HomeMy WebLinkAbout0901 arising out of construction or oparation. The Mortgagor Mill,
at all timee, ~aaintain the Improvemente in good operating order
e~nd condition au~?d xill promptly me~ke, from time to time, sll
repairs, rene~als, replscementa, additiane and improvements•in
connection thera~ith xhich sre needf~,tl or deairable to such end.
The ?mprovements shall not be removed, demolished or substantislly
altered9 nor shsll a~y Chattels be removed ~ithout the prior
xritten consent of the Mortgagee, e~ccept Khere appropriate ra-
plscements free of superior title, liens ancl cldimB are immedinte-
ly made of vt~lue at least equal to the valae of the Chattels re-
movede
SECTION 1.13e The Mortgagor, immediately upon obtain-
ing kno~ledge of the institution of a~y proceedi~gs for the con-
demnation of the Premisea or any portion thereoP, Mill notify the
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Mortgagee of the pendency of such proceedings. The Mortgagee may t
~ participate in s~c~y such proceedir~ga9 and the Mortgngor from time ;
t
to time ~ill deliver ta the Mortgagee all instruments requested
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by it ta permit such pt~rticipation. In the event of such condem-
ns~i~ proceedings9 the axard or comFsnsation payable is hereby
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seaigned to and shall be pdid to the Mortge~geee ~'he Mortgagee `
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shall be under no obligation to question the amount of a~y such ~
axsrd or compensation and may accept the same in the amount in ~
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which the same shall be paid. In ar~y auch condemnation proceed-
ings the Mortgegee may be represented by counael selected by the
Mortg~gee. The proceeda of ar~y a~ard of compenaation so receiv~ed
shnll, at the option of the Mortge~gee, either be a~pFiied9 ~ritr.~u-~
premium, to the prepayment oP the Note and at the rate oP intereYt
provided therein regardless of the rste of interegt payable on
the axsrd by the conclemning aathority, o~ be pnis~ over to the
Mortgagor for reetoration of the Improvementa.
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600K P~6E
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