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

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 upon the express condition that if: 1. The shall make or cause to be made all payments Mortgagor and the Agreement to be made by it "to the required by the Note Trustee for the account of the Mortgagor including, but not limited to, all sums required thereby to be used by the Trustee to interest and premium, if any, of the Bonds as pay the principal, the same shall become due and payable, and all fees, charges and of the Mortgagee and the Trustee in connection expenses therewith~ 2. All of the Bonds, interest and if any, premium, 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 completed in accordance with the plans and specifications on file with the Trustee pursuant to the Agreement; 5. The shall reimburse the Trustee for all sums, Mortgagor if any, advanced by the Trustee at the rate of percent ( %) above the rate borne by the Bonds, not to exceea- any applicable legal maximum, for or on account of the Project or for the under the terms of or protection of the holders of the Bonds authorized by the Agreement and the Indenture~ 6. The Mortgagor shall pay all taxes levied upon or against the Project or any part thereof before they become delinquent; and The Mortgagor 7. 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 and political subdivision municipal corporation of the State of Florida, the owner and . holder of 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 of , day 1982, and recorded in the Publ ic Records --o-r- Okaloosa County, Florida ( the " Mortgage" ) , securing the performance of the obligations of the Mortgagor and the payment of the sums of money mentioned in the Financing Agreement, dated as of the day of , 1982, by and between the Issuer Systems Corporation, and Metric 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, and improvements of every structures nature whatsoever now or hereafter situated on the described security interest in property and made part of the Project, and a 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 of hereby acknowledged, which is 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 as provided in the said Financing Agreement. 1  o o ARTICLE VI MISCELLANEOUS SECTION 6. 1. The obI igations of Guarantors hereunder shall arise absolutely and unconditionally when ~ he Bonds shall have been issued, sold and delivered by the Issuer. SECTION 6. 2. No delay or omission to exercise any right or default, omission or failure of perform- power accruing upon any such right or shall be ance her-eunder shall impair any or power construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. In order to entitle the Trustee to exercise any remedy reserved to it in this Guaranty it shall not be necessary to give any notice, other than such notice as may be herein expressly required. In the event any provision contained in this Guaranty should be breached by any Guarantor and thereafter duly waived by the Trustee such waiver shall be limited to the particular breach so waived and shall not be deemed to waive any other breach hereunder. No waiver, amendment, release or modification of this established conduct, custom or course of Guaranty shall be by but instrument in writing duly executed by dealing, solely by an the Trustee. SECTION 6. 3. This Guaranty constitutes the entire agree- ment, and supersedes all prior agreements and understandings, with respect to the both written and oral, between the parties matter hereof and be executed simultaneously in subject may several counterparts, each of which shall be deemed an original, which shall constitute one and the same and all of together instrument. unenforceability of anyone SECTION 6. 4. The invalidity or sentences, clauses or sections in this Guaranty or more phrases, shall not affect the validity or enforceability of the remaining portions of this Guaranty, or any part thereof. direction or other SECTION 6. 5. Any consent, approval, to be signed and executed by instrument required by this Guaranty be in number of concurrent writings of the Bondholders may any be executed by the