HomeMy WebLinkAbout2015 •
same shall be paid. In arty such condemnation proceedings,
Mortgagee may be represented by counsel selected by Mortgagee.
The. proceeds of any award or canpensation so received shall, at
the option of Mortgagee, either be applied, without premium, to
the prepayment of the Mote secured hereby and at the rate of
interest provided therein regardless of the rate of interest
payable on the award by the condemning authority, or be paid over
to Mortgagor for the restoration of the improvements on the
Premises.
Section 1.13. (a) Mortgagor will not: (i) execute an
assignment of the rents, issues and profits, or any part thereof,
from the Premises unless such assignment is to Mortgagee; or (ii)
except where the lessee is in default thereunder, terminate or
consent to the cancellation or surrender of any lease of the
Premises or of any part thereof, now existing or hereafter to be
made, having an unexpired term of two (2) years or more, except
that any lease may be cancelled provided that promptly after the
cancellation or surrender thereof a new lease is entered into with
a new lessee having a credit standing, in the judgment of
Mortgagee, at least equivalent to that of the lessee whose lease
was cancelled, on substantially the same terms as the terminated
or cancelled lease; or (iii) modify any such lease s~ as.to
shorten the unexpired term thereof or so as to decrease the amount
of the rents payable thereunder; or (iv) accept prepayments of
rent for more than two (2) months in advance, or prepayments fn
the nature of security for the performance of the lessee there-
under, without the written consent of Mortgagee; or (v) in any
other manner impair the value of the mortgaged properties or the
security of this Mortgage. -
(b) Mortgagor will not execute any lease of a portion
of the Premises except for actual occupancy by the lessee
thereunder, and will at all times promptly and faithfully perform,
or cause to be performed, all of the covenants, conditions and
agreements contained in all leases of the Premises now or
hereafter existing, on the part of the lessor thereunder to be
kept and performed. All such leases shall provide for the giving
by the lessee of certificates with respect to the status of such
leases and Mortgagor shall exercise its right to request such
certificates within five (5) days of any demand therefor by
f; Mortgagee.
(c) Mortgagor shall furnish to Mortgagee, within thirty
(30) days after a request by Mortgagee to do so, a written state-
ment containing the names of all lessees of the premises, the
terms of their respective leases, the space occupied and the
rentals payable thereunder.
(d) The rights of the lessee under each lease of the
Premises, or any part thereof, shall be inferior and subordinate
to this Mortgage, and the lien thereof, and upon the enforcement
by Mortgagee of the remedies provided for by law or by this
Mortgage, the lessee thereunder will, upon demand of any person
succeeding to the interest of Mortgagor as a result of such
enforcement: (i) vacate and surrender the property demised under
the lease; or (ii) become the lessee of: said successor in
interest, without change in the terms or other provisions of such
lease, provided, however, that said successor in interest shall
not be bound by any prepayments of rent or additional rent for
more than two (2) months in advance, or prepayments in the nature
of security for the performance by said lessee of its obligations
under said lease, or any amendment or modification of the lease r
made without the consent in writing of Mortgagee or such successor
in interest. Each lease shall also provide that, upon demand by ~
-8-
300K J14 PaGE 2?VUO