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such expenses to Mortgagee. together with interest thereon at the delinquent
mortgage note rate. within fifteen (15) days after demand for said payment
is made by Mortgagee to Mortgagor .
5. The Mortgagor. immediately upon obtaining knowledge of the institution
of any proceedings for the condemnation of the Premises or any portion thereof.
will notify the Mortgagee of the 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 requested by it to permit
such participation .
6. That. notwithstanding any taking by eminent domain. alteration ~
of the grade of any street or other injury to or decrease in value of the Mortgaged i
Property by any public or quasi public authority or corporation. Mortgagor
shall continue to pay interest as provided in the mortgage note until any
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such award or payment shall have been actually received by Mortgagee and
any reduction in the principal sum resulting from the application by Mortgagee ~
of such award or payment as hereinafter set forth shall be deemed to take ~
effect only on the date of such receipt; that said award or payment may be
applied ; ~ in such proportions and priority as Mortgagee in Mortgagee's sole
discretion may elect, to the payment of principal whether or not then due
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and payable, or any sums secured by this Mortgage and/or to payment to '
Mortgagor, on such 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 any such
taking. alteration of grade, or other injury to the Mortgaged Property; and
' that. if prior to the receipt by Mortgagee of such award or pa3?ment. the
~ Mortgaged Property shall have been sold on foreclosure of this Mortgage,
Mortgagee shall ham a the right to 2•eceive said award or payment to the extent
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of the Mortgage debt remaining unsatisfied after such sale of the Mortgaged ~ .
Property, with legal interest thereon, whether or not a deficiency judgment
on this Mortgage shalt have been sought or recovered or denied. and of
the reasonable counsel fees, costs and disbursements incurred by Mortgagee
in connection with the collection of such award or payment. ~
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E The Mortgagor shall furnish to the Mortgagee, within thirty (30) i F
days after a request by the Mortgagee to do so, a written statement containing
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the names of all lessees of the Premises. the terms of their respective leases. ~
the spaces occupied and the rentals paid. i
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8. That Mortgagor hereby assigns to Mortgagee the rents. issues
and profits of the Mortgaged Property as further security for the payment
. of the indebtedness secured hereby and Mortgagor grants to Mortgagee the
right to enter the Mortgaged Property for the purpose of collecting the same
and to let the Mortgaged Property or any part thereof, and to apply said
rents; issues and profits, after payment of all necessary charges and expenses, '
on account of said indebtedness; that this assignment and grant shall continue
in effect until the indebtedness secured by this Mortgage is paid, but Mortgagee
hereby waives the right to enter the Mortgaged Property for the purpose
of collecting said rents, issues and profits, and Mortgagor shall be entitled
to collect and receive said rents issues and profits, until the occurrence t
of a default by Mortgagor under the terms and provisions hereof; that Mortgagor i
agrees to use said rents. issues. and profits in payment of Principal and/or. ~
interest payable pursuant to the Note, and in payment of all taxes, assessments, ~
water rates, sewer rents and other charges on or against the Mortgaged ! '
Property: that such right of Mortgagor to collect and receive said rents. r
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Page 9 . ~ ~ ~K 302 r;cc 1670
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