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<br />89- 101934
<br />maintained by Trustor during the fiscal year next proceedin% ST."zch.
<br />statement applied on a consistent basis, except for such changes as
<br />are within the confines of generally accepted accounting principles
<br />and explained in such certificate, (ii) a certificate by Trustor
<br />certifying, at the date thereof, either that there does or does not
<br />exist an event which constitutes, or which upon notice or lapse of
<br />time or both would constitute an Event of Default, and if such an
<br />event exists, the nature thereof and the period of time it has
<br />existed, and (iii) an operating statement, in such detail. -as
<br />Beneficiary may reasonably require, from time to time, v6tch
<br />accurately and fairly and separately presents the operations during
<br />such period of the Trust Property by the Trustor. and
<br />(b) As soon as practicable after the end of-each fiscal_
<br />year of the corporate Guarantor•of the Note, Vetter Holding, Inc.,
<br />and in any event within ninety (90) days thereafter, (i) balance
<br />sheets as at the end of such year, and statements of income,
<br />expenses, and of surplus for such year, for Vetter Holding, Inc.,
<br />setting forth ,in comparative form, the figures for the previous
<br />fiscal year,., aril in reason��:e detail and certified by independent
<br />public accountants of recog'ized standing satisfactory to the
<br />Beneficiary to be complete and correct, and an unqualified opinion
<br />or opinions to the effect that such balance sheets and statements
<br />of profit and loss fairly piresent the financial condition of Vetter
<br />Holding, Inc., and the results of its operations in conformance
<br />with generally accept4daiccounting principles applied on a
<br />consistent basis, etcqt'pt as may be described in such opinion or
<br />opinions, such.exoeVilons to be reasonably acceptable to
<br />Beneficiary; and
<br />(c) As soon as practicable after the end of each tax
<br />year of the individual Guarantors of the Note, Jack D. Vetter and
<br />Eldora D. Vetter, and in any event within ninety (90) days
<br />thereafter, a compiled statement of assets and liabilities of Jack
<br />D. Vetter and Eldora D. Vetter as at the end of such tax year and
<br />copies of the personal federal income tax returns of Jack D. Vetter
<br />and Eldora D. Vetter for such tax year.
<br />(d) -At any time and from time to tine, Truator shall
<br />deli4.er to Ekaneficiary such financial data as beneficiary shall
<br />reascrfaably retest with respect to the ownership and operation of
<br />the Trust Property, and Beneficiary shall have the right, at
<br />reasonable times and upon reasonable notice, to examine and /or
<br />audit books of account and records of Trustor and the Guarantors
<br />relating to the Trust Property, all of which shall be made
<br />available to Beneficiary and Beneficiary'a representatives for such
<br />purpose from time to time.
<br />23. Maintenance of Working Capital. Immediately at such time
<br />as the business to be conducted on the Mortgaged Property first
<br />achieves a breakeven occupancy, and at all times thereafter, the
<br />corporate Guarantor of the Note, Vetter Holding, Inc., shall
<br />maintain net current assets in an amount not less than the sum of
<br />one dollar ($1.00), 'net current assets" being herein defined as
<br />the excess of current assets over current liabilities. Current
<br />assets and current liabilities shall be determined, both as to
<br />classification of items and amounts, in accordance with generally
<br />accepted accounting principles applied on a consistent basis by
<br />accountants of Vetter Holding, Inc., in preparation of the annual
<br />financial statements required in section 22 above, provided that
<br />there shall be excluded from current assets all prepaid expenses
<br />and all amounts due Vetter Holding, Inc., from any of its employees
<br />and provided further that current liabilities shall not include the
<br />current year's real estate taxes.
<br />24. Further Assurance* Upon request by Beneficiary, Trustor
<br />shall execute, acknowledge and deliver all such further instruments
<br />(including corrective and curative instruments) and do such further
<br />acts as may be necessary, desirable or proper to effectuate the
<br />purposes of this Deed of Trust and the Related Loan Instruments and
<br />to secure the rights and remedies conferred upon Beneficiary and,
<br />at all times, shall conduct its business and affairs in such manner
<br />as to conform to the terms, provisions, requirements and
<br />D: \tAANDOC \HEALT1f: DOT
<br />April 10, 2989 11
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