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The Mortgagor covenants and agrees that any payments
remaining due on the certain promissory note attached to
this instrument shall immediately berame due and payable
upon any of the following happenings, to-wit:
1. If the 1lquor license upon which this Chattel
Mortgage is a lien is not promptly renew~ed when due, at f
expense of Mortgagor. ~
2. Failure of Mortgagor ~to prcxnptly pay any and all
liquor bills, Florida sales tax, withholding tax and/or ~
Social Security taxes.
3. If a~„~y time prior to the satisfaction of said
promi~sory note and Chattel Mortgage, upon ten (10) days
notice to Mortgagor, that the beverage license in con-
nection herewith is in the process of revocation due
to a violation ccaaanitted, or allegedly cwmnitted, by }
Mortgagor, or its officers, servants, agents or employees. ;
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4. If the Mortgagor fails to maintain insuranee on
the furniture, fixtu~es and equipment located in the
premises wherein the above described alcoholic beverage
license ia located for use for less than the full insurable
value thereof.
5. If Mortgagor fails to maintain the proper liability
insurance protecting both the Mortgagor and Mortgagee as
their interests may appear.
6. If Mortgagor- is-mare than ten--(i0) days c3eltnquen+~ -
in any payment of interest or principal due under the
proiaissory note secured by this Chattel Mortgage.
7. If at any time prior to the satisfaction of the
promissory note secured hereby and this Chattel Mortgage,
Mortgagor files a vol~ntary petition in bankruptcy or is 1
~ adjudicated bankrupt in an involuntary bankruptcy proceeding.
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~ In the event the promissory note secured hereby
j is not paid within two (2) years from date thereof~ then
{ Mortgagee hereunder shall release Mortgagor hereunder fraa
~ all liability and payment of principal at the end of said
~ tv~ro (2) year periocl upon surrender of the license secured
~ hereby for transfer to Mortgagee in the same status as
~ received by Mortgagor.
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