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HomeMy WebLinkAbout2956 13 Property or any article to be brought thereon, which may be dangerous, unless safeguarded as required by law, or which may, in la~v, constitute a nuisance, public or private. 5.2 ALTERATIO1hS, Erc. 11lortgagor will not commit or knowingly permit any waste of the Mortgaged Property or mal:e or permit to be made any alterations or additions to the T'Iortgaged Property which would have the effect of materially diminishing the value thereof or which ill in any way increase any ordinary fire or other hazard arising out of construction or operation thereof, provided that nothing in this paragcaph shall prohibit the construction of the Impro~ements by 1liortgagor under the terms and t conditions of the Loan Agreement. ~ rJ.3 REPLACEMENT OF FIXTURES, IMPROVEMENTS OR PERSONAL ~ PxoPExrx. ~Iortgagor ~vill not permit any of the Fixtures or Improvements F (or Personal Property, if any) to be removed at any time from the Land, ; without the prior ~vritten consent of Mortgagee, unless actually replaced ; x by an article of equal suitability and value, owned by Mortgagor, and unless k such replacement article is encumbered by this Mortgage as a first lien, ~ ~ free and cleaz of any lien or security interest except such as ma} be ap- - r pro~~ed in writing by Mortgagee. ~ 5.4 OTHER IaENS. hiortgagor will not, ~vithout the prior written consent of Mortgagee, create or permit to be created or to remain, any ~ mortgage, pledge, lien, encumbrance or charge on, security interest in, ~ or conditional sale of or other dde retention agreement on («hethcr ; ~ prior or subordinate to the liens of the Securiry Documents ) the l~iortgaged ~ Property or income therefrom, other than the Security Documents and the ~ Permitted Encumbrances~ and that certain mortgage recorded* ~ ~ } 5.5 TRANSFEIt oF TITLE, l~iortgagor will not, without the prior - «Titten consent of l~tortgagee, convey, transfer or permit to be conveyed r~ or transferred, Mortgagor's tide to the Land, Improvements and/or ~ Fixtures (or Personal Property, if any). - 5.6 CHANGE IN ~~~'I~ERSHIP OF MORTGAGOR. AIOltgagOI' will not, ~cithout the prior written consent of ~iortgagee, permit - _ ( a) If 111ortgagor is a corporation, ( i) the transfer of stock of 1liort- gagor of an} stockholder of rtortgagor owning directly or indire*~tly, fi~-e per cent ( 5% ) or more of the issued and outstanding stock of Mortgagor - *in Official Records Volume 218, Page 718, public records - of St. Lucie County, Florida, which mortgage is subject, subordinate, inferior, and junior to the lien of this s:~ Mortgage. Any default by the Mortgagor under the terms ~ w, ; ~ - of the aforesaid described subordinate mortgage shall be ~ s•r an event of default under Art icle 6 of this Mortgage . ~ ' r' ~ ~J,;, ~ ~ ~jj~ ~ i ~Y ~ f0(ilc~+~SI) , _ ~ - - - - - ~ f i~ _e . . . _ ~ .