Performance of Obligations/Valid Mortgage. In consideration of Mortgagee's agreement to accept the Note, as guaranteed by the Subsidiary Guarantee, as partial payment of the purchase price under the Purchase Agreement, and in recognition of the fact that Shipowner, as a wholly-owned subsidiary of Buyer after the transactions contemplated by the Purchase Agreement, will derive substantial direct and indirect benefit from the consummation of the transactions contemplated by the Purchase Agreement and Mortgagee's agreement to accept the Note as partial payment of the purchase price thereunder,, Shipowner hereby covenants to observe, perform and comply with each and every one of the covenants, terms and conditions in the Security Documents on its part to be observed, performed or complied with. Shipowner will execute and deliver all other documents and take all other actions Mortgagee reasonably deems necessary in order to establish, perfect and maintain the Statutory Mortgage and this Deed as a valid, enforceable, and duly perfected preferred mortgage upon the Vessel and upon all renewals, improvements and replacements made in or to the same. Shipowner shall remain liable to perform all its respective obligations connected with the Vessel, it being agreed that Mortgagee shall not, in any circumstances, have or incur any obligation of any kind in connection with the Vessel except to the extent expressly provided herein.
Performance of Obligations/Valid Mortgage. Shipowner will pay the indebtedness evidenced by the Note and this Mortgage with interest pursuant to the terms of the Note and this Mortgage, and shall observe, perform and comply with each and every one of the covenants, terms and conditions herein and in the Note on its part to be observed, performed or complied with. Shipowner will comply with and satisfy in all material respects the provisions of Chapter 313 of Title 46 of the United States Code, as amended, and execute and deliver all other documents and take all other actions Mortgagee reasonably deems necessary in order to establish, perfect and maintain this Mortgage as a valid, enforceable, and duly perfected preferred mortgage thereunder upon the Vessel and upon all renewals, improvements and replacements made in or to the same. Shipowner shall remain liable to perform all its respective obligations connected with the Vessel, it being agreed that Mortgagee shall not, in any circumstances, have or incur any obligation of any kind in connection with the Vessel except to the extent expressly provided herein, including upon the exercise of Mortgagee's remedies hereunder and other than as required by 46 CFR ss.sx. 001.17 and 221.19.
