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Home My WebLink About1938 ~ • . f 1~. ?'l~at i! an~ aclian or proc~titiling be cummcnc~Yl, ~~xcc~?tin~ an scti~»~ ta (an~lusc tl~ic ~uuN~;a~r o~ to coUcct tl?c dcht h~•reb~• •~runYl. tu ~~~hirh artiu~~ ur ~~nK•~•r~lin~ th~~ nu~~~~;:~~.•c i~ n?.ulr ~?.~~t~• 1~~• n;~w~n ~hr ~•xccu- tion o~ this tu~~~~~.i<< c~r tli~• n~?~r ~~I~i~~l~ it ,rcui~~,, ur in ~~liirl~ it l~r.~~nic; u~•~~.•••,~r~• tu ~Irl~~ii~l ur u~~ln,hl ~I?r li.•u o[ lhis murtga~r, :~II ~un~c ~~;~i~l li~• tl~~ murt~.?~;r~ f~~r ihr r~~~•n~• .u~r li~i~;a~iuu ~u ~?ru,~•~ut~~ u~ ilr(ru~l th~ ri?;hts and licn c~ ~trJ h«cl?~~~ s~~~l~~ ~x~i~l b~• tl~c murtt;.~?;ur ~~+,;.•tl~rr ~ritl~ intcrrst tl~~•~~•~n~ (n~~u cl.tte u( ~~.~)•~~~cnt :~t thc ratc o( t~K~{~ {xr ccut xr annunt~ anJ :u?~• wcl~ suni :iml th~ intcrcat thtrrou sl~all tx imm~Yti,~tri}• duc artd payabic and bc sccurccl hcrcb~•, ha~•in~ thc txncfit a( tl~c lic~~ I~crrby crcatccl~ as 1 part thcrcof~ and ot its ptiority. , 12. 11'Iortgagor shall pay all sums~ thc failurc to p.1y ~vl~ich may result in thc acquisition of a licn prior to the lie~ of this mortga~c bcfore such 1 prior licn may att:?ch~ or ~~~hich ntay result in confcrrin~ u~~on a tcnlnt of any part of the mort~aged premises.a right to rcco~'Cf SUCIl SUU1S a15 ~CCp.1ltJ CCIl~~ or as 1 crcdit or ot7sct against any futurc rcntal obligation. ~ 13. Martgagee shall be ~ubrogated for fucther security to the lien. attl~ough releasecl o[ record, of any and alt encumbrances paid out of the proceeds ot the loan secured by this mortgage. 14. htortgagor shall assign to the mortgagee. upon rcyucst. as turthcr security tor thc indebtcdneu secured ~ , hereby. the lessor's interests in any oc all leases, and the mortgagor's interests in all agreemenls, contcacts, licenses ' aad pecmits afieccing the property subject to this mortgage~ such assignments to be made by instcuments in form ~ satistactory to the mortgagee; but no such assignment shall be construed as a consent by the mortgagee to any lease, agreement. contract. license or permit so assigned. or to impose upon the mortgagec any obligations with reapect thereto. 1S. 1ltortgagor shall not cancel any of the leases now or hereaf ter assigned to mortgagee pu~suant to paragraph (14) above. nor terminate or accept a sucrender thereof or reduce the pa~ mertt of the rent thereunder or modify any of said leases or accept any prepayment of rent therein (except any amount which may be required to be prepaid by the terms of any such lease) without 6rst obtaining. on each occasion~ the written approval oE the mortgagee. . . 16. hlortgagor will faithfully keep and perform all of the obligations of the landlord under ail of the leases now or hereafter assigned to the mortgagee pursuant to patagraph (14) above and ~~•iq not permit to acccue to any tenant under any such lease any right to prepaid rent pursuant to the terms o[ any Iease other than the usual prepayment of rent as nould result from the acceptance on the first day of each month of the rent for the ensuing moath. according to the terms of the vacious teases. 17. Mortgagor will operate such property at all times as a Citrus Processing Plant. _ ~ i and will not acquire any fi.~ctures~ equipment. furnishings or apparatus covered by this mortgage subject to any { sxutity interest. conditional sale, title retention arrangement or other charge or lien taking precedence over this moctgage. The Martgagor shall have the right to add, substiture, or replace machinery and equipment during the term hereof, provided however that the mortgagor shall not so add, substitute or replace in stich a manner as to diminish or impair the value of the security of this mortgage and proyided further tha[ all of the right, title and interest of the mortgagor in sll such replacement or additional machinery and equipment shall, when acQuired by the mortgagor, be encumbered by the lien of this ? mortgage and become an integral part of the security of this mortgage. ~ - • 18. Mortgagor shall at all times comply with all requirements of all Federal, State, and I,ocal pollution or pollution control laws and regulations applicable or peitaining to the property and improvements described herein or to the business and operations of the mortgagor. . 19. Mortgagor shall during the term hereof conduct its business .and operations in canpliance with the below listed requirements and the failure by mortgagor to comply with or abide by such requirements, or mortgagor's misrepresentation regarding any or all of the facts hereafter recited, shall constitute a deFault hereunder and, in any such event, the mortgagee shall have the righ[s herein given for all defaults: a. Mortgagor has represented that the ratio of current assets (cash or those assets which can be converted to cash~within one year) ' to current liabilities (those which can be paid or satisfied within one year} is not less than 1.1 current assets to 1.0 current liabilities on the date hereof, and mortgagor agrees to improve such ratio to not less than 1.25 current assets to 1.0 curreat liabilities as of the end of the mortgagor's operations for the first fiscal year during the term hereof as shown by the year end audit for such year. Thereafter, mortgagor agrees to maintain such ratio at not less than 1.25 current assets to 1.0 current liabilities at all ti.mes prior to the payment in ' full of the indebtedness secured hereby. " ~ b. Mortgagor shall maintain its net tangible assets (a1Z assets less # ~ current tiabitities) at a minimum of 125% of the funded debt ' (any indebtedness of the mortgagor which by its terms matures ~ one year or more from the date of its incurrence). The term ~ ~ . S~OK 214 PAr,E ~ - 3. 1937 # ~ ~ . : . . = } - -