HomeMy WebLinkAbout2885 Mortgagee becaus8 of the failure on the part of the said Mortgagors to
perfor~cn, comply with and abide by each and every the stipulations,
~ agreements, conditioas and covenants of said note and this mortgage,
or either, and every such payment shall bear interest from date of in-
currence at the rate of aeven (?'6) percent per snnum.
To permit, commit or suffer no waste, inipairment or deteri-
oration of said goods, chattels or per8onal property, or any part there-
of.
8. To make purchases in an amouut sufficient to keep the value
of the inventory of goods, wares and merchandise on hand at all times
equal to or in excess of the value of the inventory of such items con-
veyed hereunder, the basis for valuing said inventory to be the same as ~
the basis used in determining the sales price of such items when con-
veyed to the Mortgagors by the Mortgagee; not to pay, without the prior
written consent of the Mortgagee any salaries, bonuses, or other with-
drawals of any kind to any of the Mortgagors, if such payment shall
cause the total of said payments to exceed the sum of ~250. 00 in any one
week; to deliver to the Mortgagee semi-annually, within fifteen (15) days _
after the end of each six-months' period during the terms of this Chattel
Mo'rtgage, a statement by the accountant who regularly keeps the Mort- -
gagors' books and records, that an examination of the books and records
of the Mortgagors reveals compliance by them with the terms and pro-
visions of this section.
9. To comply with all terms and conditions of any lease agree-
ments iato which the Mortgagors may enter with Sunrise Boulevard
Shopping Center, Inc. , the present owasr of the said store premises or
with others, and not to modify or termi.nate the same without the writ-
ten consent of the Mortgagee.
10. To perform, comply with and abide by each and every the
stipnlations, agreements, conditions and covenants in said note, and
in this mortgage set forth.
AND the said Mortgagors further covenant and agree as follows:
1. If any defaults by the Mortgagors shall occur in the payment
or observance, compliance or performance of any terms, coven.ants,
conditions and provisions on Mor~gagors' part to be paid, observed or
performed in said promissory note and this mortgageror eithe~or in
the lease under which the I~ortgagors are occupying the said store
premises, or if Mortgagors shall permit or suffer any attachment or
uther process against property to be issued against Mortgagors, or if
Mortgagors permit or suffer any judgment to be entered upon or
against Mortgagors, or if Mortgagors shall file a Petition in Bankruptcy
~ or for an arrangement, or if any such Peti.tion be filed against Mort-
gagors, or if Mortgagors shall make an assignment for the benefit of
~ creditors, or if Mortgagors shall take the benefit of any insolvency
act, then upon the happening of said contiagency, or any of them, the .
entire outstanding balance, and any amouirt and obligation herein se-
cured, shall forthwith become due and payable at the option of the
Mortgagee or its successors and assigns, as if the said aggregate sum
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aoox~,.V~ PdCE 482
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