HomeMy WebLinkAbout1660 arising out of construction or oparation. The Mortgagor Mill,
at sll timee, naintsin the Improvementa in good operating order
e~nd condition snd Mill promptly make, fro~ time to time, all
repsira, reneKSle, replscementa, additions snd improvemente in
connection ther~ith xhich sre needful or deairable to aach end.
The Improvementa shsll not be ~emoved, demoliahed or substantially
altered, nor ehsll ~y Chattels be removed ~ithout the prior
xritten consent of the Mortgagee, e~ccept ~here appropriste re-
plscements free of superior titie, liens and claims are immediate-
ly made of value at lesst equal to the value of the Chattela re-
movea.
SECTION 1.13e The Mortgagor, immediately upon obtain-
i~g knoxledge of the inatitution of eu~y proceedings for the con-
demnation of the Premises or any portion thereof, Mill notify the
Martgagee of the pendency of such proceedinga. The Mortgagee msy
participate in s~y such proceedinga9 and the Mortgagor from time
ii to time ~ill deliver ta the Mortg~gee all instruments requeated
i by it to permit auch particip~tion. I~ the event of 8uch condem-
~ -
~ nsti~ proceedinge, the aKard or compensation payable is hereby
sesigned to end ehe~ll be psid to the Mortgagee. R'he Mortgngee
shall be 4nder no obligation to queetion the amoun~ of ~ such
sxsrd or compeneation nnd mt~y accept the seane in the amount in
~hich the same ehall be paid. In any euch condemnstion proceed-
inge the Mortgagee may be represented by counael selected by the
Mortgagee. Z'he proceeda of any a~ard of compenaation ao receivecl
shall, at the option of tha Mortgagee, either be a~pp:i~ed9 w~~r.~u~:~
,
premium, to the prepayment of the l~ote and at the rate of ia~tera-t ;
providad therein regardless of the re~te of intere~t payable on
the s~a~d by the condemning authority, or be psid over to the
Mortgagor for reatoration of the Improvementa.
I-9
~ eooK ~74 PASE '
i ; ~0~1?4 ~~656 ~