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('u\~I:~;:~x [n uE• •rttt•: S}ttc~\wtilat
The ;;hil~ovvnerr represents, coventults and agrees v~•itlt the ~lort-
gaf;ec as follo\~~~:
SFx°r.us 1. The Sltil~u\': nor ~~•ill IuI~• tl-c Luiehtedness and \1•ill
obser~•e, perfortu and cuntpl~~ vvith the coven:ults, terms and conditions
herein .and in the \ute, cxpress'•d ur implied, un its Dart to be
observed, pert'urtned ur cuutplied ~~•ith.
Ser•ru,x 2. The Shipo~~•ner v~•ttis dul~• organired and is no~v es-
istin:; as a curpurtttiun under the lsvti~s of \rvv fork; it is duly autltor-
irrd to luurt~.;a~e the ~•essel ; all corporate action nec•essar}• and
required l,~ la\~• 1•ur the exec•utiun raid deli\•erS• of this ~!urtgtt~;e, and
the gaud faith aflidavit filed here~~•ith, has beta dui~• and ct~ectivcl~•
taken; and the Indehtedne ~ is ttnd v~•ill be fl valid and enforceable
ohli~atiun of the Shipu~~•ner in arcurd~uu•e v~•ith its touts. The Ship-
u\~'ner shall ut all titues maintain its corporate existence anti right
to carr~• un husines: , and tha SLipuv~•net• is, raid at all times shall
r
reniaitt, a citizen of the L~~nited Stati's, vvithin the utraning of Section
:,~ of tlu• Shil~pin.~ :Act, 1'1111, as auiruded.
5rc°r~o~ 3. '1'Le Shipu\\•ner ]tt\~•full~- u\~•ns and is Ia\~•full~- pos-
sessecl of the ~'cssel i'ree fruut am• li~•n ur ~'ncnnlhra~~cc' \~•hatsoe\•cr
c~cept fur (i) liens inrut•red i~; lh~' ordinary cou:•se of business, nut
nurnutlly covered bv- insurance, not. iiavint; been due and unpaid for
more tlttut tltirt~• da~•s and al;gre~;ating nut more than $7SI and iii)
liens full~• covered by valid policies of insurance' having deductibles
or franchises not ltis~her th~ut those in the insurance required pur-
suant to ticetiun Ift(a) of this Article 1, and will warrant and deft+nd
the title' and possession thereto atxl to ever~• ptu•t thereof fur the
benefit of the \lortgagee against the clttiuts and demands of all persons
\\'llOlnsOt'\•e I'.
S~.c~t~ov ~l. '1'lu' Shipc,\~•m'r \~•ill cause. this :Mortgage to be. dul~-
recorded in accordance v~•itlt the prov~siuns of Section 3U of the A1er-