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Note rate, within fifteen (15 ) days after demand for said
payment is made by Mortgagee to Mortgagor. ~
5
7. The Mortgagor, immediately upon obtaining know-
ledge of the institution of any proceedings for the condem- ~
nation of the-Property or any portion thereof, will notify
the Mortgagee of the pendency of such proceedings. The
Mortgagee may participate in any such proceedings, and the
Mortgagor from time to time will deliver ~to the Mortgagee
all instruments requested by it to permit such participa- .
tion.
8. That, notwithstanding any taking by eminent do-
main, alteration of the grade of any street or injury to 0
decrease in value of the Mortgaged Property by any public or _
quasi-public authority or corporation, Mortgagor shal
-continue to service the indebtedness as provided in th
$1,685,000 Promissory Note until any such award or payment
shall have been actually received. by Mortgagee and any
reduction in the principal sum resulting from the a~~lica-
tion by Mortgagee of such award or payment as hereinafter I
set forth-shall be deemed to take effect only on the date of
such receipt; that said award or payment may be applied, in
such proportions and pr-iority as Mortgagee in Mortgagee's
sole discretion may elect, to the payment of principal
whether. or not then due and payable, or any sums secured by
this Mortgage and/or to payment to Mortgagor, on such terms
as Mortgagee may specify, to be-used-for the_sole purpose of
altering, restoring or rebuildlinq any part of the Mortgaged -
Property which may have been altered, damaged or destroyed
as a result of any such taking, alteration of grade, or
other injury to the Mortgaged-Property; and that, if prior
to the receipt by Mortgagee. of such award or payment, the
Mortgaged .Property shall-have been sold on foreclosure of
this Mortgage, Mortgagee shall have the right to receive
said award or payment to the extent of the Mortgage debt
II remaining unsatisfied after such sale of the Mortgaged
Property, with legal interest thereon, whether or not a
deficiency judgment on this Mortgage-shall have been sought
or recovered or denied, and of the reasonable counsel fees,
costs and disbursements incurred by Mortgagee in connection
with the collection of such award or payment. Notwithstanding
anything to the contrary set forth in this paragraph, it is
understood and agreed that Mortgagee's rights as set forth
in this paragraph are second and ir_ferior to the rights of
State Mutual Life Assurance Company of America (hereinafter
called "First Lien Mortgagee") as set forth in Paragraph 46 4
hereof. Further, it is understood and agreed that in the
event of such award or payment resulting from the taking by
eminent domain or the other matters mentioned in this pars-
graph, Mortgagee agrees to permit Mortgagor to use said
award for altering, restoring or rebuilding provided (i) the
use of the Mortgaged Premises shall not-have been impaired
b~ virtue of such taking-by eminent domain and (ii) First
- Lzen Mortgagee permits Mortgagor to use the portion of the
award which First Lien Mortgagee received for altering,
restoring or rebuff-lding the Mortgaged Premises.
9. The Mortgagor shall furnish to the Mortgagee,
within thirty (30) days after a request by the Mortgagee to
do so, a written statement containing the names of all
lessees of the Property, the terms of -their respective
leases, the spaces occupied and the rentals paid. This
Paragraph shall be applicable only to those leases whose
terms are greater than thirty (30) days.
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