Negative Pledge of Real Estate, Vehicles

Negative Pledge of Real Property. Except upon the prior written consent of Bank and except for the existing first mortgage which will be paid off with the proceeds of the Loan, Customer shall not directly or indirectly: (i) sell, assign, transfer, mortgage or otherwise encumber the Real Property to or for the benefit of anyone other than Bank, or (ii) permit any mortgage or other encumbrance to exist upon the Real Property.

Negative Pledge of Real Estate. Except upon the prior written consent of Bank, Customer shall not directly or indirectly sell, assign, transfer, mortgage or otherwise encumber to anyone other than Bank any real property, now owned or hereafter acquired.

Negative Pledge of Real Estate. Except upon the prior written consent of Bank, Customer shall not directly or indirectly sell, assign, transfer, mortgage or otherwise encumber to anyone other than Bank the real property commonly known as ___________________ (the “Real Property”). Notwithstanding the foregoing, Customer may grant a mortgage on the Real Property to ____________ only if, prior to the grant of any such mortgage, Customer shall cause ______________ to execute and deliver to Bank: (i) a Satisfaction of Mortgage, in form and substance satisfactory to Bank, which, when recorded, will fully satisfy and discharge the mortgage on the Real Property, and (ii) an irrevocable authorization by _____________ to Bank to record said Satisfaction of Mortgage at any time in the sole discretion of Bank. Customer shall be responsible for any and all costs associated with recording said Satisfaction.

Negative Pledge of Real Estate. Except upon the prior written consent of Bank, Customer shall not directly or indirectly mortgage or otherwise encumber to anyone other than Bank the real property commonly known as ____________________ (the “Real Property”), and shall not sell or otherwise transfer any interest in the Real Property except in a good faith arms length transaction with an unrelated third party. If Customer shall at any time hereafter sell or otherwise transfer any interest in the Real Property, it shall give to Bank prompt written notice of such sale, including the name and address of the purchaser, the purchase price and the date of closing. The entire net proceeds of such sale shall be deposited by Customer into the Account, and concurrently with such deposit, the Maximum Line of Credit shall be reduced by an amount equal to such deposit.

Negative Pledge of Real Estate. Except upon the prior written consent of Bank, Customer shall not directly sell, assign, transfer, mortgage or otherwise cause or permit any mortgage, deed of trust or other encumbrance in favor of anyone other than Bank on the real property commonly known as ____________________. Notwithstanding the foregoing, if no Event of Default shall then have occurred or be continuing, Customer may cause or permit a mortgage on said real property to secure debt incurred for improvements thereon, but only if Customer shall at its sole expense (including, without limitation, the cost of preparation, recording and evidencing priority) first cause Bank to have a perfected first mortgage on said property, in form and substance reasonably satisfactory to Bank, as additional security for all of the Obligations.

Negative Pledge of Vehicles. Except upon the prior written consent of Bank, Customer shall not directly or indirectly mortgage, encumber, pledge or grant a lien or security interest to anyone other than Bank in any of its vehicles, now owned or hereafter acquired.