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88100020
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1988
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88100020
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Last modified
3/9/2007 5:40:56 PM
Creation date
3/9/2007 4:28:31 AM
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DEEDS
Inst Number
88100020
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<br />r <br /> <br />88-:;.. i 00020 <br /> <br />the Indebtedness. causing the entire principal balance. accrued <br />interest. and prepayment premium. if any. to be immediately due <br />and payable. without notice to Mortgagor. vii thout limiting the <br />generality of the foregoing. each of the following events shall be <br />deemed a prohibited transfer hereunder: <br /> <br />(i) if Mortgagor is a corporation. any sale. <br />conveyance. assignment. or other transfer of all or a portion of <br />the stock of Mortgagor. that results in a material change in the <br />identi ty of the person( s) or entities previously in control of <br />Mortgagor corporation; <br /> <br />(ii) if Mortgagor consists of a partnership or <br />joint venture. any sale. conveyance. assignment. or other transfer <br />of all or a portion of the partnership interest of a partner of <br />such partnership. or joint venture interest of a joint venturer in <br />the joint venture. that results in a material change in the <br />identity of the person(s) in control of such partnership or Joint <br />venture; <br /> <br />(iii) a sale. conveyance, assignment, or other <br />transfer of all or any portion of the stock or partnership inter- <br />est of any entity directly or indirectly in control of any corpo- <br />ration or partnership consisting or included within Mortgagor that <br />results in a material change in the identity of the person(s) in <br />control of such entity; or <br /> <br />(iv) any hypothecation of all or any portion <br />of the stock thereof. if Mortgagor is or includes a corporation, <br />or of all or any portion of the partnership interest of any <br />general partner thereof. if Mortgagor is or includes a partner- <br />ship, or of all or any portion of the stock or partnership inter- <br />est of any entity directly or indirectly in control of such <br />corporation or partnership. that could result in a material change <br />in the identity of the person(s) in control of such corporation, <br />partnership. or entity directly or indirectly in control of such <br />corporation or partnership if the secured party under such hypoth- <br />ecation exercised its remedies. <br /> <br />1.11.2 Notwithstanding the provisions of Section <br />1.11.1, Mortgagor shall have the right to grant or convey, free of <br />the lien of this Deed of Trust, easement or right of way interests <br />(collectively, "Easements") in the Mortgaged Property to any <br />rai lroad, telephone or uti li ty company, municipality or other <br />governmental subdi vi sion for the limited purpose of providing <br />rail, telephone or utility services to the Premises or increasing <br />existing rail, telephone or utility services available to the <br />Premises but only if, upon the granting of such proposed Ease- <br />ments, the value, utility and marketability of the Mortgaged <br />Property would not be less than the value, uti li ty and market- <br />abili ty thereof prior to such proposed Easement and Mortgagor <br />shall have delivered to Beneficiary a certificate of an officer of <br />Mortgagor to such effect, accompanied by a copy of the instrument <br />proposed to evidence such grant or conveyance. <br /> <br />-13- <br /> <br />.-~ <br /> <br />L <br /> <br />L <br /> <br />~ <br /> <br />r/ <br />).,. <br /> <br />L <br />
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