HomeMy WebLinkAbout0320 • • . . , ~
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all its oLligntions undcr tltis 11[ort~;ngo wl~ich aro roquircd to bo fnVilled
ou or prior to lliu d1tQ of such certificuta ~
(C) The Mortgagor shall cause Gulf Oil Real Estate
'Development Company (hereinafter referred to as GOREDCO) '
to deliver to the Mortgagee within 120 days after the
close of the fiscal year of GOREDCO, the annual audited
, financial statement of GOREDCO. All financial statements
of GOREDCO shall be prepared in accordance with generally
accepted accounting practice, shsll be delivered in
duplicate and, shall be prepared and certified to by a ~
Certified Public Accountant, acceptable to the Mortgagee.
Each of such financial statements shall disclose, to the
sole satisfaction of the Mortgagee, that GOREDCO has a
net worth dete~mined in accordance with generally accepted
~
k accounting practice on a basis consistently applied, of
not less than $15,000,00-0.00 and a debt (including contingent =
~ Iiabilities) to equity ratio of not more than 4 to 1(equity
! sha11 be determined in accordance with generally accepted
~ . accounting practices on a basis consistently applied).
~ The Mortgagor shall further, cause GOREDCO to deliver to
~ the Mortgagee, within sixty (60) days after the close
g of each quarter, the quarter annual financial statements
~ of GOREDCO. All quarter annual financial statements of
GOREDCO shall be prepared in accordance with generally
~ accepted accounting practices, shall be delivered in
~ duplicate and, shall be accompanied by a certificate of
~ the principal financial officer of GOREDCO.
~ d Z'Le llort ~^or tiitl~in seven~/dA s u on rc ucst in crson !
~ b• a, Y P R P
~ or wilhin ten (10)~iay s ul~on requcst by inail, will furnisL u~vritten ~
~ st~tc~~•::~ -1~a1; ~cl-rzeti:~le~!accl ~f tLe amou~~t ci~.~e tvhetl~cr for rrincin:~l i~
~ .or interest on t}iis ~Iorlgaae And ~LetLcr any offsets or defenscs esist • ~
~ aguiust tLc llortoaoo iu~lebte~lucss. . .
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~ SECriov 1.1?. The ~Lort~aaor ~vill not commit nny ~vlstc on tho
Premises or n~ake un}~ clian~e in tLe use of the Premises wliich will ~
i.n any ~cay incrcaso any or~lii~ury lirc or otLer hazard arisino out of 3
coustructiou or opcration. `l'Lc llortaaaor ~tiill, at all tiwes, m~intain ~
" the Improvcuicnts in good opcrating ordcr and coiidition and «ill
: promptly nialcc, fronl timc to tiuic, all mp.tirs, renc~~lls, replacenicn~.g, •
~ additio~is and iuipro~ ciuct~ts i~i co~ii?cction therc~r•itli ~~~Lich urc ~?ccdful ~
~ or desirable to such cu~l. `l'hc I~uproveiuents shall uot be removed,
demolished.or suLst:iutiall} altcrccl, nor ~l?;ill any C~attcis bo r~moved
~ wit~out tLc prior ~~•rittcn coiisc~?t of tlic Dturtaci~ee, csccpt ~tiLcre
8ppropriate rci~lacct~?ciits l'rcc of supcrior titlc, licus aud claiiiis ~ro
immediatcly niadc ot raluc at lcust e~lual to thc value of the CLuttels
removed.
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~ a~a~222 ~~E 320
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