HomeMy WebLinkAbout0452 15. Mortgagor will furnish financial statements consist-
ing of a balance sheet, statement of operations and such other
statements and schedules as Mortgagee may reasonably request for
and at the close of each fiscal year of Mortgagor, so long as .
any portion of the principal amount secured hereby remains
outstanding. Financial statements will be prepared in accordance
with usually acceptable accounting principles consistently
applied, and will be certified by a duly licensed and practicing
independent Certified Public Accountant. Said statements will be
furnished to Mortgagee no later than the due date for the filing
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16. Mortgagor agrees to furnish to Mortgagee copies
of any contemplated leases, of all or any portion of the property,
for the improvements thereon, no 2ater than thirty days (30) prior
to the contemplated execution of same, and to withhold execution
of same until receiving the written appro~•al of Mortgagee, which
approval will be not unreasonably withheld. All rents ~nd other
benefits rising under any existing or contemplated leases, are
hereby assigned to Mortgagee to secure the'performance of the
obligations.under the terms of the Promissory Note hereby secured
. as set forth herein. Mortgagee, in the event of def ault, may
collect rentals from tenants of the property or portions thereof,
applying said rentals first to the payment of costs, then to the
payrnenc C7L` 1Il'l:C?"CCS~~ ti1CA tCi ~`.i@ pay~Ti2I1t Oi Naiai~ifla°~Z ~'.~~~L`.^.La£'2 i
until the principal amount, all costs and accrued interest have
been paid in full. Mortgagee will have no fiduciary obligations
to Mortgagor regarding said rentals, nor will riortgagee be under
any obligations to account for the application of rentals collected.
~ Mortgagor agrees to execute such further instrt:ments, including
assignr,?ents of rents in form satisfactory to Mortgagee or its
counsel, as Mortgagee may reasonably request.
17. Mortgagee agrees to operate the property and the
approvements thereon as an Inn under a franchise from RAMADA INNS,
INC. If for any reason,~the Ramada Inn Franchise is withdrawn
f or terminated, and is not replaced within thirty (30) days with
; a substitute franchise agreement, which franchise k~ill be
~ subject to the consent of Mortgagee, which consent will not be
f unreasonably withheld, then Mortgagee may deem the termination
of the franchise in event of default.
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~ WIT SSES:
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~ ^ ICHARD . HUNT
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~ B. HUNT
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STATE OF FLORIDA )
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~ COUNTY OF ST. LUCIE ) ~
I HEREBY CERTIFY that on this day, before me, an OffiGer~~~~,.:
~ duly authorized in the State and County aforesaid, to take,~d,Kn~t~•-. •
; ledgments, personally appeared RICHARD E. HUNT and JOYCE ;~s.•~Ht7N'T,.~.:• ~
his wife, to me known to~ be the persons who executed the''~o~c~o}ng•. ,.4
instrument and they acknowledged before me that they executec~ t~~ ;
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same. - :7~, -
WITNESS m h~} d and of icial seal in the County ~ri~'•.St`at.~;,~
aforesaid this day of ~ , 1973. :s,'••. ~ ~
FtlEO Ah~ R=C~J~D~~ ~ , `r•!: .
~s;t ST.LUC=t ~-i~lHTY FLA.
- ~~~E;. ~ Notary Public
CC~-.a COt;RT it
orrn,x-. tit ~ li
(Notarial Seal) , ~ Ky C mm' ion ~Ex ir~es : ~--a~-7C
Na,r 1i 124 PN'13 l~~~
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