HomeMy WebLinkAbout0959 (iv) should any Federal tax lien or claim
of lien Eor labor or matecial be filed oE record ayainst
i•tortya•3or or the Premises and not be removec~ by payment or bond
witnin 30 days From tt~e~ date of recording;
(v) should any claiin of priority to this
i~~orz~aqe by title, lien or otherwise be ~sserted in any legal,
administrative or equitable proceediny, and not successfully
defended by ciortga~or;
( vi) should Mortgayor or Dealership make
any assignment for the benefit oE creditors, or should a
receiver, liquidator or trustee of Mortgagor or Dealership or of
any Kortgayor's or Dealership's aroperty be appointed, or should
ai~y petition for the bankruptcy, reoryanization or arrangement o~ ~
~tortgaaor or Deale•rship, pursuant to the Federal Bankruptcy Act _
or any sirnilar statute, be Filed, or should Nlortgayor or
I7PaIP_CSIl1D be adiudicated a bankrupt or insolvent, or should
Mortyagor or Dealership, if a corporation, be liquidated or `
dissolved or its cnarter expire or be revoked;
( vii) should Mortgagor fail to keep,
observe, perform, carry out and execute in every particular the
covenants, agreements, obligations dnd conditions set out in this
mortgaye, or i~~ the Note or any other document delivered to
evidence or secure the indebtedness including but not limited to
the Lean Apolication and Agreernent executed by Hortgagor and
dated Decernber 4, 1987;
(viii) should foreclosure nroceedings
(whether judicial or otherwise) be institute3 on any mortyaye or
any lien nf any kind secured by any portion of the Premises;
(ix) should there Le any actions or
Proceedinys pending before any court or administrative body ~
challenying the tiortgayor's proposed or actua~ use or the
Pr erni ses;
( x) any f i~lal judgment, decree or order
is entered ayainst ~Sortyagor or any guarantor granting the
~ adverse party monetary relief or declaratory or equitable relief
, where such declaration or equitable relief materially and
i adversely af~ects the ability of Mortgagor or any guarantor to r
~ conduct its business and ti~e sat~e remains unsatisfied for mor~
~ than thirty (30) da~s; . i
I (xi) Any attachment or executior. Qrocess :
,
is issued against all or any substantial E~art oF the assets of ;
~ °
;4ortyagor or any guarantor; i
(xii) The suspension by ?~ortgagor of all ;
or any significant part of its business operations; ~
i
( xiii) there occurs a default or Event of
Default by ~dortgagor, Dealership or any guarantor under any
agreement, mortgage, note, loan or any other extension of credit
now or hereaEter made bet~aeen hiortqagee and Mortgagor or
Dealership or any guarantor, including transactions unrelated to
this ~7ortgage, and such ~3efault or Event of Default continues
unremedied beyond any grace periad provided therein;
(xiv) 1lortgayor anc7/or Dealership, as the
;,ase rnay be, shall cease to hold ar. automobile franchise or
~ ciistributorship agree~nent pursuant to a valid and suosistiny
c~ealer selling agree~nent, or in th~ event the Franchise or
distributorship is terminated due to the death of the ~dortgagor;
( xv) The net worth of the ~dortgagor,
~Dealership or any guarantor of this ~~lortyage decreases below the
r~inirnum net worth to be maintained as set Forth in the Loan
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