Laserfiche WebLink
010951 <br />5. Alterations and Additions. Unless and until an Event of Default 'shall 'have occurred and be <br />continuing, Mortgagor at its expense� may from time to time make reasonable alterations. of and additions <br />of any alteration or ad <br />-a <br />to..the Mortgaged Properties or any part thereof (in tile c se dition involving <br />more than One Hundred Thousan� and no/100 Dollars ($100,000.00) after prior written notice to <br />I)Aq I rigagee), provided that any such -alteration or addition shail not impair tile usefulness of the Mortgaged <br />Pr6perties, shall be effected with d ue diligence in a good and workmanlike manner and in compliance <br />with' all legal rdquirements and insurance requirements of the' Loan Agreement and shall be promptly <br />and fully paid for so that the Mortgaged Properties shall at ail times be free of liens for labor 'and <br />m aterials supplied or claimed to have been supplied, other than any. lien oi- right thereto under a contract <br />I <br />pursuant to which payment is not,yet due (but only if Such contract does not postpone payment for <br />m are than one hundred (100) days after completion of lie work in question).' All alterations of and <br />additions to the Mortgaged Properties shall immediately qcome subject to tile' lien of this Morigage <br />.Without further action on tile part of Mortgagor or Mortgagee. <br />6. Removal and Disposal of Equipment. Without the prior written consent of Mortgagee, Mortgagor <br />will not: <br />A. remove or permit tile removal of any equipt nent i ncluded in the Mortgaged Properties, <br />or <br />B. sell or otherwise dispose of or permit the sale or other disposition of any of tile Mortgaged <br />Properties except as permitted by 7 and, 10 hereof, <br />provided that Mortgagor may, if no -Event of Default at the time exists, rernove and sell or otherwise <br />dispose of, free of any right or claim of Mortgagee, any eq ipment owned by Mortgagor and included <br />in. tile Mortgaged Properties which has become worn out or obsolete, or which has been replaced by <br />other equipment, subject to tile lie . n of this Mortgage, havirlig a utility and value at least equal to that, <br />at.the time of removal, of the equipment so removed, provided that, in the case of any such removal <br />involving an item of equipment having a book value of more than One Hundred Thousand and no/100 <br />Dollars ($100,000.00), Mortgagor shall give not less than thirty (30) days' prior written notice of such <br />removal to Mortgagee, together with a certificate of tile I,resident or a Vice Oresident of Mortgagor <br />stating that such removal is in compliance with this § 6. Mortgagor will pay all expenses of any such <br />removal and will immediately repair at its expenseall damage I to the Mortgaged Properties caused thereby. <br />7. Partial Release of Mortgaged Properties. The Mortg I agee may, from time to time, release'and <br />cancel the lien of this Mortgage as to accounts receivable or similar contract rights of tile Mortgagor, <br />upon receipt of cash proceeds or substituted Mortgaged Properties deemed by the Mortgagee t a be of <br />sufficiently equal value to the accounts receivable or similar contract rights released to adequately protect <br />and carry out the lien of this Mortgage. <br />8. No Claims Against Mortgagee, et . Nothing in this Mortgage shall constitute any consent or request <br />by . Mortgagee or the holder of any Note, express or implied, for the performance of any labor or services <br />or the furnishing of any materials or other property in respect of the Mortgaged Properties or any part <br />thereof, nor as giving Mortgagor any. right, power or authority to contract for or permit tile performance <br />of any labor or'services or the furnishing of any materials )r other property in such fashion as would <br />permit tile making of any claim. against Mortgagee or tile holder of any Note in respect thereof or <br />any claim that any lien based on tile performance of such labor or services or the furnishing of any <br />;,such materials or other property is prior to the lien of this mortgage. <br />