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HomeMy WebLinkAbout2629 additions and improvements of the Property; and (d) to the payment of any indebtedness secured • hereby or any deficiency which may result from any foreclosure sale. 19. Right of Insyection. Mortgagee shall have the right to inspect the Property at ~ all reasonable times, and access thereto shall be permitted i for that purpose. 20. Condemnation. Mortgagor hereby assigns, transfers and sets over unto Mortgagee the entire proceeds of any award or any claim for damages for any of the Property taken or damaged under the power of eminent domain ar by condemnation. Mortgagee may r elect to apply such proceeds in reduction of the indebted- ness secured hereby, whether due or not, or to require Mort- gagor ta restore or rebuild, in which event the proceeds shall be held by Mortgagee and used to reimburse Mortgagor for the cost of the rebuilding or restoring of buildings or improve- ments on the Property in accordance with plans and specifica- tions to be submitted to and approved by Mortgagee. In the event Mortgagor is required or authorized to rebuiZd or restore, the proceeds of the award shall be paid out in the same manner as is provided in paragraph 6 hereof. If the amount of such ~ award is insufficient to cover the cost of rebuilding or res- torat:ion, Mortgagor shall pay such cost in excess of the award, before being entitled to reimbursement out of the award. Any surplus which may remain out of said award shall, at the option of Mortgagee, be applied on account of the indebtedness secured hereby ar be paid to any other party entitled thereto. Tn applying the proceeds of any award on account of the indebted- ness secured hereby, Mortgagee shall be entitled to collect, ~ ~ out of the proceeds of the award, a premium on the amount prepaid, at the same rate as though t~tortgagor had elected to. prepay the indebtedness in accordance witli the terms of the Note. Any and all costs and expenses and reasonable attorneys' fees incurred by rtortgagee by reason of any condemnation, threatened condemnation or proceeding thereunder sha11 be ; secured hereby and Mortgagor shall reimburse l~iortgagee there- for immediately upon dea~and or Mortgagee may, at its option, deduct the same fro~ any award assigned to Mortgagee hereunder. Mortgagor shalZ notify Mort~agee at once of the co~encerent of eonde~nation proceedings of any character affecting tl~e ; Property or any part thereof. In the event that the Propert~• ~ is wholl}~ condernned, Mortgagee shall receive from the Mort- i gagor and/or the proceeds of such condemnation proceedings, ~ the entire indebtedness secured by this mortgage. fi 21. rTotice. j Any no~ice required hereunder shall be given to the other = party in cariting by certified mail addressed to rlortgagor at ! the Property or to Mortgagee at its home office or at such ~ other place as either party ma~•, by notice in kriting, de- ~ signate as a place for service of notice. ~ 22. Invalidicy_, ~ i • ~ Nothin~ contained herein, nor any trans~ction related hereto, shall be construed or so operate as to require the Mortgagor to pay interest at a rate greater than it is lawful in such case to contract for, or to make any payment or to do any act contrary to law, It is understood and agr.eed that if any clauses or provisions herein contained operate or would . ~ i 9 BOOK ~OU PAGE ~25 ~ 1 ; ~ ~.~;£`:~~~~i-~ ~ `5~ ~ . . . . ~ _ _ - • - ~ .