HomeMy WebLinkAbout0495 S LC.11SC - Pagc I•:lct?on `
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execuL-c a morL-c~agc~, an.: ::?i.~11 ru:nish l.c.sor with such iy-
formation regardiii.7 S~?i~: financings Zs Lessor may request;
P furthermore, Lessen will 'instruct th., i;:ortgagee and mortgagee
will agree to hive Lesser thirty (30) days written notice
of default by Lessee pr. for to mortgagee's taking arnl action
in the event of default under the mortgage.
2. Lessor ~Zgrces not to mortgage Lessor's rever-
sionary interest in the leased prertises, but Lessor and
Lessee agree that Lessor is exr~ressl;? Tree t:o ~.ssign, aloc:ge,
hypothecate, S~_'I1 Oi ti~1.l.i.hr 1:1M! ~l:i•:1 :111 -C:. l~i'_:i~~:~a~ ~ ~ i:l•'
terest to any p~~rso:i, ~%::C';'riai;~, sr e;;_;~oration ..:t a:,1 time
durin~~ the tc.r:;t or t.cra c:i t.:nis lease .
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• SU 7RL I NATION . ~ .
LesSOi ~.1 , t .~~::?Oi(:111.ati~ Li. ~ ? 1[3n Oi ~1i 1 Li_:::_it;
Agreer:~ent t0 t~1u lll•il is ~=t:1:C, :i~3V~tls~.`: ki::c~ ~Odii u:;sG~:13-
tion, or insurance. cc:~~lan;~ first mortgage on the pre..ises,
either for- ini tiny cons t ri~ctio,Z or for e::pansion of the
motel construct~cci on t~~~~ F~remises, l~ro•~ided that the a.;~ocnt
~ ~ of none1? sec~.ired uy st.•~ r:ort~~ac;e does ncL exceed seventy-
~ five percent ("15•..) c-~f :~it•~ ~hc:, .zi~p~ :is~.~ value- of the -
land and builu~.:.c;~. c~oi-._.~.~-t:cted on t1:E: j.re^:iszs. Lessee
eoveraats thcit t~,~, .::or t:~ ~.Jhich :_::ssor agrees to
subordinate thy: ].ic:~ c•t .~.is ,ease :~c,r.~•~ment shall never
t~xceed the it~iti ~:.I t.:~:~:nt•~- y4ar term cif this Lease or any
t
renewal term th~,•~sc~:.
The ai.L~r~zi r:d t-~Z tc.c o~ ;she ~~.r.~i and buildings con-
strudel on the i}~v..:i~~_: ..i:all he dc;.c,:,z.ned by an ::.A.1.
appraiser c'lut::ori.:cG to .:c. bu:.lil~as i:: she Sate of Florida,
and Lessee agree: i:.i I1] ::h Lessor c•:i .il a copy 'of the ~vrit-
ten appraisal. Lc:;sce further ~irrecs to furnish Lessor
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