Fort Walton Beach Resolution — 82-22-Ind Revenue Bonds-Gator Distributors — reading text

Mortgage or the Indenture securing this Note constitutes an event of default. Upon the occurrence of an event of default the holder of this Note may, at its option, declare all unpaid this Note and any modi fi ca tions thereof immediately due and payable without notice regardless of the date of maturity. Failure at any time to exercise this option shall not constitute a waiver of the right to exercise the same at any other time. This Note is assignable to the Trustee as provided in the Indenture. This Note shall be governed by the laws of the State of Florida, which laws shall be applicable in the interpretation, construction and enforcement hereof. GATOR DISTRIBUTORS, INC. SEAL) By: Its: ATTEST: 3  o o together with all buildings, structures, and improvements of every nature ~ hatsoever now or hereafter situated the on property of the Project and made part of the Project; and a security interest in all fixtures, machinery, equipment, and other personal property, except motor vehicles, of every nature whatsoever' now or hereafter owned by the Mortgagor and made part of the Project and located in, on used or intended to used in connection with the or Project and with the operation of the land, buildings, structures or other improvements, including all extensions, additions, improvements, betterments, renewals and replacements to of the foregoing which are made part of the project. TO HAVE AND TO HOLD the same, together with all and" singular the tenements, hered i taments, easements, rights, powers, pri vi- leges, immunities and appurtenances thereunto belonging or in anywise appertaining and the reversion and reversions, remainder and remainders, rents, issues, profits and proceeds thereof, and also all the estate, right, ti tIe, interest, separate estate, property possession, claim and demand whatsoever as well in law as in equity of the Mortgagor of, in and to the same and every part and parcel thereof unto the Mortgagee in fee simple. And the Mortgagor does hereby fully warrant the title to said real and personal property against the lawful claims of all per- sons claiming by, through or under it. PROVIDED ALWAYS and these presents are the upon express condition that if: 1. The Mortgagor shall make or cause to be made all payments required by the Note and the Agreement to be made by it "to the Trustee for the account of the but Mortgagor including, not limited to, all sums required be thereby to used by the Trustee to pay the principal, interest and premium, if any, of the Bonds as the same shall become due and payable, and all fees, charges and expenses of the Mortgagee and the Trustee in connection therewith; 2. All of the Bonds, interest and premium, if any, thereon are fully paid, or funds for the payment thereof deposited with the Trustee in accordance with the terms of the Agreement and the Indenture; 3. The Mortgagor shall at all times maintain all insurance upon, or in connection with the operation of, the Project required by the Agreement; 4. The Mortgagor shall cause the project to be in completed accordance with the plans and specifications on file with the Trustee pursuant to the Agreement; 5. The Mortgagor shall reimburse the Trustee for all sums, if any, advanced by the Trustee at the rate of ___ percent (__%) above the rate borne by the Bonds, not to exceed any applicable legal maximum, for or on account of the Project or for the protection of the holders of the Bonds under the terms of or authorized by the Agreement and the Indenture; 6. The Mortgagor shall pay all taxes levied upon or against the proj ect any part thereof before or they become del inquent; and 7. The Mortgagor shall duly, promptly and fully perform, comply with and abide by each and every the stipulations, con- ditions, agreements and covenants in the Agreement; 4  o o ASSIGNMENT OF MORTGAGE AND SECURITY AGREEMENT KNOW ALL MEN BY THESE PRESENTS, that the CITY OF FORT WALTON BEACH, FLORIDA, a municipalcorporation and political subdivision of the State of Florida, the and . holder of owner a certain Mortgage and Security Agreement executed by GATOR DISTRIBUTORS, INC., a corporation duly organized and existing under the laws of Florida, to the CITY OF FORT WALTON BEACH, FLORIDA ( the " Issuer"), dated as of the day of , 1982, and recorded in the Publ ic Records ~ Okaloosa Florida ( County, the " Mortgage" ) , securing the performance of the obligations of the Mortgagor and the payment of the sums of mentioned in the money Financing Agreement, dated as of the day of , 1982, by and between the Issuer and Metric Systems Corporation, securing the performance of the personal Guaranty Agreement from the stock- holders of Gator Distributors, Inc., as guarantors, to as Trustee and guarantee, incorporated in and made a part of the Mortgage by reference, encumbering real property situated in the State and County aforesaid described as: Insert Legal Description] together with all buildings, structures and improvements of every nature whatsoever now or hereafter situated on the described property and made part of the Project, and a security interest in all fixtures, machinery, equipment, and other personal property, except motor vehicles, of every nature whatsoever now or hereafter owned by the Mortgagor and made part of the Project and located in, on or used or intended to be used in connection with the Project and with the operations of the land, including all exten- sions, additions, improvements, betterments, renewals and replace- ments to any of the foregoing which are made part of the project, comprising the Project as set out in the said Financing Agreement, for the consideration of the sum of Ten Dollars ($ 10. 00) paid by as Trustee, the receipt which is hereby acknowledged, of and other good and valuable considerations, the said Authority, as Assignor, hereby assigns and transfers to , as Trustee and Assignee, the above described Mortgage, together with the sums of money secured by said Mortgage, and the money due and to become due thereon in said as provided the Financing Agreement.  o o ARTICLE I REPRESENTATIONS AND WARRANTIES OF GUARANTORS The Guarantors each hereby represent and warrant that neither this Guaranty nor the agreements herein contained contravene or constitute a default under any agreement, instrument or indenture to which he is a party, or any other requirement of law applicable to him. 1 4  o o any allegation or contest of the validity of the Mortgage, the Agreement or the Indenture in such proceeding; or j) the release or discharge of Gator Distributors, Inc. or the Issuer from the performance or observance of any obligation, covenant or agreement contained in the Agreement or the Indenture by operation of law or otherwise1 or k)