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said successor in interest, such lessee shall execute and deliver
an instrument or instruments confirming such attornment.
Section 1.14. That Mortgagor hereby assigns to
Mortgagee the rents, issues, proceeds and profits of the mortgaged
properties as further security for the payment of the indebtedness
secured hereby and Mortgagor grants to Mortgagee the right to
enter the mortgaged Rroperties, or any part thereof, for the
purpose of collecting the same and to let the mortgaged
properties, or any part thereof, and to apply said rents, issues,
proceeds and profits, after payment of all necessary charges and
. expenses, on account of said indebtedness; that this assignment {
and grant shall continue in effect until the indebtedness secured
by this Mortgage is paid, but Mortgagee hereby waives the right to
enter the mortgaged property for the purpose of collecting said
rents, issues and profits, and Mortgagor shall be entitled to
collect and .receive said rents, issues and profits, until the
occurrence of a default by Mortgagor under the terms and
provisions hereof; that Mortgagor agrees to use said rents, issues.
and profits in payment of principal-aid/or interest payable
pursuant to the Note secured hereby, and in payment of all taxes,
assessments, water rents, sewer rents and other charges on or
against the mortgaged properties; that such right of Mortgagor to
collect and receive said rents, issues, proceeds and profits may
be revoked by Mortgagee upon any default by Mortgagor under the
terms and provisions of this Mortgage; that, in respect of any
lease which now or at any time is entered into, Mortgagor will:
(a) fulfill or perform each and every term, covenant and provision
of any such lease to be fulfilled or performed by-the lessor
thereunder; (b) give prompt notice to Mortgagee of any notice
received by Mortgagor of default by the lessor thereunder,
together with a complete-copy of any such notice; and (c) enforce
the performance or observance of each and every term, covenant and
provision of-any such. lease by _the lessee thereunder to be
performed or observed; and that, in the event of any 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
occupation of such part of the mortgaged properties as may be in
possession of Mortgagor, and upon default in any such payment,
will vacate and surrender possession of such part of the mortgaged
properties as may be in possession of Mortgagor to Mortgagee or to
such receiver, and in default thereof, Mortgagor may be evicted by .
summary proceedings or otherwise.
Section 1.15. The officers of Mortgagor signing this
Mortgage have been duly authorized to execute and deliver 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, and will comply with all
regulations, rules, ordinances, statutes, orders and decrees of
any governmental authority or court applicable to Mortgagor or to
the mortgaged properties.
Section 1.16. So long as any amount or obligation secured
hereby is owing to Mortgagee, Mortgagor will not, without the prior
written consent of Mortgagee: (a) permit any change in the ownership
of Mortgagor, and/or (b) permit its annual net profit from operations
before depreciation and other non-cash items, state and federal income,
taxes and the payment of the principal and .interest due on~the Note
secured hereby in such year to be less than one and one-half (1-1/2)
times the sum of the annual principal and interest payments due
pursuant to the terms of the Promissory Note secured hereby.
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