HomeMy WebLinkAbout0625 (c) receipt of notice from any governmental
authority relatinq to the structure, us~ or occupancy of the
Mortqaged Property;
(d) substantial change in the occupancy of the
Mortgaqed Property; or
(e) commencement of any litigation affecting the
Mortgaged Prnperty. ~
17. Condemnation:
(a) In the event of any condemnation or taking of
any part of the Mortgaged Property by eminent domain, al-
teration of the qrade of any street, or other injury to or
decrease in the value of the Mortgaged Property by any
public or quasi-public authority or corporation all proceeds
(that is, the award or aqreed compensation for the damages
sustained) allocable to Mortqagor shall be applicable first
to payment of the indebtedness secured hereby. No settlement
for 'r_ne datnagc~ ~u~~a~r:~d shall be made by Mortgagor without
Mortgagee's prior written approval which shall not be unreasonably
withheld. Mortgagor shall continue to pay the installments
of principal, inte=est and other charges uiitil payment of
the proceeds shall have been received by Mortgagee in the
full amount secured hereunder. All the proceeds shall be
.applied in the order and in the amounts that Mortqagee, in
Mortgagee's sole discretion, may elect, to the payment of
principal (whether or not then due and payable), interest or
any sums secured by this Mortgage, or toward payment to
Mortgagor, on such reasonable 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, damaged or destroyed as a result of the taking,
j alteration of qrade or other injury to the Mortgaged Property.
f
i (b) If prior to the receipt of the proceeds by
~ ~iortgagee the Mortgaged Property shall have been sold on
foreclosure of this Mortgage, Mortgagee shall have the right
to receive the proceeds to the extent of:
~ (i~ any deficiency found to be due to
~ Mortqagee in connection with the foreclosu=e sale, with legal
~ interest thereon, and
~
~ (ii) reasonable counsel fees, costs and
~ disbursements incurred by Kortgagee in connection witi~ col-
~ lection of the proceeds and the proceedings to establish
a the deficiency.
~
~ (c) If the amour_t of the initial award of damages
~ for the condemnation is insufficient to pay in full the
~ indebtedness secured hereby with interest and other appropriate
~ charges, Mortqagee shall have the riqht to prosecute to
~ final determiaation cr settlement an appeal or other aporo-
- priate proceedings in the aame of Mortgagee or Mortgagor,
for which Mortgaqee is hereby appointed irrevocably as
attorney-in-fact for Mortgagor, which appointment, being for
~ security, is irrevocable. In that event, the expenses of
R the proceedings, including reasonable counsel fees, shall be
_ paid first out of the proceeds, and only the excess, if any,
f= paid to the ~lortgagee shall be credited against *he amounts
` due under this Mortgage.
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_ 290 625
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