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of any general assignment for the benefit of creditors, or ~
the admission in writing of its inability to pay fts debts
generally as they become due shall be a default hereunder.
b) The entry by a court of competent jurisdiction of an
order, judgment or decree approving a petition filed
against the Mortgagor seeking any reorganization, ar-
rangement, composition, readjustment, liquidation, dis-
solution or similar relief under any present or future
federal, state or other statute, law or regulation re-
lating to bankruptcy, insolvency or other relief for
debtors, ~~hich order, judgment or decree remains unva-
cated and unstayed for an aggregate of sixty (60) days
(whether or not consecutive) from the date of entry
thereof, or the appointment of any trustee, receiver or
.,liquidator of the Mortgagor_or of all or any substan-
tial part of the Mortgaged Property or any of the
rents, revenues, issues, earnings or income thereof
without the consent or acquiescence of the Mortgagor
which appointment shall remain unyacated or unstayed
for an aggregate of sixty (60) days (whether or not
consecutive) shall be a default hereunder.
~ 12. Mortgagor will perform and observe each and every
~ of the stipulations, agreements, conditions and covenants
contained in the Promissory Note or notes and this Mortgage.
13. Mortgagor will keep the buildings and other struc-
tures now existing or hereafter erected on the Mortgaged
Property-insured against loss by fire and other hazards,
casualties and contingencies in such amounts and for such
periods as may be required by Mortgagee and will promptly
pay, when due, any premiums of such insurance; and if Mort-
, gagor shall not do so, Mortgagee may do so without c~aiving
the option to foreclose, and the cost thereof, with interest
thereon from the day of payment at the same rate as specifi-
ed in the Promissory Note or notes, shall also be secured
by this Mortgage. All insurance shall be carried in•companies
approved by Mortgagee and have attached thereto loss payable
clauses in favor of and in form acceptable to Mortgagee. In
the event of loss, Mortgagor .will give imme3iate notice by
mail to Mortgagee, and Mortgagee may make proof of loss if
not made promptly by Mortgagor, and each insurance company ,
~ concerned is hereby authorized and directed to make payment
~ for such loss directly to Mortgagee instead of to Mortgagor
and Mortgagee jointly, and the insurance proceeds, or any
~ part thereof, may be applied by Mortgagee at its option t
either to reduction of the indebtedness hereby secured or
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OR
e~x342 P~E1792
M[IIfHON, S~IW~ER, JOMNSTON, OUNWOOY 6 CO~E,1000 DONTNEI?sT ~IRSY NATIONAL SANK •UILOING, MIAMI, /IORtOA »1~1
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