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LC11ST; - Pays I•:lc~'.~ : .
CXCCUtC a AtOL'tra1~J~~, iil:tl l•7111 tltrnl~h I.C ~:;0~ With SL:Ch :~il-
formation regar3ing said fillancings as Lessor rcay. request;
furthermore, Lessee ~•~ill instruct the ::.ortgag~~e and mortgagee
will agree to give Lessor thirty (30) clays writte:~ notice
of default by Lessee prior to rcortragee'~ taking aml action
in the event of default- under the mortr,.-tc;e.
r
2. Lesso: agrees not to :rortgay~ Lessor's rever-
sionary interest in the leased pre,-nises, but Lessor anc:
Lessee agree that Lessor is expressly free to .:s:.irn, pledge,
hypothecate, sell or transfer any and all o: Lessor's in-
terest to any person, partnership, or corporation at any time
during the term or any renewal terra of this lease .
XIII.
SU:ORC I ~~1TION
•
Lessor arrcus to subordinate the lien of this Leas`
Agreement to the lir_n of a bank, savings and loan associa-
tion, or insurance cc^pany first mortgage oa the premises,
i4
either for-initial construction or for e::;~ansioa of the
motel constructed on t'rle premises, pro'. ideci that the a.,,ouzt
• of money secured icy such mortgage does riot exceed. seventy-
five percent (75 of the then appraises: value of t~~e
land and buildings constructed on the premises. Lessee
coverants tiles ` the ortgage to which Lessor agrees to
subordinate the lien of :his Lease Agree:.zent shall never
exceed the initial tc•~enty-year ter:.c of this Lease or any
renewal term thereon.
The appraised value of the land acrd buildings con-
structed on the premises shall be deter_ned by an :i.A.I.
aparaisor aut::orizLd to do busiress i : t.:e State or Florida,
-h Lessor ~•~i a copy of tt:e w. it-
ard Lessee agree., to ~urni~
~ r ~ ~ r
ten appraisal. Lcs:.ce further arr~.e~ ~urnl~h Lessor
BooK PaGE 472
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