HomeMy WebLinkAbout1719 .i101 ~ ~
o.~.1fi50 ~s 39
And for the considerations aforesaid, Granada hereby
covenants and agrees that Granada will not, without the wri~ten con-
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sent of the Bank first had and obtained, so lonq as any ataounts re-
main unpaid under the aforesaid promissory note qiven by Granada to
the Bank in the original principal swn of One Million Dollars
($1,000,000.00), cancel said Lease nor accept a surrender thereof;
accept payment of any instalment of rent in advance of the due date
thereof; modify or agree to any modification of said Lease which
would in any way cause the fixed rent to be paid to Granada under
said Lease to be reduced to a sum less than Two Hundred Fifty Thousand
Dollars ($250,000.00) per year; accept or consent to the surrender
of possession of the leased property if any such surrender of possesion
would have the effect of reducing the fixed rent payable under said
Lease to a sum less than Two Hundred Fifty Thousand Dollars ($250,000.00)
per year; grant any concession in connection with said Lease which
,
would affect the agreements herein made; consent to an assignment of
the interest of The Coca-Cola Company under said Lease; and any of
said acts, if done without the consent of the Bank shall be, at the
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option of the Bank, null and void; provided, however, that notwith-
i
standing the foregoing provisions of this paragraph, Granada shall
have the right to make or penait any modification of the Lease or to >
;
accept or permit the surrender of leased property which would reduce ~
~ the aEoresaid fixed rent to be paid to Granada under said Lease to F
a sum less than Two Hundred Fifty Thousand Dollars {$250,00O.OOj per
year if, simultaneously with such modification or surrender of
possession, Granada pays to the Bank against the unpaid principal
amount of the aforesaid loan, such sum as may be necessary to reduce ~
the principal amount of aranada•s indebtedness to the Bank to the
extent that the fixed rent payable under said Lease as so modified
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