HomeMy WebLinkAbout1940
!
~ ~
' violation of the terms of thia paragraph shall entitle mortgngee to accelerate the
payment of the obli~.ltion secured ticreby and all sums of o~oney secured licreby st~all,
at the optio~i of mortg.~gce, bccome due and payable and in deflult whetlicr or not
the same ar~ so due and payable and in default by Che specific terms hereof. In
tha event of a sale with the approval of mortgagee ha~ving first been obtained,
nothing herein contained shall be construed to constitute a nov~tion or release
mortgagor or any subsequent owner of liability or obligation under the promissory
note secured hereby or this mortgage by reason of ehe aforesaid assumption of the
obligation under the note secured hereby, by a subsequent owner of the property
descrfbed herein. This provision shall apply to all property serving as security
hereunder, whether real or personal,_excepC that the mortgagor shall have the right
ta add, substitute, or replace machinery and equipment withouC the prior consent
of the mortgagee in accordance with Paragraph 17 hereof, and further excepted from
this provision is that certain unrecorded Field Warehouse Lease dated April 6, 1972,
~ given by the mortgagor, as Lessor, to Lawrence Systems, Inc., as Lessee. •
22. Mortgagor agrees that during the term hereof it shall not enter into any
long.term lease or similar agreement or arrangement having to do with any real pro-
perty or any personal property of the same or similar nature as the personal property
described herein and encu~mbered hereby, wherein the mortgagor is obligated~to make
periodic payments to any party whatsoever, without first havin~ obtained the prior
written coasent of the mortgagee. Any such lease, agreement,'or arrangement entered
iato by the mortgagor in violation of the terms of this paragraph shall entitle the
mortgagee to the acceleration rights contained in~Paragraph 21 above, provided however
that the existing machine lease agreements, and any extensions of same, between
FMC Corporation, a Delaware corporation, and mortgagor, which agreements concern the
citrus juice extractors used in the operation of the property encumbered hereby as
a citrus processing plant, shall be specifically excepted from the terms of this
Paragraph 22. ~ -
23. It is agreed that the mortgagee or any person authorized by the mortgagee
shall have the right to enter upon and inspect the mortgaged premises at all
reasonable times. _
~ 24. In the event that mortgagor shall (I) consent to the appointment of a
receiver, trustee or liquidator of aIl or a substantial part of mortga,gor's
assets, ar (2) be adjudicated a bankrupt or insolvent, or file a voluntary
petition in bankruptcy or admit in writing its inability to pay its debts as theq -
become due, or (3) make a general assigr~ment for the benefit of creditors, or
(4) file a petition or answer seeking reorganization or arrangement with creditors,
or Lo take advantage of any insolvency law, or (5) file an answer admitting the
material allegations of a petition filed against the mortgagor in any bankruptcy,
seorganization or insolvency proceeding, or (6) action shall be taken by the
'mortgagor for the purpose of effecting any of the foregoing, or (7) any order,
judgment or decree shall be entered upon an application of a creditor or mortgagor
by a court of competent jurisdiction approving a petition seeking appointment of a
receiver or trustee of alI or a substantiaZ part of the mortgagor's assets and
auch order, judgment or decree shall continue unstayed and in effect for any period -
of thir[y (30) consecutive days, the mortgagee may declare the note hereby secured
forthWith due and payable, whereupon the principal of and the interest accrued
on the note aad all other sums hereby secured shall become forthwith due and
payable as if all of the said sums of money were originally stipulated to be paid
on such day; and thereupon the mortgagee without notice or demand may prosecute a -
suit at law and/or in equity as if all monies secured hereby had matured prior to
its institution.
Z5. Mortgagor shall not permit any other liens to be filed against the said
premises and if any such liens are filed,~whether paramount or subordinate to this
mertgage, iaortgagor will have or cause to be had said liens discharged imm~ediately.
26. It is agreed that nothing herein contained nor any transaction related
thereto shall be construed or so operate as to require the mortgagor to pay
interest at a rate greater than it is now lawful in such case to contract for,
or to make any payment or to do any act contrary to law; that if any clauses or
provisions herein contained operate or would prospectively operate to invalidate
this mortgage or said Note in whole or in part, then, such clauses and provisions
only sha11 be held for naught, as though not herein contafned, and the remainder
of this mortgage shall remain aperative and in fuZl force and effect.
27. No waiver of any covenant herein or in the obligation secured hereby shall
et any time hereafter be held to be a waiver of any of the other terms hereof or
of the note secured hereby.
-5-
6~oK 234 P~~r 2~~~
w
y y:.~ ~ ; - : -
x : , ~ .
~"',~^v"r,~..~:r
~ ~