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o~rner to nutke an~• •ur•Ir espr•nclitures, nor ,Ball the ntakin~ thereof
relie~•e the ~hipu~~'ner rrf un~- default in that ,resprc•t.
~t:c°rro~ 17. 'I'hr` tihilurn•nr~r• ~~•ill full}- lx`rfcirut <tn~- and all
cLarter parties .~•hich are, or trtat• he, entered into ~~•ith rnspect to the
~•c`~sel.
~t:c•rtuv 1~. In the e~•ent that this ~irlrt~*a,~r or thf~ I\~nt~, nr an~-
pro~•isions hereof or therr`of, shall hr` deenu`cl in~•alidated in whole
or in hart h~• reason of an~~ present or future la~~• or any- dccisimt of
tuts- autlroritati~•e court, or if the docuuu`nts at an~• tiny hclrl by the
ltort~,af.~ee he deenu`d h~~ ihellort~a~ee for an~• rc`rtsrnl insufficient
to c•arr~• out tlr+• true itrtr•nt anti spirit of this \fortna~e anti the Vote,
then, frottr tine` to tiuu` the tihipowner ~~•ill esec•ttte on its o.~•n helutlf,
such other and furtlr"r ar~surances and ducutuents as in ±he opinion
of the ~tort!Cal;r`e nra~• he rertuirr`rl urorr` r`1t'ectuall~~ to subject the
Vessel to the pa~•nu•nt of the lndc•htedne:,s, ats in they Note ani in this
~lort~,a~,e pro~•idr~d, auul tLe perfurnuuu•e of the teens and pro~•rstons
of ilre ~otc and this \lortra~~e.
~r~:c•~rnr~ 1!1. (a) Thr• tihipo~~~n`r arrcr•~ drat the achtal or con,
strucfi~•e total lu•. crf tLr• V~r•~sr•1 tntder circunsttuu•es in ~shich no
in~urunc•e is pa~~ahi~• in rr•~lu•ci thr•reot• shall c•on~titute an e~•ent of
default hereunder ~~ ithitt thr` tucunin~; rrf section i of :lrtic•tc II hereof.
h', The tiltipnwner a,t~rees than a capture, seizure, forfeiture
qtr rerfnisition rrf• title to the ~'eael not re~•ersed ~~•ithin thirty- (30)
rla~•s shall ran the expiration of such ;iOtlr <ht~- constitute ate e~•ent of
default he;cunder ~~•itlrin the uteanrn,e~r of ~;eetion l of :lrticle II hereof,
The tihil,m~•ner a~~rees that an~• and all ~uone~•• «•hich the tihipm~'ner
shall receive in the e~•ent of an~•• suc•lt capture, seizure, forfeihtre or
requisition of s.?:d Vessel shall he paid to the ~tort~a~;r~e, to he applied
as provided in section 11 of Article [1 Lctrof, and to that r`nd the
5hipo~•;ner at,~rees to e~ccnte and deliver all other <<nd further in-
strnnu`nts regtt~`sted by 1(ort~a,:;er.
~r:c-rrux 2f1. The ~hipo~~•nc`r will pad- aril of the er-pc`nses in con-
nection ~~•ith this ~iortt,~a~~e, the` \ote anti related transactions, includ-