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HomeMy WebLinkAbout1128 tion therewith which are necessnry or desir~ble for such e~ide ~ Without the prior written consenC of the Mortgagee, any com- pleted Improvements shall not be removed, demolished or substan- tially altered, nor shall any Chattels be removed, except where appropriate replacements free o£ superior title, liens and claims are immediately made of a value at least equal to the value of Che Chattels removede The Mortgagor will not make, suffer or permit any unlawful use or any nuisance to exist on the Premises, and will comply with all requirements of law with respec~ to the Premises and the use and operation thereof.. Article 13. Condemnation The Mortgagor, immediately upon obtaining knowledge of the institution of any proceedings for the con- demnation or taking by eminent domain of the whole or any part of the Premises, or any easement or interest therein, will notify the Mortgagee of Che pendency of such proceedings. The Mortgagee may participate in any such proceedings and the Mortgagor from time to time will deliver to the Mortgagee all instruments re- quested by it to permit such participation. Any award or compen- sation for property taken, or for damage to property not taken, • is hereby assigned to, and shall be received and collected by, the Mortgagee, and shall be applied, in whole or in part and at the option of the Mnrtgagee, toward immediate reduction of the indebt~dness secured hereby, notwithstanding that such amount may not then be due and payable and without regard to the re- maining value of the Premises, or to the repair and restoration ~ of any property damaged or taken, provided that the excess over . the amount of indebtedness shall be paid to the Mortga~or. In the event of any taking by condemnation or eminent domain the debt, as modified hereby, after the vesting of title in such ' proceeding and until paid, shall nevertheless continue to bear in- terest at the rate set forth herein and the Mortgagor covenants and agrees to pay to the Mortgagee the amount of any difference between ~ the interest at said rate and the interest paid by the condemning ; authority and the Mortgagor hereby assigns to the Mortgagee so much ~ of the award in said proceeding as shall be required to pay said ~ difference in interest. ' ~ € ~ ~ Article 14. Books and Records The Mortgagor will keep adequate records and books of account in accordance with generally accepted accounting principles and will permit the Mortgagee, by its agents, accountants 3 and attorneys, to visit and inspect the Premises and examine its ! ~ records and books of account and to discuss its affairs, finances ~ and accounts witih the officers or representatives of the Mortgagor, ~ at such reasonable times as may be requested by the Mortgagee. ~ r. ~ If requested by the Mortgagee, the Mortgagor will deliver to the Mortgagee, with~reasonable promptness after ~ the close of each fiscal year of the Mortgagor, a balance sheet ~ and statement of profit and loss setting forth in each case, in ~ co arative form fi ures for the g y , g ~ mp , g precedin ear and durin the ~ period of construction, statements of profit and loss for each ~ quarter of its fiscal year without, however, setting forth ; ~ comparative figures. Throughout the term of this M4rtgage, the ~ Mortgagor with reasonable promp~ness wi11 deliver to the Mort- ~ gagee such other information with respect to the Mortgagor and ~ the construction and operation of the Improvements as the Mort- gagee may reasonably request from time to tim~.~ All financial _8_ BooK238 ~~~E1127 ,i" ~ 5 - ~R" A~. ~.'_~.~~.a ?3.~'.;, _ _ _ ~ "vi~,a,~~~ ~'.~~•,..r.~. _ , ~ \ ~ `y,"~ "tpF 'L"«~:: ~ ~ 'S. ~ ~ ~ . ~ ~4 ~