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aily provision of this mortgaye~ Martpagee.declar~s all such sums
secured hereby due and payahle, such deposits shall become the
property of Dlor~e~acJee and a security c~eposit therein is herehy
created. The enforceaUilit~? of the covenants relating to taxes
and assessments herein othcr~?ise provided shall not be affected ;
excep~ in so far as those ohligation~: have been met by compliance ~
with this parae~raph. Mortg~~gce ma~ irom tir.ie to time at its .
option ~•~aive, <1nc1 after such waiver reinstate, any or all provisions
hereof rec~uiring such deposits, by notice to rtortgagor in writing.
~~hile any such ~•~ai~?er is in effPCt 1~lortqaqor shall pay taxes and
assessments as herein elsewhere provided.
4. To promptly pay, or, upon its reRuest, reimburse
Mort~ac?ee upon der~and for its payMent of, all taxes (except
federal anc~ Ne~•~ York State income taxes) and assessments assessed
or levied under and by virtuc of any state, federal or municipal
~ law or regulation hereinafter passed, against 14~rtgagee upon
this r!ort:gage or the debt }~ereby secur_ed, or upon its interest
under this Piortgage, or upon its incoMe from the interest received
upnn the indebtedness secured hereb~~ and '~~ort~agor shall be
responsible for paying or reimbursing 2~ortgagee for any tax liability
of ~lortgagc~e, its successors or assigns, now or hereafter imposed
by the St.-~te of Florida upon the :.ortgagee, its successars or
assigns for interest income generated from the loan secured hereby,
provided ho~~rever, that in the event any such pa~?ment to T~lortgagor
for any such taxes and assessments pursuant to this paragraph
would bc deemed a~~ayment in the nature of interest, no such payment
shall be due or payahle by T~tortgagor.
5. To provide at its expense builders' risk fire insur-
anc~, ~,rith extended coverage, no-reporting form, and covering
such other risks and perils as t4ortgagee in its discretion• may ~
require, including at least all hazards covered by an -"all risk '
of physical loss" policy and including collapse. The policy or
policies of sucti insurance shall be in the forr.i in general use
from tir.ie to time in the locality in which the premises are
situated, for the risk covered thereby, shall be in an amount
egual to 100$ of the projected, conter.iplated value of the con-
struction, shall be issued by a company or cor.ipanies approved by _
Mortgagee, and shall contain the Standard tiartgagee Clause,with
loss payable to 2~tortgagee. All policies providing physical dam-
ages insurance corering buildings in the course of construction
shall contain an endorsement reading as follows: "covering a
- ereb
building in the course of construction. Permission is h y
~ granted for completion and occupancy." tiortgagor shall maintain
workman's compensation insurance for all its employees in
amounts required by law and employer's liability insurance. Fol-
lowing co:npletion of construction, ~~(ortgago~ shall obtain such
other insurance as t~4ortgagee may require and such policies shall
• contain the Standard *iortgagee Clause. The first Mortgagee and
address is to be designated as follo~~s: "Bankers Trust Company,
16 Wall Street, New York, New York 10015, Attention: Insurance
Division, Martgage ~BL 27450. as first Mortgagee. Whenever .
required by 1Sortgagee, such policies and abstracts and other
title evidence, shall be delivered immediately to and held by
Mortgagee. Any and all amounts received by t~lortgagee under any
of such policies may be apolied by Ptortgagee on the indebtedness
secured hereby in such manner as l;ortgagee may, in its sole dis-
cretion, elect or, at the option of Piortg~~gee, the entire amount
received or any part thcreof may be released. TJeithcr the appli-
cation nor the release of any such amounts shall cure or waive
any default. Such insurance shall at all times be subject to
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MElISIION, YAWYER. JOHNSTON. DUNWODY A CALI'. IA00 FIR6T NATIONAL lIANK sU1LDING. MIAMI, rLOR10A l~tal ~
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