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event of any default under this Mortgage, Mortgagor will ~ay
monthly in advance to [rbrtgagee, or to any receiver appointed to
collect said rents, issues and profits, the fair and reasonable
rental value for the use and occupation of such part of the mort-
gaged properties as may be in possession'of Mortgagor, and upon
default in any such payment, will vacate and surrender possession
of such part of the mortgaged properties as may be in possession
of Nbrtgagor to Nbrtgagee or to such receiver, and in default
thereof, Mortgagor may be evicted by summary proceedings or other-
wise.
Section 1.15. The appropriate corporate officers of
Mortqagor have been duly authorized by the Board of Directors of
the Mortgagor to execute and deliver this Mortgag e. Mortgagor
will do all things necessary to preserve and keep in full force
and effect its existence, franchises, rights and privileges under
the laws of Florida, and will comply with all regulations, rules,
ordinances, statutes, orders and decrees of any governmental
authority or court applicable to Nlortgagor or to the mortgaged
properties. ~
Section 1.16. Mortgagor may ~ause renovations and
improvements to be made to the Premises in accordance with the
terms of that certain Loan Agreement Uetween Mortgagor and t•fort-
gagee, of even date herewith, will prosecute such construction
with due diligence, and will comply with the covenants made by it
in the Loan Agreement, all of which are incorporated herein by
reference as though set forth herein, and Mortgagor will permit no
Events of Default as therein defined.
Article II
L•'vents of Default and Remedies
Section 2.01. If one or more of the following Events of
Default shall happen, that is to say:
(a) if: (i) default shall be raade in the payment of
any interest on the Note secured hereby when and as the same
shall become due and payable, and such default shall have
continued for the period of time referred to in the riote; or
(ii) default shall be made in the payment of the principal of
the Note secured hereby when and as the same shall becorTie due
and payable, whether at maturity or by demand or a~celera-
tion, in each case, as in the Note secured hereby and this
~fortgage provided; or (iii) default shall be made in the pay-
ment of any tax within the time required by Section 1.07; o r
(iv) default s}zall be made in the .payment of insurance pre-
miums within the time required by Section 1.09; or~default
shall be made in the payment of any portion of the Participa-
tion; or default shall be made under the Purchase Nbney
Mortgage or under the promissory note secured thereby; or
(b) if default shall be made in the due abservance or
performance of any covenant or agreement on the part of Mort-
gagor contained in Sections 1.01, 1.03, 1.08, or 1.09, other
than the non-payrient of monies, and such default shall have
continued for a period of.twenty (2D) days after written no-
tice thereof shall have been given to Mortgagor by Mortgagee;
or
(c) if. default shall be made in the due observance or
performance of any other covenant or condition on the part of
t~lortgagor in this Mortgage contained, other than the non-pay-
ment of money, and such default shall have continued for a
period of thirty (30) days after written notice specifying
such defanlt and demanding that the same be remedied shall
have been given to Mortgagor by -rlortgagee; or
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