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ARTICLB 6
Changes And Alterations By Mortgagor
SECTION 6.01. Mortgagor shall have the right at any time and from time
to time during the term of this Mortgage to make, at its sole cost and expense, changes
and alterations in or to the buildings, structures or improvements included in the Mort-
gaged Property, subject, however, :a the following:
(a) No change or alteration involving an estimated cost of more than ;100,000
shall be undertaken without Mortgagee's prior written consent, which consent
shall not be unreasonably withheld.
(b) No change or alteration shall be undertaken until Mortgagor shall have
procured and paid for, so far as the same may be required from time to time,
all permits and authorizations of all municipal departments and governmental
subdivisionw having jurisdiction.
(c) Any structural change or alteration involving an estimated cost of
more than ;100,000 shall be conducted under the supervision of an architect and/or
engineer selected by Mortgagor and approved in writing by Mortgagee, and no
such structural change or alteration shall be made except in accordance with
detailed plans and specifications and cost estimates prepared and approved in
writing by such architect and/or engineer and approved in writing by Mortgagee.
(d) Any change or alteration shall, when completed, be of such a character
as not to materially reduce the economic value of the Mortgaged Property below
its value immediately before such change or alteration.
(e) Any change or alteration, once commenced, shall be made promptly
(unavoidable delays excepted) and in a good and workmanlike manner and in compli-
ante with all applicable permits and authorizations and building and zoning laws
and with all other laws, ordinances, orders, rules, regulations and requirements
of all federal, state and municipal governments, departments, commissions, boards
and officers, any national or local Board of Fire Underwriters, or any other body
hereafter exercising fui:etions similar to those of any of the foregoing.
(f) If the estimated cost of any such change or alteration shall be in.excess
~ of #100,000, Mortgagor, before commencement of work, shall furnish to Mortgagee
a performance bond or other security reasonably satisfactory to Mortgagee, in
an amount at least equal to the estimated cost of such change or alteration, guar-
anteeing the completion thereof within a reasonable time, free and clear of all
liens, encumbrances, chattel mortgages, conditional bills of sale, and other charges,
and in accordance with the plans and specifications approved by Mortgagee. No
security shall be required except to the extent that such estimated cost exceeds
the amounts, if any, deposited pursuant to Sections 10.02,10.05 and ll.03 hereof.
(g) If the estimated cost of such a change or alteration shall be in excess
of ;100,000 Mortgagor shall pay to Mortgagee the reasonable fees and expenses
of any architect selected by Mortgagee to review the plans and specifications
and inspect the work on behalf of Mortgagee.
e (h) No change or alteration shall, when completed, tie in or connect the
Mortgaged Property with any other building, in whole or in part, on adjoining pro-
perty.
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~o~K 315 P~~E 1623