HomeMy WebLinkAbout0835 compensation as to a receiver, deficiency and other costs incidential
to the enforcement of the obligation herein described.
7. Notwithstanding the provisions of the modified Promissory
Note hereinabove set out in full, it is aqreed and understood the
owner and holder of the Promissory Note, FLORIDA NATIONAL BANK AT
TITUSVILLE, shall not be entitled to the relief provided in said
modified Promissory Note should any one of the following events
occur with respect to the guarantor, HOBE GROVES, INCORPORATED:
(a) T'he filing of any petition under the Bankruptcy
Act, or any similar federal or stat~ statute; an applicstion for
the appointment of a receiver for the making of a general assignment
for the benefit of creditors by, or the insolvency of said yuarantor;
the entry of a judgment against-said guarantor; the issuing of any ~
attachment or garnishment or the filing of any lien, against any
property of the said guarantor; the taking of possession of any
substantial part of the property of said guarantor at the instance
of any governmental authority; the dissolution, merger, consolidation,
or reorganization of said guarantor; and
(b) The paragraphs numbered 4, 5, and 6 of the
Promissory Note, as modified, shall not apply to the property of
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~4 HOBE GROVES, INCORPORATED, whether the same be real or personal or
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~ whether or not FLORIDA NATIONAL BANK AT TITUSVILLE is the holder
of the collateral, e.g., deposits, trust funds or agency accounts
belonging to the said NOBE GROVES, INCORPORATED, provided, however,
FLORIDA NATIONAL BANK AT TITUSVILLE shall have its common law
remedies in the event of the occurence of a default in the perf_ormance
of the_obligation herein created and modified; and ~
(c) The FLORIDA NATIONAL BANK AT TITUSVILLE
recognizes and agrees that it does not have physical possession of
any of the collateral of HOBE GROVES, INCORPORATED, as is described
in Paragraph 1 of said Promissory Note, as modified.
8. With respect to Paragraph 2 of said modified Promissory
Note, it is understood and agreed that the real and personal
property released by FLORIDA NATIONAL BANK AT TITUSVILLE simultaneously
with the execution of this Modification Agreement shall not create a
diminishment in the value of the existing collateral so as to permit ;
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