HomeMy WebLinkAbout2377 The Mortgagor covenants and agrees that any payments remaining
due on the certain promissory note attached to this instrument shall
immediately become due and payahle upon any of the following happenings,
to-wit:
l. If the liquor license upon which this Chattel Mortgage is
a lien is not promptly renewed when due, at expense of Mortgagor.
2. Failure of Mortgagor to promptly pay any and all liquor
bills, Florida sales tax, withhol~ing tax and/or Social Security
taxes.
3. If at any time prior to the satisfaction of said promissory
note and Chattel Mortgage, upon ten (10) days notice to Mortgagor, that
the beverage license in connection herewith is in the process of
revocation due to a violation committed, or allegedly committed, by
Mortgagor, or its of£icers, servants, agents or employees.
4. If the Mortgagor fails to maintain insurance on the furniture,
fixtures, and equipment located in the premises wherein the above
described alcoholic beverage license is located for use for less than
the full insurable value thereof.
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5. If Mortgagor fails to maintain the proper liability insurance '
protecting both the Mortgagor and Mortgagee as their interests may appear. '
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6. If Mortgagor is more than ten (10) days delinquent in any ~
payment of interest or principal due under the promissory note secured ;
by this Chattel Mortgage. 1
7. If at any time prior to the satisfaction of the promissory
note secured hereby and this Chattel Mortgage, Mortgagor files a ~
voluntary petition in bankruptcy or is adjudicated bankrupt in an ~
involuntary bankruptcy proceeding. ~
This Chattel Mortgage is given as additi.onal security for the
payment of the Promissory Note attached hereto in conjunction with a
real property mortgage, executed simultaneously herewith and as part ~
of the purchase price of the real pYoperty described in said real ~
property mortgage. ;
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