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than ten (10) days advance notice of a request for a sub-
ordination or release, and, in the case of a subordination,
such request shall be accompanied by a survey of the Phase
to which the subordination relates certified by a licensed
surveyor of the State of Florida. The description of the
Phase contained in each subordination shall conform to the
survey thereof. All instruments of subordination and
release shall be prepared by the attorney for Developer.
Developer shall pay all expenses in connection with the
execution, delivery and recording of each subordination and
release.
ARTICLE VI 4
EVENTS OF DEFAULT AND REMEDIES
6.01. Events of Default. If one or more of the
following Events o De au t s a happen, that is to say:
(a) if (i) default shall be made in any payment
of any interest or the principal of the Second Replacement
Note,. when and as the same shall become due and payable, _
whether at maturity or by acceleration or as part of any
prepayment or otherwise, in each case, as in the Second
Replacement Note and the Mortgage provided, and such default
shall have continued for a period of ten (10) days after
written notice specifying such default and demanding that.
same be remedied shall have been given to Mortgagors and
Developer by the Mortgagee, or (ii) default shall be made in
the payment of any imposition required by SECTION 3.07 to be
paid and said default shall have continued for a period of
twenty (20) days after written notice specifying such
~ default and demanding that same be remedied shall have been
given to Mortgagors and Developer by the Mortgagee; or
~ (b) if default shall be made in the due obser-
vance or performance of any other covenant or condition on
s the part of the Developer in the Second Replacement Note or
in the Mortgage, and such default shall have continued for a
period of thirty (30) days after written notice specifying.
such default and demanding that the same be remedied shall
have been given to Mortgagors and Developer by the Mort-
gagee; or
(c) if by the order of a court of competent
jurisdiction', a trustee, receiver or liquidator of the
Mortgaged Property or any part thereof, or of Developer
shall be appointed and such order shall not be discharged or
dismissed within sixty (60) days after such appointment;
or -
(d) if Developer shall file a petition in bank-
ruptcy pursuant to the Federal Bankruptcy Act or any similar
~ law, federal or state, or if, by decree of a court of
r competent jurisdiction, Developer shall be adjudicated a
bankrupt, or be declared insolvent, or shall make an as-
~ signment for the benefit of creditors, or shall admit in '
~ writing its inability to pay debts generally as they become ~
due, or shall consent to the appointment of a receiver or
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