HomeMy WebLinkAbout0070 (J) Any default on the part of the Issuer under this
Agreement, or any other fault or failure of the Issuer what-
soever, or any failure by the Trustee under this Agreement
or otherwise.
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ARTICLE IV ~
MAINTENANCE, TAXES AND INSURANCE
Section 4.01. MAINTENANCE, MODIFICATIONS AND ADDITIONS.
The Company agrees that while any Bonds shall remain outstanding '
it will at its own expense (A) keep the Mortgaged Property
and the Project in as reasonably safe condition as its normal
operations shall permit and (B) keep all improvements forming
a part of the Mortgaged Property and the Project in good
repair and in good operating condition, making from time
to time all~renewals and replacements thereof as shall be
reasonably necessary. While the Mortgaged Property and the
Project shall remain in good repair and operating condition,
and there shall be no default hereunder, the Company shall
not be required to continue its occupancy or operations at
the Mortgaged Property.
The Company may, also at its own expense or in the
manner provided in Article VIII of this Agreement, make from
time to time any additions, modifications or improvements
to the Mortgaged Property or the Project it may deem desirable ~
for its business purposes that do not adversely affect the '
structural integrity of the Project; provided that all such
additions, modifications and improvements shall be located
wholly within the boundary lines of the land described in
Exhibit A and/or wholly within other parcels of land in St.
f Lucie County that are hereafter conveyed to the IsSuer in
the manner set forth in Section 2.07 hereof and made a part
of the Mortgaged Property. Ail such additions, modifications
( and improvements so made by the Company shall becc:ne a part
of the Mortgaged Property and shall be subject to the Mortgage.
The Company may from time to time, in its sole discretion '
and at its own expense, install, store or place additional
furniture~, office equipment, automotive equipment and inventory
in or on the Mortgaged Property. Except when an event of '
default as defined in Section 7.01 hereof shall have occurred
and be subsisting, all such furniture, office equipment, ~
autamotive equipment and inventory so installed, stored or t
placed on the Mortgaged Property by the Company shall remain ;
the sole property of the Company and shall not be subject
to a any security interest in favor of the Issuer, the bondholders
or the Trustee. Nothing contained in the preceeding provisions
of this Section shall prevent the Company from purchasing,
but not out of Bond proceeds, furniture, machinery and equipment
~ on conditional sale contract or lease sale contract, or sub-
~ ject to a vendor's lien or purchase money mortgage as security
~ for the unpaid portion of the purchase price thereof, or
~ from leasing furniture, machinery and equipment. The Company
shall tag or otherwise suitably identify any furniture, machinery
or equipment so installed by it without expense to the Issuer
and not constituting a part of the Project or the Mortgaged
Property so as to indicate the Company's ownership thereof.
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