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11. That no wsiv~r of any covenant hercin or In the obli~a-
tion secured hcreby shall at any time hereafter be hrld to be ci
waivcr of 1ny ul the other terms hereot or ot the note(s) srcur~d
h~reby, or Cuturr waiver of the same covenant.
12. Tti:it i~ ordcr to acccleratc the maturity of ttie
indebtedness I~ereby secured because of the failure of the 29ort,;a};or
to p~iy any tax assessment, liability, obligation or e~cumbrance
upon said property as.herein provided, it shall not be necessary
nur requis~.te.that the idortgagec shall first pay the same.
13. That if the Mort~agor shall fail, neglect or refuse for
a period of fifteen (15 ) days fully and promptly to pay the
.~amounts required to be paid by the note(s) hereby secured or the
interest therein specified or-any of the sums of money herein
referred to or hereby secured, or otherwise duly, fully and promptly
't-o perform, execute, comply with and abide by each, every or any i
of the covenants, conditions or stipulations of this mortgage, the
promissory note or notes hereby secured and/or the construction ~
~'loan agreement, if any, then, and in either•or in any of such '
events, without noticc or demand, the said aggregate sum mentioned .
in said promissory note(s), less previous payments, if any, and any
and all sums mentioned herein or secured hereby shall become due
~and payable forthwith or thereafter at the continuing option of ~
"the rlortgagee as fully and completely as if said aggregate sums
'were originally stipulated to be paid at such time, anything in ;
;said promissory note(s) or herein to the contrary notwiths[anding '
'and the Hortgagee shall be entitled thereupon or thereafter
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without notice or de~aand to ins[itute suit at law or in equity to
;`enforce the rights of the Mortgagee hereunder or under said '
lpromissory note or notes. In the event of any default or breach on j
Ithz part of the Mortgagor hereunder or under said promissory note ,
~or notes, the Mortgagee shall have the continuing option to enforce
;~payment of all sums secured hereby by action at law or by suit in ~
'~equity to foreclose this mortgage, either or both, concurrently or
~~otherwise, and one action or suit shall not abate or be a bar to '
~~or waiver of the Mortgagee's right to institute or maintain the ~
,
iother,"provided said Mortgagee shall have only one payment and 1
;satisfaction of said indebtedness. •
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14. That in the event that (1) Mortgagor shall consent to ;
~the appointment of a receiver, trustee or liquidator of all or a ,
substantial part of Mortgagor's assets, or (2) ,lortgagor shall be •
adjudicated a bankrupt or insolvent, or f~ile a voluntary petition .
in bankruptcy, or admit in writing its inability to pay its debts
as they become due, or (3) *iortoagor shall r.cake a gencral assign- '
ment for the~benefit of creditors, or (4) Mortgagor shall file a
petition or answer seeking reorganization or arrangement with
creditors, or to take advantage of any insolvency law, or (S) '
Mort~aoor shall file an answer admitting thc material allegations
of a petition filed against the Mortgagor in any bankruptcy, ~
reoroanization or insolvency proceeding, or (6) action shall be ;
taken by the .lortgagor for the purpose of effecting any of the •
''foregoing or (7) any order, judgment or decree shall be entered '
upon an application of a creditor or Mor[gagor by a court of
competent jurisdicti~n approving a petition seeking appointment of .
~a receiver or trustee of all or a substantial part of the i~tortga- i
gor's assets and such order, judgment or decree shall continue ~
•.uns[ayed and in effect for any period of thirty (30) consecutive
days, or (~) such a cl~ange in the condition or affairs (financial
'or ott~erwise) of the ~tortgagor or any endorser, guarantor, or sure[}•
;~for any liability of the Mortgagor to the rtortgagee as in the
;opinion of the Aiortgagee or its counsel impairs the ?~tortgagee's
'security or increases its risks, the Mortgagee may declare the '
no[e(s) hereby secured forthwitli due and payable, wficreupon the
principal of and tt~e interest accrucd on the note(s) and all other
sums t~ereby secured st~all become forti~with due and payable as iI
:all oE the said sur~s of money were originally stipulated to be
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! SA~LE'~, BAFNS 6 PI~JJN, SU1?E 700 NEw WOq~O TOwER, MIAM1, FlOR10A 33f32 t
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