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HomeMy WebLinkAbout0926 ~ • ~ j _ . . . . . . . ~~__._~_1~"~-L _ _ . . _ _ authorized and all other moneys advanced by Mortq~qee to protect the Premises and the lien hereof shall'be additional , Liabilities secured hereby and.shall become immediately due and payable without notice and shall bear interest thereon at the interest rate described_in the Note t"Interest Rate") until paid to Mortgagee in full. In makinq any payment hereby authorized relatinq to taxes, assessments or prior or coordinate liens ar encut:~brances, Diortqagee shall be ~he soie ~u?qe 8f the leqality, validity and priority the.eof and o. the amount necessary to be paid in satis=ac- tion thereof. ' , 16. Mortgaqee, or any~person desiqnated by Mortqagee in writinq, shall have the riqht, from time to time hereafter, upon the qivinq of prior or contemporaneous - notice to Mortqagor, to call at the Premises (or'at any other place ahere.information relatinq thereto is kept or located) during reasonable business hours and, without ~ hindrance or delay, to make such inspection and verification of the Premises, and the affairs, finances ~nd business of - Mortqaqor in connection with the Premises, as Mortqaqee may consider reasonable under the circutastances, and to discuss the same with any aqents or employees o~ Mortqaqor. 17. Any of ~he following occurrences or ac:.s shall const~t::te an event of de~ault under this Mortgaqe . ("defaulL"): (i) Mortgagor shall fail to pay the indebted- ness arising under the Note when due or when declared due; (ii) Mortqagor (regardless of the pendency of any ~ bankruptcy, reorganization, receivership, insolvency or other proceedings, at law, in equity, or before any administrative tribunal, which have prevented or might . have the effect of preventing Mortgagor from complying ~ ! with the terms of this Mortgage), shall fail to observe or perform any of Mortgaqor's covenants, agreements or - obligations under this Mortgage and such default shall continue for ten (10) days after written notice thereof from Mortgagee, (iii) a default shall occur under the ' ~ Note or any other document, agreement or instrwnent ` between Mortgagor and Mortgagee, or (iv) the Premises ~ or a substantial part thereof shall have been abandoned ' for thirty (30) consecutive days. If any such default ~ • shall have occurred, then, to the extent permitted by ~ ~ applicable law, the following provisions shall apply: i (a) The outstanding principal balance under the Note secured hereby shall, at the option of Mortgagee, become i~aediately due and payable without presentment, " d~:mand or further notice. ~ . ~ (b) It shall be lawful for Mortqaqee to (i) ~ immediately sell the Premises eit.`~er in whole or in segara~e ~ pazcels, as pr~scribed by Florida law, under power of sale, ~ which.power is hereby granted to Mortgaqee to the full extent permitted by Florida law, and thereupon, to make. and execute to any purchaser(s) ~hereo~ deeczs of conveyance pursuant to applicable law or (ii) immediately foreclose ~~is Mortqaqe by action. If at any time in the discretion of Mortgagee a receiversh~p ma~? be necessary ~o protec~ the Premises, whether befo=e or after maturity of the Liabilities . hereby secureci, or at the time of or after the institution - of suit to collect such Li~bilities or to enforce this - ~ Mortqaqe, Mortqaqee shall, as a matter of strict right ana ~ reqardless of the value of the security for the amounts due € ~ ~ 600K Y~.V PAGE ~s . ' : _ - - _ _ . ~ er . ~