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gage, furniture, furnishings, equipment, tools, appliances,
machinery, fixtures or- appurtenances, subject to the lien
hereof, which may become worn out, undesirable or obsolete
only if they are replaced immediately with similar items of
at least equal value which shall, without further action,
become subject to the lien of this Mortgage.
(c) Mortgagee may enter upon and inspect the Mortgaged
Property at any reasonable time during the life of this
Mortgage. ~
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(d) Mortgagor will promptly comply with all present
and future .laws, ordinances, rules and regulations of any
governmental authority affecting the Mortgaged Property or
any part thereof.
(e) If all or any part of the Mortgaged Property shall
be lost, damaged or destroyed by fire or any other cause,
Mortgagor will give immediate` written notice thereof to
Mortgagee and 'shall promptly restore the Mortgaged Property
to the equivalent of its original condition regardless of
whether or not there shall be any insurance proceeds there-
for. If a part of the Mortgaged Property shall be lost,.
physically damaged or destroyed through condemnation,
Mortgagor will promptly restore, repair or alter the remain-
ing property in a manner satisfactory to Mortgagee.
(f) If any work required to be performed under this
paragraph involves an estimated expenditure of. more than one
percent of the amount of the Note, no such work shall be
undertaken until plans and specifications therefor, prepared
by an architect or engineer satisfactory to Mortgagee, have
been submitted to and approved in writing by Mortgagee.
1.08 Transfer of Property.- Mortgagor shall not sell,
convey, transfer, lease or further encumber any legal or
equitable interest in all or any part of the Mortgaged
Property without the prior written consent of Mortgagee,
and any such sale, conveyance, transfer, lease or encum-
brances made without Mortgagee's prior written consent shall
be void. For purposes of this paragraph, sale of the stock
of Mortgagor or a change in the beneficial ownership of
I~ Mortgagor or a material change in the management of Mort-
gagor shall be considered a conveyance of the Mortgaged
~ Property. If any person should obtain any interest in all
or any part of the Mortgaged Property pursuant to the
execution or enforcement of any lien, security interest or
other right, whether superior, equal or subordinate to this
Mortgage or the lien hereof, such event shall be deemed to
be a transfer by Mortgagor. Mortgagor shall not, without
the prior written consent of Mortgagee, further assign the
rents from the Mortgaged Property, nor enter into any
agreement or do any act to amend, modify, extend, terminate .
or cancel, accept the surrender, subordinate, accelerate the
payment of rent, or change the terms of any renewal option
of any-lease now or hereafter covering such property or any
part thereof, and any such assignment, agreement or act
without the express written consent of Mortgagee shall be
void.
3 1.09 Further Assurances. At any time and from time to
~ time, upon Mortgagee's request Mortgagor shall make,~execute
and deliver or cause to be made, executed and delivered to
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MAMONEY HAOLOW 6 ADAM5,140t /~MERIFIRST BUILDING, MIAM1, FLORIDA 33131 TEL_(3051 356-5550