HomeMy WebLinkAbout1709 in or encumbrances thereon or reservation of title thereto. Provided that Mortgagee
relinquishes its rights to insurance proceeds referred to in four (4) above, Mortgagor
shall promptly repair, restore, or rebuild any buildings or improvements now or
hereafter on the premises which may become damaged or be destroyed, the buildings
and improvements shall be so restored or rebuilt so as to be of at least equal value and
substantially the same character as prior to such damage or destruction.
Mortgagor further agrees: to permit, commit, or suffer no waste,
impairment, or deterioration of the premises or any pact or improvement thereof; to
keep and maintain the premises and every part thereof in good repair and condition; to
effect such repairs as the Mortgagee may reasonably require, and, from time to time,
to make all needful and proper replacements and additions thereto so that said
buildings, fixtures, machinery, and appurtenances will, at all times, be in good
condition, fit and proper for the respective purposes for which they were originally
erected or installed; to comply with all statutes, orders, requirements, or decrees
relating to said premises by any federal, state, or municipal authority; suffer or permit
no change in the general nature of the occupancy of the premises; initiate or acquiesce
in no zoning reclassification of the premises; comply with all provisions of the
Declaration (as hereinbefore defined); and to observe and comply with all conditions
and requirements necessary to preserve and extend any and all rights, licenses, permits
(including, but not limited to, zoning variances, special exceptions, and nonconforming
uses), privileges, franchises, and concessions which are applicable to the premises or
which have been granted to or contracted for by Mortgagor in connection with any
existing or presently contemplated use of the said premises.
6. Creation of Liens and Transfer of Ownership. -
(a) That the Mortgagor will not create, suffer, or permit to be created or
filed against the premises, any mortgage lien or other lien superior or
inferior to the lien of 'this Mortgage. In the event Mortgagor shall
suffer or permit any superior or inferior lien to be attached to the
premises, and the Mortgagor does not remove said inferior lien as
provided in the Loan Agreement executed this date, the Mortgagee,
at its option, shall have the unqualified right to accelerate the
maturity of the Note causing the full principal balance and accrued
interest to be immediately due and payable without notice to
Mortgagor.
(b) Except as permitted in Paragraph 20 hereof, Mortgagor shall not
(whether voluntarily or by operation of law), sell, transfer, convey,
assign, hypothecate or otherwise transfer the premises or any part
thereof, without the express written consent of the Mortgagee. For
the purpose of the preceding sentence and without limiting the
j generality of the foregoing:
f (i) Any sale, conveyance, assignment or other transfer of stock of
the Mortgagor shall be deemed a sale, conveyance, assignment
or other transfer for the purposes of the restrictions imposed by
this Paragraph 6(b);
(ii) Any hypothecation of stock of the Mortgagor which could result
in a material change in the identity of the individuals in control
of Mortgagor if the secured party under said hypothecation
would exercise its remedies shall be deemed to be a hypotheca-
tion for the purposes of the restrictions imposed by this
Paragraph 6(b);
Any waiver by Mortgagor of the provisions of this Paragraph shall not be
~ deemed to be a waiver of the right of Mortgagee to insist upon strict compliance with
the provisions of this Paragraph in the future.
Stamp Tax. If at any time the United States Government, or any _
other federal, state or municipal governmental subdivision, shall require other
_ documentary stamps or tax hereon or on the Note secured herby, or shall require
payment of the United States Interest Equalization Tax upon the indebtedness secured
hereby, then the said indebtedness and the accrued interest thereon shall be and
become due and payable at the election of the Mortgagee thirty (30) days after the
> mailing of notice of such election to Mortgagor; provided, however, said election shall
~ be unavailing and this Mortgage and the Note shall be and remain in
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