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HomeMy WebLinkAbout0246 ~ ~ ~ i t 9. In the event all or ar~y portion of the Property is taken by condemnation, eminent domain or similar proceedings, or in the event of any conveyance in lieu of same, the proceeds of any award or claim for damages, direct or consequential, in connection therewith, shall be paid to Mortgagee which shall be applied toward the entire indebtedness secured by this mortgage, and any excess proceeds shall . be paid to Mortgagor, unless Mortgagee otherwise consents to the contrary. If only a portion of the Property is taken, Mortgagee shall have the right to accelerate the indebtedness secured by this Mortgage if in the sole but ~ reasonable opinion of Mortgagee the value of the remaining portion of the Property not taken is so reduced that, as a result of such taking, Mortgagor's ability to repay the indebtedness secured by this Mortgage is substantially impaired. 10. As additional security, Mortgagor hereby assigns to Mortgagee all rents and profits of the Property, provided that Mortgagor shall, prior to any acceleration of the indebtedness secured hereby, have the right to collect and retain such rents and profits as same become due a~d payable. Upon acceleration of the indebtedness secured hereby by Mortgagee, Mortgagee shall be entitled to have a receiver appointed by a Court to enter upon, take possession of and manage the Property and to collect the rents and profits of the Property, including those past due. All rents and profits collected by the receiver shall first be applied to the payment of the cost of management of the Property and 'the collection of rents and profits, including, but not limited to, the receiver's fees and e~cpenses and reasonable attorneys' fees, and then to the indebtedness secured by this mortgage. 11. In the event Mortgagor defaults with respect~to any provision of this mortgage by failing to pay any item or do anything required herein, Mortgagee may but will not be required to cure such default and advance such sums of money as it deems necessary in connection Mith same, without pre~udice to Mortgagee's right to accelerate the indebtedness secured by this mortgage in connection with such default. In that event, Mortgagor shall pay to Mortgagee, imnediately upon demand, all costs incurred and sums of money advanced by Mortgagee in curing any such default, together with interest at same rate as for principal under the Promissory Note and Loan Agreement, and all such sums and interest shall be secured hereby. j2. At the request of Mortgagor, Mortgagee will subordinate the lien and encum- brance of this mortgage, to the lien and~encumbrance of a mortgage sec~sring a loan from a federal or st~te bank or savings and loan association, life insurance ! company, real estate investment trust, or other similar institutional lender, f the proceeds of which will be used solely for the purchase of the Property, the construction of improvements upon the Property, and/or the permanent financing ~ of the Property and any improvements, providing the following conditions are ~ met: _ ~ ~ a. At the time such subordination is to be executed, no event has occurred which would enable Mortgagee to accelerate the indebtedness secured by this ~ mortgage. b. Prior to the time such subordination is to be executed, Mortgagor shall submit to Mortgagee, for its review and approval, copies of all loan documents to which subordination is requested including, but not limited to, any loan agree- ments, mortgage deeds, and promissory notes, and Mortgagee shall have approved same in writing. c. Prior to the time such subordination is to be executed, Mortgagor shall have submitted to,Mortgagee, for its review and approval, detailed plans and spe- p cifications of any improvements to be constructed upon the Property with the pro- ~ ceeds of the loan to which subordination is requested, if any, and Mortgagee shall ~ have approved same in writing. ~ ' ~ d. Mortgagor shall have demonstrated to Mortgagee's satisfaction that the ~ funds to be disbursed pursuant to the loan to which subordination is requested ~ will not exceed either the cost or the current market value of the Property, any ~ improvements located upon the Property, and the improvements to~be constructed ~ upon the Property with the proceeds of the loan to which subordination is requested, if any. ~ 3 :~vf3~~ r~.~ 24 i ~ ~ _ . _ . _ . , ....>a'Wf.