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';fir ~ ~~ P~GE~.O~
~T -r i ~t-• ;~
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ink, ~~•ithont liuriti-ti~m, nll tilinti t•~rcl recording fees :uul tuxes and the
rensnnahle fees and exl~~•n~e~ cif tiu• \lort~.;agee's counsel. -
;~-:i•Trox ?1. 't'he til-ilx~~~•ner shall deliver t~ ii;e '.1i~rtgagee, as
soon n, a.•ailahle atter the c•lo::e of esu•h fiscal ~•ear, copies of the
annual audit reports c~C the tihipu~~•ner and ot• \1"e1,h Knapp, lnc.
~~•1-iclr sl-all ir-clude hal,uu•e ~hec•ts, pa'otit ttnd loc.: ~tatcments, and, if
custiunaril~• preparini~ the same, surlar-. tu~alvsis (all of the foregoing
to Le con~olic{ated stute~uents il' the compare}• to which it rc+lates has
subsidiaries) all as prel-an•d turd certified by indel~cndent public
accorintants of reeognirrd st:carding. The ;~l-ipo~~•ner• shall hermit tl-e
\Ic~rt~agee to inspect ru-~ ~~f the propert~• of and examine- the books
of accciunt of the Phil>o~~•nr•r at such rea~ont:hle times and as often
a~ tl-c \lurtgagee shall desire.
.1 R'I` I ('I . E I I .
I`;v-:x•r~ ot• 1)r:~•:~rtn• ago Ii; h:\r}.rnra.
~r:crn~~: 1. Ir. cas+• arrs ~~?re or urore of the follo~sing events,
herein terrued "eventx of dei'<urlt" sha11 ht-ve happened:
(a) default in pa}'nrent ot• the whole or {ur~• ptu•t of the
indebtedness, as and when the same shall become due and payable
~~-hether by acceleration o: other~~•ise, and the carne shall continue
for five duvs; or
(h) def:nrlt in the due and punctual oh~ervance and perfarnr-
ance of anv of the provisiou~ of ;~ec•tions 5, ti, 9, 10, 13, 1~ and 15
of ~~rticle I hereof; or
(c) default by the tihipo~~,.er in the ohservturce or per-
fornrance of an~• other covenant or agreement under this liort-
ga~,e or the \oie ~~~lric•h .hall remain unrenu•died for fifteen (1~)
da~•s rafter ~vritterr notice thereof shall have been b-iven to the
Shipm~•ner by the ~tortgagec; or
(d) if any rel;resc;-tntron or warrant}' made by the Ship-
owner in this \iort~;age is incorrect in any material respect; or