HomeMy WebLinkAbout0250 such violation sh.all thereupon be secured by this Mortgage and
become a lten on the Mortgaged Premises; and that the Mortgagor will
repay the amount of such payment and such expenses to Mortgagee,
together witt~ interest thereon at the detinquent mortgage note rate,
withtn Ten (l0) days after demand for said payment is made by
Mortgagee to Mortgagor.
~ 5. The Mortgagor, immediately upon obtaining knowiedge of the
institiution of any proceedirigs for the condemnation of the Premises
or any portion thereof, will notify the Mortgagee of tfie pendency
of such proceedings. The Mortgagee may participate in any such
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proceedings, and the Mortgagor from time to time will deliver '
to the Mortgagee all instruments requested by it to permit ±
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such participation.
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6. That, notwithstanding any taking by eminent domain, ~
alteration of'the grade of any street or other injury to or z
decrease in value of the Mortgaged Property by ar~y public or ~
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quasi-public authority or corporation, MorYtgagor shall continue i
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to pay interest as provided in tl~e Mortgage Note until any such
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award or payment shall have been acbually received by Mortgagee ~
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and any reduction in the principal sum resulting from the ~
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application by Mortgagee of such award or payment as hereinafter
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set forth shalt be deemed to take eFfect only on the date of such j
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receipt; that said award or payment may be applied, in such ;
proportions and priority as Mortgagee in Mortgagee's sole d_scretion ~
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may elect, to the payment of principal, whether or not then due and j
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~ payable, or any sums secured by this Mortgage and/or to payment ~
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to Mortgagor, on such terms as Mortgagee may specify, to be used
for the sole purpose of altering, restoring or rebuilding any part
of the Mortgaged Property which may have been altered, damag~d
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or destroyed as a result of any such taking, alteration of grade, ~
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