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Specifically, the promissory note provides that a release of the
collateral by petitioner does not satisfy petitioner’s
obligation.
[The petitioner’s liability] hereunder * * * shall
remain unimpaired, notwithstanding * * * the release
* * * of all or any part of security * * *.
The promissory note also does not waive the right of CareMatrix
to pursue legal remedies upon nonpayment.
[CareMatrix] shall not, by any act, delay, omission or
otherwise be deemed to waive any of its rights or
remedies hereunder unless such waiver be in writing and
signed by [CareMatrix], and then only to the extent
expressly set forth therein.
The stock pledge agreement provides that the pledge is to remain
in effect until the loan is paid in full, at which time
CareMatrix is to return the collateral to petitioner.
Termination of Pledge. This Pledge shall remain
in effect until all terms and conditions of the Note
have been satisfied in full and the Indebtedness has
been paid in full whereupon the Lender shall forthwith
assign, transfer and deliver to [petitioner] without
representation, warranty or recourse, against the
appropriate receipts, all the Pledged Shares, if any,
then held by it in pledge hereunder.
Additionally, the period of limitations for CareMatrix to
commence an action to enforce petitioner’s repayment does not
expire until April 15, 2006. See Mass. Gen. Laws ch. 106,
14(...continued)
of the collateral during petitioner’s taxable year 2000, and that
such a sale does not result in discharge of indebtedness income.
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Last modified: May 25, 2011