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HomeMy WebLinkAbout1631 • i' s i thereof, shall be taken in condemnation proceedings or by exee~eise of argr right of eminent domaiA (hereinafter called, cdlecZively "condemnation proceeding"), Mortgagor and ttattgagee shall have the right to participate in any such condemnation proceedings and the award that may be made in any such proceeding or the proceeds thereof shall be deposited with t[ortgag~ee and distributed in the roamer set forth in this Article 1L The parties agRee to e~oecute any and all further documents that may be required in order to facilitate collection of arm award or awards and the making of any such deposit with the Mortgagee. SEC'I~ON 110=. If at any time during the term of this Mortgage title to 'the whole or materially all of the Mortgaged Property shall be taken in condemnation proceedings or by agreement between Mortgagor and Mortgagee and those authorized to eiet+eise such right, Mortgagee shall apply such award or proceeds which it receives pursuant to Section 1101 hereof to Payment of the indebtedness seared by this Mortgage and any balance then remaining shall be p~sid to Mortgagor. In the event that the amount of the award or proceeds received bq 1ortgagee shall not be sufficient to pay the then us>paid pcibcipai balance of the said indebtedness, with the accrued interest thereon, and any other sums secued by this Mortgage, Mortgagor shall, within ten (l0) days after the appiicatim d the award or proceeds as aforesaid pay such deficiency to Mortgagee. For the purposes of this Section 1L02 "materially all of the-Mortgaged Property" shall be deemed to have been taken if the portion of the Mortgaged Property not so taken eamot be 9o repaired or reoonstxucted as to constitute a complete structure capable d producing a fair and reagonabie net annual income, after the payment of all operating ezpetuses thereof. As used above, the term "operating expenses" shall be deemed to - ez+dude depre~tiation, income fazes, franchise to=es, interest and amortization of this Mortgage. - SEC7iON 1103. If at any time during the term of this Mortgage title to Iess than the while or materially all of the Mortgaged Property shell be taken as afore- , said, all of the award or proceeds collected by Mortgagee pursuant to Section 1101 here- of, shall, at the option of the Mortgagee, (i) be applied to reduce the indebtedness secured by this Mortgage or 6~ be held by Mortgagee and applied and paid over toward the cost d demolition, repair and restoration, substantially in the same manner and subject to the same conditions as those provided in Section 10.02 hereof with respect to insurance and other monies. My balance remaiiring in the hands of Mortgagee after payment of such costs of demolition, repair and restoration as aforementioned, shall be retained ~ by Mortgagee and applied in reduction of the indebtedness secured by the Mortgage in inverse order of payments in his Mortgage provided. In the event that the costs of such demdition, repairs and restoration shall exceed the net amount edlected by Mortgagee, Mortgagor shall pay the deficiency. SEC1iON 1104. If at aury time during the term of this Mortgage the tem- porary use a[ the while or any part of the Mortgaged Property shall be taken in condem- nation proceedings, all of the award or proceeds collected bq Mortgagee pursuant to Section 1L01 hereof, shall be held by Mortgague and applied by Mortgagee toward the payment of the monthly interest payment or of the constant monthly payments of prin- cipal and interest due on the indebtedness secured by this Mortgage and such other sums as are due to Moctgag~ee under the Note and this Mortgage until such time as the indebted- ness secured by this Mortgage and such other sums as are due to Mortgagee under the Note and this Mortgage are completely satisfied and paid, e~ccept that, if such taking by eondemnatioo proceedings results in changes and alterations to the Mortgaged Property i or any part thereof which would necessitate an expenditure to restore the Mortgaged ~ Property or any part thereof to its former condition, then such portion of the award or proceeds as in Mortgsg~ee's re~auable estimation shall be necessary to cover the cost of restoration shall be retained by Mortgagee, without application as aforesaid, and be appfied and paid over toward the restoration of the Mortgaged Property, or any part thereof, to its former condition. 6 z -14- ~``K315 P~~E1628 ~ _ ~ .'lK