HomeMy WebLinkAbout0152 in default whether or not the same are so due and payable and in de-
fault by the specific terms hereof. In the event of a sale with the
approval of mortgagee having first been obtained, nothing herein con-
tained shall be construed to constitute a novation or release mort-
gagor or any subsequent owner of liability or obligation under the
promissory notes secured hereby or this mortgage by reason of the
aforesaid assumption of the obligation under the notes secured hereby,
by a subsequent owner of the property described herein. This pro-
vision shall apply to all property serving as security hereunder,
whether real or personal, except that the mortgagor shall have the
right to add, substitute, or replace machinery and equipment without
the prior consent of the mortgagee in accordance with paragraph (17)
hereof. -
20. Mortgagor agrees that during the term hereof it shall
not enter into any long term lease or similar agreement or arrange-
ment having to do with any real property of any personal property
of the same or similar nature as.the personal property described herein
and encumbered hereby, wherein the mortgagor is obligated to make
periodic payments to any party whatsoever, without first having ob-
tained the prior written consent of the mortgagee. Any such lease,
agreement or arrangement entered into by the mortgagor in violation
of the terms of this paragraph shall entitle the mortgagee to the
acceleration rights contained in paragraph (19) above.
21. Mortgagor shall at all-times comply with all requirements
of all Federal, State and Local pollution control laws and regulations
applicable or pertaining to the property and improvements described
herein or to the business and operations of the mortgagor.
22. Mortgagor agrees that, at all times during the term hereof,
the mortgagee shall have unlimited access to the property encumbered -
hereby for the purpose of inspecting same and for the purpose of
ascertaining that the various requirements and restrictions are being
complied with by the mortgagor.
'23. In the event that mortgagor shall (1) consent to the
appointment of a receiver, trustee, or a substantial part of
mortgagor's assets, or (2) be adjudicated a bankrupt or insolvent,
or file a voluntary petition in bankruptcy or admit in writing its
inability to pay its debts as they become due, or (3) make a general
j assignment for the benefit of creditors, or (4) file a petition or
answer seeking reorganization or arrangement with creditors, or to
take advantage of an insolvency law, or (S) file an answer admitting
the material allegations of a petition filed against the mortgagor
in any bankruptcy, reorganization or insolvency proceeding, or
~ (6) action shall be taken by the mortgagor for the purpose of effect-
ing any of the foregoing, or (7) any order, judgment or decree shall
~ be entered upon an application of a creditor or mortgagor by a court. -
of competent jur-isdiction approving a petition seeking appointment
of a receiver or trustee of all or a substantial part of the mort- _
~ gagor's assets and such order, judgment or decree shall continue
unstayed and in effect for any period of thirty (30) consecutive -
days, the mortgagee may declare the notes hereby secured forthwith
due and payable, whereupon the principal of and the interest accrued
~ on the notes and all other sums hereby secured shall become forthwith
due and payable as if all of the said sums of money were originally
stipulted to be paid on such day; and thereupon the mortgagee without
x notice or demand may prosecute a suit at law and/or in equity as if
all monies secured hereby had matured prior to its institution.
24. Mortgagor shall not pezmit any liens to be filed against
~ the premises (other than those specified on attached Exhib:.t "B"
s and those receiving the prior written approval of the mortgagee) and
} if any such liens are filed whether paramont or subordinate to this
mortgage, mortgagor will have or cause to be had such liens discharged
immediately.
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