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HomeMy WebLinkAbout0906 . RIDEK ATTACNEO TO l1ND SPECIFICALLY M)1D~ A P71RT OF ' TtiJ1T CERTAIN MORTGAGE DAT~D ~''r , 1972 ~ t EXECUTED BY WALTER KASSUBA RFALTY CORPORATION, IN FAVOR OF JACK R. COURSHON, AS t~10MINE~ OF THE TRUST- j SES OF FIRST MORTGAGB INVESTORS, A MASS. BUSINESS ~ TRUST. . ~ i i ' ~ Paragraph 16 of ~he within fiortgage is to read as follows: ~ . 26. "No transfer, assiqnment or hypothecation of all or any part of the•secu- rity foz this Mortqaqe sha?1 be made by Mortqaqor or by a pledqoz without first havinq obtained the prior wrftten consent of Mortgaqee. No dissolution of a corporate borrower shall be suffered or penaitted withont said prfor writtea consent havinq been first obtained. Any transfer or transfers of the capital stxk of a cozporate borrower which would have t2ie effect of transferrinq voting control thereof froae controlling stockholders at the time of the execution of this Mortgage (except a transfer by reason of the death of a stockholder) shall be deemed to be a prohibited transfer by the corporate borrower unless the written consent of Mortgagee thereto is first obtained. With respect to any_~onveyance to Which the Mortqagee shall consent hereunder, the transferee shall'aqree to asswae the paycner~t of the obliqation evidenced by the aforesaid premissory note ~ an8 all obli,qations contained in this Mortqage indenture and in the Loaa Aqres- mer~t in accordance with their respective terms."ariy-such consent under this para- graph will not be unreasonably withheld. ~ . 44. If all or any part of the preiaises shall be damaqed or taken throuqh con- demnation, (which tern when used in this indenture shall include any damage or taking by any_qovernmental authority and any transfer by private sale in lieu thereof), either temporarily or penaanently, the entire indebtedness secured hereby shall, at the option of the Mortgaqee, become immediately due and payable. The Mortqagee shall be entitled to a~2 campensatien, awards, and other payments of relief thereof and is hereby authorized, at its option, to commence, appeax in and prosecute, in its own or the Mortgago~'s name, any action or proceedinq re2atinq to any condemnation, and tb settle or compromise any claim in connec- tion therewith. All such compensation, awards, damages, claims, rights of ac- tion and proceeds and the right thereto are hereby assigned by the Mortgaqor to the Mortqaqee, who after deductirig therefrom all its expenses, includinq-attor- ney's fees, may release any monies so received by it without affectinq the lien of this deed and may apply the same in such manner as the Mortqaqee shall deter- mine, to the reduction of the siun hereby secured, and to any prepayment fee herein provided, and any balance of~such monies then remaining shall be paid to.the Mo~t- ~,gagor. The Mortqaqor agrees to execute such further assignment of any co~pensa- tion, awards, damages, claims, rights of action and proceeds as the Mortgagee may require. ' _ . 95. To.f~urther secure the payment of the taxes and assessments hereinafter re- . ferred~to and the premiums on the hazard insurance hereinafter referred to, and ~~~upon the request of the Mortgagee, the Mortgaqor will deposit with the Mortqagee, • on the-due date of each monthly instalLaent under the Note, a sum which, in the estimation of the Mortgagee, shall be equal to one-twelfth (I/12th) of the annual taxes, assessments and hazard insurance premiums; said deposits to be held by the ; Mortqagee, free of interest, and free~of any liens or c1aiR~s on the part of cre- dito~s of the Etortgage and as.part of the security of thc Mortgagee, and to be used by the Mortgagee to pay cnrrent taxes and assessments and haaard insurance premiums on the prezaises as the same accrue and are payable. Said deposits shall not be, nor be deemed-to be, trust funds but may be commingled with the general funds of the liortgagee. If said deposits are insufficient to pay the taxes and assessments and hazard insurance precniums in full as the samc become payable, the Mortgagor will deposit with the Aiortgagee such additional sum or sums as may be~required in order for the I~fortc~aqee to pay such ta~ces and assessments and haz.~rd insurance premiums in full. Upon any default in the provisions of tr.is ~ indcnture or thc Ivote, the t•tortcjagcc may, at its option, apply any monies in the ~ fund resulting fror~ ~aid deposits to the payment oE thc indebtedness secured ~ I hereby in such manncr as it may elect. r. , flOT ~AV[ 1,~ t ~ i LAW OFIIGif. GOURfNCN A GOURfHON. FORTY-F(RfT sTREET OFRfCE. POST OFFICE OOX 2047. MIAMI BEACN. RLORIOA ~l1~0 ~ ~ , . ~ ~~,~.;4~: . ~ ~ ~ `~-~`.`.~~;Y~.; ~ -