HomeMy WebLinkAbout0648 (i) Concurrently with the execution hereof, the parties shall
conditionally assign to Liberty all leases for concession operations
on the motel premises or connected therewith and shall-further
pledge and conditionally assign to Liberty all liquor licenses,
hotel licenses and other business licenses to the extent assignable
that are used in connection with the motel operations, and shall
further assign or agree to assign at Liberty's option the Ramada Inn
franchise.
(j) Concurrently with the execution hereof, Bears Nest shall
assign, or cause to be assigned to Liberty, as additional security
hereunder, a life insurance policy on the life of George A. Costa in
the amount of $210,000.00, continuing for the life of the loan, and
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all premiums on such insurance shall be paid when due by Bears Nest
or Costa, and Liberty shall be furnished proof of payment of such
premiums. The life insurance policy or policies shall be free and
clear of any indebtedness, and shall continue so long as any amounts
remain due and unpaid on Said Note.
(k) Concurrently herewith Costa shall absolutely and uncondi-
tionally assign to Liberty by separate written Agreement, twenty
percent (20$) of his "net" interest in any condemnation award on the
property known as the Meadowlands property, and any amounts realized
therefrom by Liberty shall be first applied to the Accrued Sum, and
the balance, if any, to the then outstanding principal indebtedness
• under Said Mortgage.
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~ (1) Concurrently with the execution hereof, Bears Nest or
Costa shall pay or cause to be paid in cash or its equivalent, all
outside legal fees incurred by Liberty (from and after October S,
1978) in connection with Said Mortgage, Note and Security Agreement
and the within workout arrangement.
(m) Concurrently with the execution hereof, Bears Nest or
Costa shall provide, or cause to be provided, all documents required
by Liberty to affirm that it has a first lien on the real and per-
sonal property (which personal property shall be listed on a detailed
F inventory) covered by Said Mortgage and Security Agreement, together
with certificates demonstrating the corporate existence iP good
standing of Bears Nest and opinions of counsel, in form and substance
satisfactory to Liberty, opining as to (i) the ownership of the water
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