Loading...
HomeMy WebLinkAbout1718 ' RIDER ATTACHED TO AND SPECIFICALLY MADE A PART OF ~ THAT CERTAIN MORTGAGE DATED _~~1~ . 1972 ~ ~7CECUTED BY WALTER KASSUBA REALTY CORPORATION, IN FAVOR OF JACK R. COURSHON, AS NOMINEE OF THE TRUST- EES OF FIRST MORZ'GAGS INVESTORS, A MASS. BUSINESS ~ TRUST. i Pasaqraph 16 of the within ltortgaqe is to read as folZows: ~ . ~6. "No transfer, assigrunent or hypothecation of all or any part of the-secu- rfty for this Mortqa~e sha?1 be made by Mortqaqor ox by a pledgor without first havinq obtained the prior written consent of Mortgaqee. No dissolution of a carporate borrower shall be suffered or permitted without said prior written consent havinq been first obtained. Any transfer or tr'ansfers of the capita2 stxk af a corporate borrower which would have the effect of trainsferrinq voting control thereof from controllinq stockholders at the time of the exe+cution'of this Mortgage (exceot a transfer by reason of the death of a stockholder) sha1.I ~ be cleemed to be a prohibited transfer by the corporate borrower unless the written cor?sent of Diortqaqee thereto is first obtained. With xespect to any.~onveyance ~ to ah~.rh the Martgagee shall consent hereunder, the transferee sha21'aqree to assume the ~ayme~~ of the obligation evidenced by the aforesaid_promissory note ~ and.'a~l~ obliqations contained in this ,ioxtqaqe i-?denture and ~n the Loan Agre~- ment in accordance with their respective tenas,~any such consent under this para- graph will'not be unreasonably withheld. , 49. If all er any part of the precaises shall be damaged or taken threuqh con- d~ation, {which terni when used in this indenture shall incYude any d~aaqe or taking by any governmental aut,~ority and any transfer by private sale in lieu thereof), either temporarily or perfnanently, the entire indebtedness secured hereby shall, at the option of the Mortgaqee, become immediately due and payable. The Mortgagee shall be entitled ta all compensation, awards, and other payments af relief thereof and is hereby authorized, at its option, to co~aence, appear in and prosecute, in its own or the Mortgagor's name, any action or proceedinq ~ zelating to any condemnation, and to settle or compromise any clai~ in ronnec- tion therewith. Al1 such compensation, awards, damages, claims, righfis of ac- tion and praceeds and the right thereto are hereby ass~gned by the Mortgagor to t the Mortgagee, wha after deductinq therefrotn a12 its e~cpenses, includi,nq attor- ney's fees, may xelease any monies so received by it without affectinq the 2ien of this deed and may apply the same in such manner as the Mortgaqee shall deter- mine, to the reductian of the svm hereby secured, and to any prepayment fee herein provided, and any balance of~such monies then remaining sha12 be paid to the t~ort- ~ ,gagor. The Mortgaqor aqrees to execute such further assignment of any ca:npensa- tion, awards, damages, claims, rights of action and proceeds as the Mortgagee may require. ' ,95. To further 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 Mortqagee, the Mortgagor will deposit with the riortgagee, on the~due date of each monthly instalLnent under the Note, a sum which, in the estimation of the Mortgaqee, shall be equal to one-twelfth (1/12th) of the annual taxes, assessments and hazard insurance premiums; sa~d deposits to be held by the rlortqaqee, free of interest, and fzee of any liens or claiR~s on the part of cre- cl~toxs of the l~tortgage and as part vf the security of thc Mortgagee, and to be used by the biortgagee to pay cnrrent taxes and assessments and hazard insurance premiums on the prer.~ises 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 generai funds of the riortqagee. If said dcposits are insufficient to pay the taxes and assessments and hazard insurance premiums in fu22 as the same become payable, ' the Mortgagor will deposit with the Mortgagee such additional sum or su.~ns as may be~required in order for the Mortqagee to pay such ta.Yes and assessmcnks and hazard insur~~nce premiums in fu12. Upon any deflult in the provisions of this t: indenturc or L-~e Nate, the ttortgz,ee may, at its option, aFply any monies in the ~ fund resulti~ig froc~ said deposits to the payr.?e~it of the indebtedness secured hezeby irt such manncr as it may elect. $UO~2~~ ~ r 80R1(~~~ Y.46E1~~~ ? lAW O!'FICES. COURBHCN A COUR8HON, FORTY - FIRS7 STREET OFFICE. POST OFFICE 60X .Le47, MIAMI 9EACH. FLORIOA 9~1~0 i ' --X. ~...,ra ~ . . _ ~ , . `