HomeMy WebLinkAbout0105
R.- 49 ~~E ~ 05
,. ' ~
12
(e) in ease of the dissolution of the 4hil)on-ner, or the loss or
e.uu•ellation of its Ie~*al status in• reason of any' valid, judicial,
extra-,judicial, or adutinistrative 1)ruc•eedin~;, or if the ~iltilr:\;ner
or an.• other l,~•rson, brut or c•orl)oratirnt, \vhiclt ,hall ht' directl}•
ot• contin~entl~• liahlt• for the dtte and 1)unctual 1)a\•uu'nt of tite
Note, v~•hcthcr as };uar<tutc.r c:r utherv~'ise, ~lutll I,ecotue insolvent
or Ltutkrul)t or tuuke an assih~uuent for the henelit of creditors,
or consent to the stl)1x,inLuent ot• a trustee or receiver, or a trustee
or receiver shall h~• aj,lu,inted for it ur hint, ur for a substantial
Dart of its or his l,rol)ert~• \\'ithuttt its or Iris c•om~~nt, ur Lank-
rul)tc}-, r.~or,i;anizat~o-t, tu•ranj;enu•nt, insoivcncc, liyuidatiun or
dissolution i,roceedin~s shrill Le institut,•d l,v ur ahaiust tits tiltip-
ot~~ner or ~u~•-lt l~f~r.on, firth ur c•url)or~tliun; ur
(i•) the ~hilu,\\~ner shall r,•utove or attcmtl)t to renun'e the
~"essei Lcvond th,• liatits of the l'nit,•d ~tat,•s sttv-r on vov-anes
\~•itb the intention of ultituatcl}• returning.; to the !"nite<I titates;
or shall abandon the ~•essel ; or
(~.;) if an e\•ent ut default, <ts snc•-t term is delined th. , •in,
shall occ•.ttr in :ut\• other murk,<t,~e ntad;• by the ~hil~u\~•t:er to thy'
~(ortnarree. .
then, and in each and every such case, all of th~• Indebtedness, vch,•ther
or not then due tool lr<t~~ahle, shall at the uj~tiutt of the \lnrtt;at:,,c
hecotnc inuu~•diately- due .uul l,a)~aLle, vcithuut notice, l,rctcst or de-
ntand, all of v~~Itich are exl,ressly v~~uiv-ed, :aril the \lort,t*a~ce stall Lave
the ri~;itt to
(1) h:xercise all of the ri«bts tool rettu'dies in forrrlustn•e
and o±her\\ise !given to ntort~;a;.~,•,•s by the l,ro\•isions of la\~-:
(`') 13rint; shit at la~~•, in e,luity- ur in adtuiraltc, as it nut~• be
advised, to recover •ludj;ntent fur the indc'htedness and an}• turd
all auu~ttnts dtu' othervti-ise lu~retutder, turd collect the saute out of
anv' and all 1)rnlx°rt~• of the tihit,u~. her v~ }tether covered bv- this
\[ortrar~e or uth,•rt~-ist•;
(3) 'l'ake and enter into po~~:cssion of the ~'essei, at tuts-
time, vei^ierever the same may he, vv-ithout legal hr-ocess and vvith-