HomeMy WebLinkAbout1171 i
• S~HEI3UL~ A ~
. ~
~
(b) All judgmenta, awarde of damages aud settlements hereafter made
r~~u2ting from coas3sznaat3on groceedia~g~ ~r th~ t.~?king of the premises or
any part thereof under the power of eminent domain, or far any damage
(whether caused by auch taking or otherwise) to the premiaes or the improvements
thereon• or sny part thereof, or Eo any righta appurtenant thereto; 3ncluding
any award for changa of grade of streets. Mortgagee ie hereby authorized, on
behalf and in the name of Mortgagor, to enecute and deZiver valid acquittances for,
and to appeal from any such judgments or awarde, Mortgagee inay apply a~
euch sums or any parE thereof so received, after the gayment of all of its
~~r~~¢g, ~~rt:.~~.~o c__c~ats and attorneys' fees. o~ the indebtedneas secured hereby
ia auch manner as it elects, or at its option, the entire amouat or any part thereof
so received may be released to Mortgagor.
This mortgage is aubject to Ehe ~terms, provisions and conditions of that
certain construction loan agreement of even date herewith entered into
bet~veen Mortgagor and Mortgagee herein and eaid consEruction loan agreement
is by reference incorporated herein and made a part hereof. Said constructioa
loan agreement ia available for inspection by all parties in intereat at the office
of Mortgagee. It is expresaly understood and agreed that a default by Mortgagor
under the term of said construction loan agreement shall constitute a default uader
the terma of this mortgage and in such eveat Mortgagee may at its option accelerate
payment of the debt hereby aecured. ~
g~~x243 PAGE117~.
- t~,~ z _ _ - - -
; ~
~3
~;:;.i