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HomeMy WebLinkAbout2966 . . 23 Mortgagor shall be liable to Mortgagee fcr any deficiency to the extent permitted by the laws of the state in which the hiortgaged Property is situated. ARTICLE 8 CONDEMNATION 8.1 CONDEMNATION. Mortgagor hereby assigns, transfers and sets over to Mortgagee all rights of Mortgagor to any awazd or payment in ~ respect of ( a) any taking of the Mortgaged Property as a result of, or by agreement in lieu of, the exercise of the right of condemnation or eminent domain; (b) any such taking of (i) any appurtenances to the ~ Mortgaged Property or of vaults, areas or projections outside the bound- ` aries of the Mortgaged Property (ii) rights in, under or above or of access ~ to the alleys, streets or avenues adjoining the Mortgaged Property or (iii) ~ 4 rights and benefits of light, air or view appurtenant to the Mortgag ~ Property; and ( c) any damage to the Mortgaged Property due to govern- mental action, but not resulting in. a taking of any portion of the i~'Iort- gaged Property, such as, without limitation, tiie changing of the grade ~ of any street adjacent to the Mortgaged Property. Mortgagor hereby agrees ~ to file and prosecute its claim or claims for any such award or payment 3 in goocl faith and ~vith due diligence and cause the same to be collected ~ and paid over to Mortgagee, and hereby irrevocably authorizes and em- ~ powers Morigagee, in the name of Mortgagor or otherwise, to collect and ~ receipt for any such awazd or payment and, in the event Mortgagor fails to act, or in the event that an Event of Default has occurred and is con- ~ ~ tinuing, to file and prosecute such clai~n or claims and to accept any such ~ award or payment without obligation to question the amount~ thereof. Mortgagee may participate in any such proceedings and Mortgagor from = ~ } time to time will deliver to Mortgagee all instruments requested by it to ' permit such participation. ~ ; $.`Z APPLICATION OF PROCEEDS. All proceeds received by Mortgagee under pazagraph 8.1 may be applied to the restoration of the Improvements = without affecting the lien of this Mortgage or reducing the amount of the =:s; Indebtedness secured by this Mortgage, or may be applied to the Indebted- = ness as follows, in the order of priority indicated : ( a) to reimburse Mortgagee for all costs and expenses, including reasonable attorneys' fees, incurred in connecdon with the taking; _ ~ _ ~ ~ , . 1~_ ~ ~ , , PACE~Ni7V's _ . . ~ ~ - ~ - - ` ~ - w~~ _ _ ~ _ . -