HomeMy WebLinkAbout2536 MTG-1-A-4/23/73
prepared in accordance with generally accepted accounting principles
and certified by a certified public accountant approved by Mortgagee,
a~d if any of the Mortgaged Property is rented or leased, a rent
schedule of the Mortgaged Property, certified by an accounting
officer of Mortgagor, showing the name of each tenant and the space
occupied, the lease expiration date and the rent paid.
1.15 Estoppel Affidavits. Mortgagor, within ten
(10) days after written request from Mortgagee, shall furnish
a written statement, duly acknowledged, setting forth the unpaid
principal of, and interest on, the Note, and any other unpaid
sums secured hereby, and whether or not any offsets or defenses
exist against such principal and interest or other sums.
ARTICLE TWO
DEFAULTS
2.01 Event of Default. The term Event of Default,
wherever used in t zs Mortgage, shall mean any one or more of '
the following events: ,
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(a) Failure by Mortgagor to pay, as and when due ~
and payable, any installments of princinal or interest due
under the Note, or any deposits for taxes and assessments or ~
insurance premiums due hereunder, or any other sums to be paid
by Mortgagor hereunder or under any other instrument securing
the Note. ~
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(b) If Mortgagor breaches any of the covenants, agree- j
ments and conditions of paragraph 1.08 of Article One hereof.
(c) Failure by Mortgagor to duly keep, perform and
observe any other covenant, condition or agreement in the Note,
this Mortgage, any other instrument securing the Note or any '
other instrument collateral to the Note or executed in connection
with the sums secured hereby for a neriod of 30 days af~ter Mort-
gagee gives written notice soecifying the breach.
(d) If either (A) Mortgagor, or any guarantor or en-
dorser of the Note: (i) files a voluntary petition in bank-
ruptcy, or (ii) is adjudicated as a bankruot or insolvent, or (iii)
files any petition or answer seeking or acquiescing in any reor-
ganization, manager.~ent, corporation, readjustment, liquidation,
dissoZution or similar relief for itself under any law relating
to bankruptcy, insolvency or other relief for debtors, or (iv)
seeks or consents to or acquiesces in the appointment of any
trustee, receiver, master or Iiquidator of itself or of all or
any substantial part of the Mortgaged Property or of any or all
of the rents, revenues, issues, earnings, profits or income
thereof, or (v) makes any general assignment for the benefit of
creditors, or (vi) makes an admission in writing of its inability
to pay its debts generally as they become due; or (B) a court
of competent jurisdiction enters an order, judgment or decree
approving a petition filed against Mortgagor or any guarantor or
endorser of the Note, seeking any reorganization, arrangement,
composition, readjustment, liquidation, dissolution or similar ;
relief under any present or future federal, state, or other
statute, law or regulation relating to bankruptcy, insolvency ~
or other relief for debtors, which order, judgment or decree
remains unvacated and unstayed for an aggregate of sixty (60) days ;
(whether or not consecutive) from the date of entry thereof; or
(C) any trustee, receiver or liquidator of Mortgagor or of all .
or any substantial part of the Mortgaged Property or of any or
all of the rents, revenues, issues, earnings, profits or income ~
thereof, is appointed without the prior written consent of
Mortgagee, which appointment shall remain unvacated and unstayed
for an aggregate of sixty (60) days (whether or not consecutcive) .
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