HomeMy WebLinkAbout1632 •
i
i
• k
i
SBCTION 1L05. Mortgagor shall not be entitled to share or retain any award
or awards made in condemnation proceedings for consequential damages or for the taking
of rights in, under or above the streets adjoining said lands, or the rights and benefits
of IigM, air or access to said streets, or for the taking of space, or fights therein, below ~
the surface of, or above, the Mortgaged Property, provided however, that any award
or compensation received by Mortgagee for any such taking shall be applied and paid
aver toward the cost of such demolition, repair and restoration of the Mortgaged Property i
as shall be necessitated by such taking, substantially in the same manner and subject I
to the same conditions as those provided in Section 10.02 hereof with respect to insurance ~
and other monies, and any balance remaining in the hands of Mortgagee shall be retained
by Mortgagee, and applied in reduction of the indebtedness secured by the Mortgage
in the same manner as provided in Section 11.03 with respect to the balance of the' award
or awards therein referred to.
3EC'IION 1L08. In the ease of any taking covered by the provisions of this
Article 11, Mortgagor and Mortgagee (to the extent that Mortgagee has not been reimbursed
therefor by Mortgagor) shall be entitled as a first priority to reimbursement out of any
award or awards for all reasonable costs, fees, reimbursements to Mortgagee and expenses
incurred in the determination and collection of any such awards.
3ECIZON 1L07. Notwithstanding any taking by condemnation proceeding,
Mortgagor shall continue to pay interest on the entire principal sum secured by this
Mortgage at the rate provided in the Note until any such award or payment shall have
been actually received by Mortgagee and applied to the principal sum as provided in
this Article 11, if it is to be applied under this Article 1L Any reduction in the principal
sum resulting from Mortgagee's application of such award or payment as hereinafter
set forth shall be deemed to take effect only on the date of such receipt and application.
If prior to Mortgagee's receipt of such award or payment the Mortgaged Property shall
have been sold on foreclosure of this Mortgage, the Mortgagee shall have the right to
receive said award or payment to the extent of any deficiency found to be due upon such
sale, with legal interest thereon, plus the reasonable counsel fees, costs and disbursements
incurred by Mortgagee in connection with the collection of such award or payment and
in establishing the deficiency.
SECTION 1L08. In no event shall the application to the obligation secured
hereby whether or not then due or payable, of any payment to Mortgagee pursuant to
this Article Il postpone, abate or reduce any of the periodic installments of principal
E or interest thereafter to become due under the Note until the Note is paid in full.
t
ARTICLE 12
Notices
SECTION 12AL All notices, demands, requests and consents required under
this Mortgage shall be in writing. All such notices, demands, requests and consents shall
be deemed to have been properly given if sent by United States certified or registered
mail with return receipt requested and postage prepaid, addressed to Mortgagor at _
10044 State Route A3-A, Jensen Beach, Florida 33457 and addressed to Mortgagee at
Mellon Square, Pittsburgh, Pennsylvania 15230 or at such other address or addresses as
either party may hereafter desi~ate in writing to the other.
SECTION 12A2. Notices, demands and requests which shall be served by
certified or registeredfmail upon Mortgagor or Mortgagee, in the manner aforesaid, shall
be deemed sufficiently served or given for all purposes hereunder at the time such notice,
demand or request shall be mailed by United States registered or certified mall with ~
return receipt requested as aforesaid in any Post Office or Branch Post Office regularly
maintained by the United States Government.
«K ~
-15- a~~K 315 ~acE 16129