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Home My WebLink About0551 • 1~ . ~ . . ' SECTION 1.15. 2'he Alortgugor ~vill cause tLe Improvements to be eonstructed iu accord~nce lrith tbe terms of the Building Loan . Agreement, ~vill prosecute sucli construction rritb due diliaence, and will cowplti~ ~vith the coven~nts m~de Uy it iu tLe Building Lo~n dgree- ment, all of which are incorpor~ted herein Ly referencQ as though set forth horein and ~vill permit no E~ents of Default as thorcin defined. ' ShcrioH I.1G. Tu tLc eztent not so pro~ided US applicable la~~ e~ch lease of the Yremises, or of uns part thcreof, saall provide thut, iu ' tiie event ot the eutorcement by t}~e 1~Iortgagec of tl~e remedies pro- i vided for Uy lu~v or by~ this 1Loi'tbi~bC~ tl~e lessee tl~ereunder ~cill, upon ~ - request of anp pcrson sneceedin~ to the interesL- of the 1lfortUagor as ' a result of si~ch enforcemei~t, ~?utomatically Uccome thc lessee of said f ~ successor in iuterest, ~rithout change in the terms or other provisions ~ of snch lease, pro~ided, Lo~erer, that said successor in interest shall ; - not be bound by (i) ans pa}~ent of rent or adc~itional rent for more _ ~ ' - ~ tliau one inontli in ~civnnce, escept preP:~yments in the nature of se- • - ~ curity for iLc performancc b}' said Icsscc of its obli~ations nndcr s:?id ~ leuse, or (ii) any amenduncut or modiGcation of tt?e lease made ~vitl~ont ~ the conscut of tl~e Dtort~;:~gce or such successor iii interest. ~acli leaso ~ ebAll also pro~•icle that, upon reqnest by said successor in interest, such ~ lesseo Fhall esecute and dcli~•cr n~i instrument or instrnments cou- ~ firmind sucli altornment. - ~ ~ ~ ~ Section 1.17. The Mortgagor is not in default - ~ ~ under any of the terms and conditions of the Note, ~ Mortgage, or other instruments or agreements executed i r' by Mortgagor in connection with the land loan dated December 18, 1973 in the amount of $5,000,000.00 made -~x to Mo~tgagor by Mortgagee, which mortgage was recorded in Official Records Book 222, Page 311, in tne pu~lic : records of St. Lucie County, Florida. The Mortgagor - shall noC construct or cause to be constructed any Improvemen~s on any ~~art of the Land covered by the ` rtc~rr.^~,^,c rcferred to i_n the last sentence, except '~f~ t=c~r s:~~ch cc~•>>Lructioi~ cai~ich is pres~ntly undcr =s ~~1ay (as sCated in a certain affidavit executed hy a representative of Mort~agor) and eYCepC ior such construction which is to be constructed on the Premises until the '-~a Mortgagee shall approve in writing that the Improvements . constructed on the Premises (without regard to the fact that Mortgagor may own adjacent property) comply in all = respects with applicable 2oning laws. - . 224 F~~E 550 ~ _ _ . , ~ ~ . ~ g ~ ~ ~ - 5 Y ~'iY: _ . _ _ ~ ~ ~