HomeMy WebLinkAbout0041 ARTICLE X
CONCERNING THE MORTGAGED PROPERTY
Section 10.01. VESTING OF INTEREST IN ISSUER. The
Company agrees and covenants that this Agreement, when
executed and delivered, will create in and vest in the Issuer '
an interest in the Mortgaged Property not of less dignity than
a leaseho].d interest, and such interest, estate, rights and
title in the Mortgaged Property described in Exhibit A
attached hereto and the Project situated thereon will enable
the Issuer to issue the Bonds, secure the repayment of the
Bonds, cause to be constructed the Project, and sell the
Issuer's rights, title and interest in th~ riortgaged Property
and the Project to the Company on an installment purchase
agreement in the manneY provided by, and in full compliance
with, the Act. So long as this Agreement is in effect the
interest of the Issuer in the Mortgaged Property described
in Exhibit A shall always be paramount, senior, and superior
to the interest of the Company and all persons or corporations
claiming by or through the Company subject, however, to the
Company's rights under the terms of this Agreement so long as
the Company is not in default under the terms of the Agreement.
Section 10.02. ADDITIONALLY SECURED BY MORTGAGE; FORM `
THEREOF. The repayment of the $1,000,000 St. Lucie County
Industrial Development Revenue Bonds (TreeSweet Products Co.
Project) Series 1972, and the repayment of the Concurrent Parity
Bonds, the interest and the applicable redemption premium of
each issue, if any, the payment of the purchase price specified
in Section 3.03 hereof and the purchase price specified in the
~various documents of the Concurrent Parity Bonds, the payment
of all sums of money required to be paid by the Company or the
Issuer or either of them under both issues, and the performance
of all obligations imgosed by this Installment Purchase Trust Agree-
ment upon the Company or the Issuer and the performance of all
obligations imposed by the various documents of the Concurrent
Parity Bonds upon th..e Company or the Issuer are additionally
secured by a first mortgage encumbering the Mortgaged ~Property
and the Project including the land, buildings, structures
and improvements thereon and made a part thereof, and machinery,
equipment, fixtures and other personal property made a
' part of the Mortgaged Progerty and the Project except furniture,
office equipment, automotive equipment and inventory, as
described in Exhibit A attached hereto.
The Mortgage has been, or prior to the sale and delivery
~ of the Bonds will be, assigned to the Barnett Bank of Jacksonville,
~ National Association, as Trustee, which assignment will be for
4 the equal and proportionate benefit and security of all and
singular the present and future holders of the Bonds and the
Concurrent Parity Bonds, the redemption premium of each issue,
if any, and the interest coupons issued~and to be issued under .
the Resolution and the various documents of the Concurrent Parity
Bonds, without preference, priority, or distinction as to lien
or source of payment of any one Bond or Concurrent Parity Bond
by reason of priority in the issue, sale or negotiation thereof,
The Mortgage and the assignment thereof shall be attached
hereto as Composite Exhibit B and shall be in substantially
the following forms, with such omissions, insertions and
; variations as may be necessary and desirable and authorized
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