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Hess secured hereby; or (e) after default for thirty (30)
days after notice and demand in the payment of any install-
ment of any assessment for local improvement which may now -
or hereafter affect-the Property and may be or become pay- -
able in installments; or (f) upon the actual or threatened
waste, removal or demolition of, or material alteration to
buildings on any part of the Mortgaged Property, not contem-
plated bx the Construction Loan Agreement; or (g) upon
default in keeping in force the insurance required by para-
graph 16; or (h) upon-the further assignment by the Mortgagor
of the whol-e or any part of the rents, income or profits
arisihq from the Mortgaged Property without the written
consent of the Mortgagee; or (i) after default for thirty
(30) days after notice and demand in the removal of any
Federal tax lien on the Mortgaged-Property-; or (j) after
failure or default in- the observance or performa.~±ce of any
other cQVenants or agreements of the Mortgagor hereunder or
in the Construction Loan Agreement, or the Alabama Venture..
under the $1,315,000 Promissory Note or any, instrument
executed in connection therewith or as security-therefor,
and such failure or default (other than a failure in the
payment of principal or interest, for which no notice is
required) continues for twenty (20')-:days after written ~ -
notice thereof to Mortgagor or the Alabama Venture, as the
case may be; or (k) upon the election. by the Mortgagee to
accelerate the maturity of said principal sum pursuant to _
the provisions of any. other instrument which may be held by
.,the Mortgagee as additional security- for the Promissory
Notes; or (1) upon the actual or threatened demolition or _
removal of any building or other improvements erected or to
be erected upon the Mortgaged Property, not contemplated by
the Construction Loan Agreement; or tm}=after failure to -
comply,within fifteen (15) days with a requirement or order
or notice of violation of a law-or ordinance issued bX any-
. political subdivision or governmental department claiming
jurisdiction over the Mortgaged Property or any operation
conducted on the Mortgaged Property; or (n) immediately upon
the filing in any court of competent jurisdiction by the
United States of America, or anX instrumentality thereof of
any notice of intention to acquire under the power of eminent
domain any estate -less than an estate in fee simple in the
entire Mortgaged Property, ,or upon the recording by the
State of_Florida, or any instrumentality thereof, of-a -
notice to taking of any estate less than an estate in fee
simple on the entire individual Mortgaged Property and such
filing or recordig is considered a default by First Lien
Mortgage under its Mortgage; or (o) upon the issuance. of any
order b~ the State of Florida, or an instrumentality thereof,
any administrative board thereof or any department thereof,
declaring invalid or suspending the operation of the Certi-
ficate of Authority to operate a motel hotel at the indivi-
dual Mortgaged Property or any similar or dissimilar act by
any governmental board having jurisdiction in anywise limiting
the operation of the individual Mortgaged Property as a-
motel/hotel; or (g) upon Mortgagor's making.any distributions
of funds other than as set forth in Section 3.07 of its
Joint Venture Agreement-effective May 25, 1978; or (q)
(i) the entry. of a decree or order for relief by a court
having,jurisdiction in the premises in respect of the Mort-
gagor zn an involuntary case under the federal bankruptcy
laws, as now or hereafter constituted, or any other applicable
federal or state bankruptcy, insolvency or- other similar
law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of the Mortgagor
or for any substantial part of its property, or ordering the
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