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HomeMy WebLinkAbout2741 . ~ . cause the same to be collected and paid over to Mortgagee, and herek~y irrevocably authorizes and empowers Mortgagee, in the name of Mortgagor or otherwise to collect and recefpt for any such award or p~yment and to ffle 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 instruments sufficient for the purpose of assignfng any such award or payment to Mortqagee, free and clear of any encumbtances of any kind or nature whatsoever. 7. Leases and Rents. Subject to the terms of this paragraph, Mortgagee waives t e right to enter the Mortgaged Property for the purpose of collecting the Rents, and grants Mortgagor the right to collect the Rents. Mortgagor shall hold 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 revoked 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, maiqtenance and repair of the Mortgaged Property. Mortgagor shall ~ot, without the consent of t~fortgagee, make, or suffer to be made, any Leases or cancel or modify any Leases or accept prepayments of installments of the Rents for a period of more than one (1) month in advance or further assign the whole or any part of the Ftent~s. Mortgagor shall (a) fulf ill or perform each anc3 every provision of the Leases on the part of Mortgagor to be fulfilled or perforr~~ed, (b) promptly send copies of all notices of default which Mortgagor shall send or receive under the Leases to Mortgagee, and (c) erforce, 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 t~erein, in the event of any default under this ; r~ortgage, 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 r payment, Mortgagor will vacate and surrender possession of the Mortgageci Property to Mortgagee, or to such receiver and, in default theceof, Mortgagor may be evicted by summary proceedings or otherwise. Nothing contained in this paragraph shall be construed as imposing on Mortgagee any of tne obligations of the lessor under the Leases. 8. Maintenance of the Mortgaged Property. ~iortgagor shall cause the Mortgaged Property to be maintained in qood condition and repair and will not commit or suffer to be z committed any waste of the l~ortgaged Froperty. The - ~ improvements and the Equipment shall not be removed demolished ~ or materially altered (except for normal replace~:ent of the ~ Bquipment), without the consent of Mortqagee. Mortgagor shall ~ promptly comply with all laws, orders and ordinances affectinq ~ ~ ~ - 6- . € ~ ~ ~t''.fx J~ ~ r?rE ~ / ! ~ G ~ ~