HomeMy WebLinkAbout1175 20. In the event of condemnation proceedings of the
Mortgaged Property, the award or compensation payable thereunder
is hereby assigned to and shall be paid to Mortgagee. Mortgagee
shall be under no obligation to question the amount of any such
award or compensation and may accept the same in the amount
in which the same shall be paid. In any such condemnation
proceedings, Mortgagee may be represented by counsel selected
by Mortgagee. The proceeds of any award or compensation so
received shall, at the option of Mortgagee, either be applied
to the prepayment of the Note and at the rate of interest
provided therein, regardless of the rate of interest payable
on the award by the condemning authority, or at the option of
Mortgagee, such award shall be paid over to Mortgagor for
restoration of the Mortgaged Property.
21. If Mortgagee, pursuant to a consrruct'.on loan
agreement or loan canmitment made by Mortgagee with Mortgagor,
agrees to make construction loan advances up to the principal
amount of the Note, then Mortgagor hereby covenants that it
will comply with all. of the terms,. provisions and covenants
of said construction loan agreement or loan canmitment, will
diligently construct the improvements to be built pursuant to
the terms thereof,-all of the terms thereof which are
incorporated herein by reference as though set forth fully herein
and will permit no defaults to occur thereunder and if a default
shall occur thereunder, it shall constitute a default under
this Mortgage and the Note.
22. At the option of Mortgagee, Mortgagor shall provide
Mortgagee with periodic certified audited statements of the
operations of and the financial condition of Mortgagor, which
statements shall be provided to Mortgagee within 60 days of
the close of each fiscal year of Mortgagor.-
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23. If-all or any part of the Mortgaged Property, or
any interest therein, is sold, conveyed, transferred or further
encumbered by Mortgagor without Mortgagee's prior written
consent, excluding (i) a transfer of the Mortgaged Property
~ by merger or consolidation of Mortgagor, if Mortgagor is a
corporation, with another corporation having a net worth of
' not less than the net worth of Mortgagor, or (fi) the grant
of any leasehold interest in the .Mortgaged Property not
containing an option to purchase, which lease is made in the
! ordinary course of Mortgagor's business, then and in that event,
Mortgagee may declare all sums secured by this Mortgage to be
immediately due and payable. Mortgagee shall have waived such
option to accelerate if, prior to the sale, transfer or
conveyance, Mortgagee and the person or entity to whom the
Mortgaged Property is to be sold or transferred reach agreement
h in writing that the credit of such person or entity is
satisfactory to Mortgagee and that the interest payable on the
sums secured by this Mortgage shall be at such rate has Mortgagee-
~ shall request. If Mortgagee as waived this option to accelerate
as provided in this Paragraph, and if Mortgagor's successor
in interest has executed a written assumption agreement, accepted
F in writing by Mortgagee, Mortgagee shall release Mortgagor from
all obligations under this Mortgage and the Note.
24. Mortgagor represents and warrants that if a
corporation, it is duly organized and validly existing, in good
standing under the laws of the state of its incorporation, has
stock outstanding which has been duly and validly issued, and
is qualified to do business and is~in good standing in the State
of Florida, with full power and authority to consummate the
loan contemplated hereby; and, if a partnership, it is duly
~ formed and validly existing, and is fully qualified to do _
- 7 - 800(4 PtCE~~
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