HomeMy WebLinkAbout0268 Mortgagor's operatton thereof and sale of condominium units
therefrom, the Mortgagor will keep proper books of record and
account in^accordance with sound account{ng practice; that the ~
Mortgagee shall have the right to examine said boaks of account
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and to discuss the affairs, finances and accounts of the Mortgagor
concerning said premises with, and to be inf'ormed as to the same
by, tl~e Mortgagor, all at such reasonabte times and intervats as
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ti~?e Mortgagee may desire; and that the Martgagor will fumish to ~
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the Mortgagee, within Ninety (90) days after the end of each fiscal ~
year of the Mortgagor, copies of a statement of income and expense ~
of the Mortgaged Premises for such fiscat year, set forth in
reasonabie detail, showing in comparative form the figures as of the
end of and for the previous fiscal ycar, certified by the Mortgagor. ;
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39. That notwithstanding other provisions of this Mortgage, i
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all insurance proceeds recovered by the Mortgagee on account of ~
damagc or destruction to the premises, less the cost, if any, to ~
thc Mortgagee of such recovery and of paying out such proceeds
(including attorneys's fees and costs ailocable to inspecting the
work and the plans and specifications therefor), shali, upon the -
writt~n request of the Mortgagor, be applied by tfie Mortgagee to ~
the payment of the cost of repairi restori ~
ng, ng or rebuilding the '
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premises so damaged or destroyed (hereinafter referred to as the
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"1Nork") and shatl be paid out from time to time to the Mortgagor ~
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as tfie work progresses, but subject to the following conditions: `
(a) If the work is strucbural or if the cost of tfie
work, estimated by the Mortgagor, shall exceed $200,000.00, the
work shall be in charge of an architect or engineer (who may be
an emptoyee of ttie Mor~tgagor) and before the Mortgagor commences
any work, other than temporary work to protect property or prevent
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