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HomeMy WebLinkAbout2533 MTG-1-A-4/23/73 additional monies as are necessary to make up any deficiencies in the amounts necessary to enable Mortgagee to pay such premiums when due. In the event of a default under any of the teYms, covenants.and conditions in the Note, this Mortgage or any other instrument securing the Note to be kept, performed or observed by Mortgaqor, Mortgagee may apply to the reduction of the sums secured hereby, in such manner as Mortgagee shall determine, any amount under this paragraph remaining to Mortgagor's credit and any return premium received from cancellation of any insurance policy by Mortgagee upon foreclosure of this Mortgage. 1.06 Coademnation. If all or a material part (which determination sha 1 e ma e by Mortgagee in its sole and abso- lute discretion) of the Mortgaged Property shall be damaged or taken through condemnation (which term when used herein shall include any damage or taking by any governmental authority or_ any other authority authorized by the laws of the state where the Land is located or the United States of America to so dam- age or take, and any transfer by private sale in lieu thereof), either temporarily or permanently, the entire indebtedness and other sums secured hereby shall, at the option of Mortgagee, become immediately due and payable. Mortgagee shall be entitled to all compensation awards, damages, claims, rights of action and proceeds of, or on account of any damage or takinq throuqh condemnation and is hereby authorized, at its option, to com~nence, appear in and prosecute, in its own or Mortgagor's name, any action or proceeding relating to any condemnation, and to settle or compromise any claim in connection therewith. All such compensation awards, damages, claims, rights of action and proceeds, and any other payments or relief, and the right thereto, are hereby assigned by Mortgagor to Mortgagee, who, after deducting therefrom all its expenses including attorney's fees, may release any monies so received by it without affecting the lien of this Mortgage or may apply the same, in such manner as Mortgagee shall determine, to the reduction of the sums secured hereby and to any prepayment charge provided in the Note, this Mortgage or other instrument securing the~Note. Any balance of such monies then remaining shall be paid to Mortgagor. Mortgagor ~ agrees to execute such furth~r assignments of any compensations, ~ awards, damages, claims, rights of action and proceeds as Mortgagee ~ may require. ~ - f 1.07 Care of Property. ~ (a) Mortgagor shall preserve and maintain the Mortgaged Property in good condition and repair. Mortgagor shall not ~ remove, demolish, alter or change the use of any building, structure or other improvement presently or hereafter on the Land without the prior written consent of Mortgagee. Mortgagor shall not permit, commit or suffer any waste, impairment or deterioration of the Mortgaged Property or of any part thereof, and will not take any action which will increase the risk of fire or other hazard to the Mortgaged Property or to any part thereof. ; (b) Except as otherwise provided in this Mortgage, no fixture, personal property or other part of the Mortgaged ~ Property shall be removed, demolished or altered, without the - prior written consent of Mortgagee. Mortgagor may sell or ~ otherwise dispose of, free from the lien of this Mortgage, ~ furniture, furnishings, equipment, tools, appliances, machinery, ~ fixtures or appurtenances, subject to the lien hereof, which ~ may become worn out, undesirable or obsolete only if they are ~ replaced immediately with similar items of at least equal value which shall, withou~_further action, become subject to the lien ~ of this Mortgage. (c) Mortgagee may enter upon and ~nspect the Mortgaged ~ ~ ~ -7- ~L'D!(~G.l~ ~i~~ ~ ~ S/ +~P1" fN _ _ _ _ . h'-'~_ .y~ ~,5~~ ~ ~N ti ~ ~ . .Q y _ _ ~ti''.'.'~iu'.~#r`~ _ .~e.