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that the premium therefor has been paid, In the event of a
foreclosure and sale by Mortgagee of the Premises, the purchaser
of the Premises shall succeed to all rights of Mortgagor in and to
such policies, including the right to the refund of u~earned pre-
miums and to dividends thereunder, and Mortgagee may, at
Mortgagee's election, assig~ and deliver the policies to such
purchaser without any warranty or representation, express or
implied, and without recourse. In the event of damage to or
destruction of the Premises or any part thereof, Mortgagee may
adjust, settle or compromise claims under such policies, and the
proceeds therefrom shall be paid to Mortgagee. Mortgagee, at
Mortgagee's option and in Mortgagee's sole discretion, may either
(i) apply the proceeds or any part thereof to the Indebtedness or
(ii) require Mortgagor to repair, replace or reconstruct the
Premises or any part thereof and disburse the proceeds to
Mortgagor to be applied against the costs and expenses thereof as
incurred or paid by Mortgagor. (7) Condemnation: To the extent
of the Indebtedness, Mortgagor grants to Mortgagee a security
interest in any and all payments, awards, judgments or settle-
ments, including i~terest thereon, to which Mortgagor may be or
may become entitled or which Mortgagee may receive by reason of
injury or damage to, or loss of, the Premises or any part thereof
as a result of the exercise of the right of eminent da~ain.
Notwithstanding any injury or damage to, or loss of, the Premises
or any part thereof as a result of the exercise of the right of
eminent domain, Mortgagor shall continue to pay the Indebtedness.
Al1 sums paid or payable to Mortgagor by reason of any injury or
damage to, or loss of, the Premises or any part thereof as a
result of the exercise of the right of eminent domain shall be
~elivered to Mortgagee and Mortgagee, at Mortgagee's option and at
Mortgagee's sole discretion, may either (i) apply the sum or any
part thereof to the Indebtedness or (ii) require Mortgagor to
repair, replace or reconstruct the Premises or any part thereof
and disburse such sums to Mortgagor to be applied against the
costs and expenses thereof as incurred or paid by Mortgagor. (8)
Ins~ection: Mortgagor shall permit any person designated by
Mortgagee to visit and inspect the Premises, to examine the books
of account and other records of Mortgagor with respect to the
Premises, and to discuss the affairs, finances and accounts of
Mortgagor with and to be advised as to the same by Mortgagor or a
knowledgeable and duly authorized representation of Mortgagor, all
at such reasonable times and intervals as Mortgagee may desire.
(9) Restriction on Transfer. Mortgagor shall not grant, bargain,
convey, transfer, assign, exchange or sell all or any portion of
Mortgagor's interest in the Premises prior to the satisfaction and
release by Mortgagee of this Mortgage without the prior written
consent of Mortgagee thereto, and the recordation of such consent
in the public deed records of St. Lucie County, Florida.
EVENTS OF DEFAULT hereunder shall be the occurrence of
any one or more of the following: (1) Payment of Indebtedness:
Failure of Mortgagor to pay the Indebtedness or any part thereof
when and as the same shall become due and payable, whether at the
due date thereof or at a date fixed for prepayment or at a date
fixed by reason of acceleration of the due date thereof or other-
wise and the continuation of such failure for ten (10) days after
Mortgagee gives Mortgagor written notice thereof; (2) Other
Payments and Terms: Failure of Mortgagor to make any payment
(other than on the Indebtedness) required hereunder or to
observe, perform, or comply with any of the covenants, terms or
conditions set forth herein, or in any other instrument,
document, agreement, letter or other writing heretofore, con-
currently herewith or in the future executed by Mortgagor in
favor of Mortgagee in connection with any transction which
resulted in the Indebtedness or any part thereof, and the con-
tinuation of such failure for thirty (30) days af ter Mortgagee
gives Mortgagor written notice thereof; (3) False Statements: If
any certificate, representation, warranty, statement or other
writing made herein or heretofore, now or hereafter furnished to
Mortgagee by or on behalf of Mortgagor in connection with any
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