HomeMy WebLinkAbout1993 said note or this mortgage, or on the part of the Lessor
under any lease so collaterally assigned.
EL~VEI~TH: The Mortqaqor, Indian River Grove Co., a
Massachusetts Limited Partnership, covenants and agreea that
during the existence of this Mortgage or any extension or
modification hereof, it will supply to the Mortqagee the semi-
annual incane and expense statem~ent of its busineas operations,
together with an assets and liabilities statement of its
financial condition, the last of which said statements ahall
be certified to by a Certified Public Accountant authorized and
licensed to do business in the State of Florida. In addition
to the above requirements of this paragraph, the l~rtqagee shall
have the right to examine the booka and recorda of Mortgagor
at such times as the Mortgagee shall deem it necessary for the
orderly administration of this mortqage loan.
TWELFTH: That the entire indebtedness secured by this
Mortgage shall become and imnediately be due at the option of the
Mortgagee if by order of a court of competent jurisidction, a
Receiver or Liquidator or Trustee of the Mortgagor or of any of
the property, shall be appointed and shall not have been discharged
within sixty (60).days, or, 3f, by decree of such court, the •
Mortgagor shall be adjudicated bankrupt or insolvent or any of
the property shall have been sequestered, and such decree shall
have continued undischarged and unstayed for sixty (60) days after
the entry thereof, or if a petition to reorganize the Mortgagor
pursuant to the Federal Bankruptcy Act or any other similar
~ statute applicable to the Mortgagor as now, or hereafter in
effect, shall be filed against the Mortgagor and shall not be
dismissed within sixty (60) days after such filing, or the
M~ortqagor ahall file a petition in voluntary bankruptcy under
any provision of any bankruptcy law or shall consent to the
filinq of any bankruptcy or reorganization petitfon aqainst it
under any such law, or if (without limitation of the generality
of the foregoing), the Mortgagor shall file a petition for an
arrangement or to reorganize the Mortgagor pursuant to t2ie Federal '
Bankruptcy Act or any other similar statute applicable to the
I~ortqaqor as naw or hereafter in effect, or if the Mortgagor
or ita Directors, or Stockholders, shall institute any proceeding
for the dissolution or liquidation of the Mortgaqor, unless at the
time of, or concurrently with, auch dissolution or liquidation
by the Mortgagor's partnerahip the property encumbered.hereby is
transferred to a party who assumes and agrees to pay the balance
due on the mortgage indebtedneas, such party to be equally as
8~275 ~1990
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