HomeMy WebLinkAbout2721 cause the same to be collected and paid over to Mortgagee, and
hereby irrevocably authorizes and empowers Mortgagee~ in the ~
name of Mortgagor or otherwise to collect and recetpt for a~y
such award or payment and to file and prosecute such claim or
claims, and although it is hereby expressly agreed that the
same shall not be necessary in any event, Mortgagor shall, upon
demand of Mortgagee, make, execute and deliver any and all
assignments and other tnstruments sufficient for the purpose of
assigning any su~h award or payment to Mortgagee, free and •
clear of any encumbrances of any kind or nature whatsoever.
7. Geases and Rents. Subject to the terms of this
paragraph, Mortgagee wa ves the right to enter the Mortgaged
Property for the purpose of collecting the Rents, and grants .
Mortgagor the r ight to collect the _ Rents. Mortgagor st~all hol~
the Rents, or an amount sufficient to discharge all current
sums due on the Debt, in trust for use in payment of the Debt.
The right of Mortgagor to collect Rents may be revolced by
Mortgagee upon any default by Mortgagor under the terms of the
Note or this Mortgage by giving notice of such revocation to
Mortgagor. Following such notice Mortgagee may retain and
apply the Rents toward payment of.the Debt in such priority and
proportions as Mortgagee, in its discretion, shall deem proper,
or to the operation, maintenance and repair of the Mortgaged
Property. Mortgagor shall not, without the consent of
Mortgagee. make, or suffer to be made, any Leases or cancel or
modify any Leases or accept prepayments of installment-s of the
Rents.for a period of more than one (1) month in advance or
further assign the_ whole or any part of the Rents. Mortgayor ~
shall ( a) fulf il l or perform each and every prov is ior~ of the
Leases on the part of Mortgagor to be fulfilled or performed,
( b) promptly send copies of all not ices of default wh ich
Mortgagor shal~ send or receive under the Leases to Mortgagee,
and (c) enforce, short of termination of the Leases, the
performance or observance of the provisions thereof by the ~
tenants thereunder. In addition to the rights which Mortgagee ~
; may have herein, in the event of any default under this
' Mortgage, Mortgagee, at its option, may require Mortgagor to
~ pay monthly in advance to Mortgagee, or any received appointed
! to collect the Rents, the fair and reasonable rental value for
~ , the use and occupation of such part of the Mortgaged Property '
~ as may be in possession of Mortgagor. Upon default in any such
s payment, Mortgagor will vacate and surrender possession of the
~ Mortgaged Property to iMortgagee, or to such receiver and, in
~ default thereof, Mortgagor may be evicted by summary
~ proceedings or otherwise. Nothing contained in this paragragh
~ shall be construed as imposing on Mortgagee any of the
~ obligstions of the lessor under the Leases.
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~ 8. Maintenance of the Mort a ed Pro ert . Mortgagor
~ shall cause the Mortgage Property to be maintaine in good
~ condition and repair and will not commit or suffer to ce
? committed any waste of the Mortgaged Property. The
improvements and the Equipment shall not be removed demolished
or materially altered (except for normal replacement of t::e
~ ~.quipment), without the consent of Mortgagee. Mortgagor shall
} promptly comply with all laws, orders and ordinances arfecting ~
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