HomeMy WebLinkAbout0958 excezd OU, Q00 . 0~ and Mortya~3or 5ha11 not obtain
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additiona p:incipal ~ursUant to any future Advance clauses under
said purchase money second ~r~ortyaye. Any violation oE the
toregoing limitations, at the option of Mortgayee, sh~ll be
deei~,ed an event of default hereunder.
iJeitner ~iortyag~r, Dealershi~ nor any
uarantor, snall assume, ar tee, become a suret , en e, or
o erwise become di tly or c inyently liable connection
~vit any indebt ess of any ott~er~son, exce tor uarantees ~
by ndorsem of negotiable instr~i.ttt Eor dep sit or ~
c~llec 'on or similar transactions in e -d.inary co se ot
busines as an automobile dealer Any violations o the
fore ing ~.,imitation, at the o ' n of t~lortyayee shall be de~med
an event uE `detault hereunde,.Y.
(c) Neither t~ortgayor, Dealership, nor any ~
. t > f ,M r- r c F, ~ 1 7 -2 L ! s-^ ~ ~ ~ c-.~. ` r l ~ c~.. : : ~ ~ .'.~L ~ :
: ~ ° "
'7'vLir :..3L ~ J:Si~.ii {ii~wl~ 'iil .3i.i~~~~1 LV ~ l 1
t~lortyagor Deale ip, or any r x~tor to a pe n or
entity. ye'th Mortgagor, uealer p, or any guar ar shall J~,
make any antial disburse t oE fu or cq ire real
property, uildin macninery or other tixed as -not related
to the usiness of auto ile dealer. An violation of the
tore iny 1 imitation at t option of t~lortg ee shall be deemed
a event oE detault here der.
(d) Neither ~4ortqagor nor Dealership shall use any
of tiie proeeecls securec3 by this t~lortyaye for any unusual pur-pose
or any purpose other than the acquisition of the Premise and
construction of an automobile dealership thereon pursuant to th`
Plans an~3 Specifications dated December 7, 1987 and prepared Qy
SKA Architect and Planner. Any violation of the foregoiny
1 imitation at the option of tdortyagee shall b~ dee.~ned an event of
default hereunder.
(e) Mortgayor shall not s~ll, assign, len~, lease, ~
transfer or otherwise dispose oF any proprietary, partnersni~ or
shar~ interest in the Dealership or all or substantially all of ~
the assets of th~ Dealership. Any violation ot the foregoing ~
1 i~nitation, at the o~tion of Mortgagee, shall be deemed an event
of default hereunder. ;
; ~
; ( f) tdeither f~tortgagor nor ~ealership shall create
' or ~ermit to exi~t any pledge, mortgaye, encumbrance, security
~ interest or other lien, against any assets owned by the Mortgagor '
~ or Dealersnip at tne date of tnis ~lortgaye or thereaFter
acquire~, exceot upon the assets of the Dealershi~ in the
~ ordinary course of business as an automooile dealer. Any
~ vioiation oE the foregoina limitation at the option of t~fort~ayee
shall be deemea an event ot ciefault hereunder.
10. (a) Upon the occurrence of any one of the .
tollowiny events (herein called an "Event of Gefault"):
( i) should Mortgayor fail to pay tt~e
5ecured Indeotedness, or any part thereof, or the periodic
deposits for taxes, insurance and other charges, as hereinbefore
~rovided, ~nen and a~ the sarne shall Qecome due and payable;
( ii) should any warranty of t~:ortgayor
h2rein cantained, or contained in any instrument, document,
~ transFer, conveyance, assiynment, loan a~reement, oc Loan
~ Ap~lication and Ayreement given with respect ta the Secured'~
~ Indebtedness, prove untrue or misleading in any material aspect;
( iii) si~ould the Premises be subject to
actual or threatened waste, or any part thereof be removed,
~iemol ished or rnater ial l~~ altered so that the value ot tne
Pre,nises be diminished except as provided Eor in Article 8
~~~rein;
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