have continued for the period of time referred to in the
; Note, or (ii) default ehall be made in the payment of the
i principal of the Note secured hereby when and as the same
= sha1Z became due and payable, whether at maturity or by
acce2eration or aa part of any prepayment vr otherwise,
} in each case, as in the Note secured hereby and this '
Mortgage provided, or (iii) default shall be made in the
payment of any tax within the time required by Section
~ 1.07, or (iv) default ahall be made in the payment of
insurance premiuas within the time required by Section
- 1.09; or
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WILLIAMS. SALOMON, KANNER 6 D/~MIAN, ATTORNEYS AT I.AW, puPONT BUILDING, MIAM1, FLORIDA
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