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HomeMy WebLinkAbout0797 incurred or paid by Mortgagor. (8) Condemnation: To the extent of the Indebtedness, Mortgagor grants to Mortgagee a security interest in .any and all payments, awards, judgments or settle- ments, including interest thereon, to which Mortgagor may be or may become entitled or which Mortgagee may receive by reason of injury or damage to, or loss of, the Premises or any part thereof as a result of the exercise of the right of eminent domain. Notwithstanding any injury or damage to, or loss of, the Premises or any part thereof as a result of the exercise of the right of eminent domain, Mortgagor shall continue to pav the Indebtedness. All sums paid or payable to Mortgagor by reason of any injury or damage to, or loss of, the Premises or any part thereof as a result of the exercise of the right of eminent domain shall be delivered to Mortgagee and Mortgagee, at Mortgagee's option and at Mortgagee's sole discretion, may either (i) apply the sum or any part thereof to the Indebtedness or (ii) require Mortgagor to repair, replace or reconstruct the Premises or any part thereof and disburse such sums to Mortgagor to be applied against the costs and expenses thereof as incurred or paid by Mortgagor. (9) Inspection: Mortgagor shall permit any person designated by N!ortgagee to visit and inspect the Premises, to examine the books of account and other records of Mortgagor with respect to the Premises, and to discuss the affairs, finances and accounts of Mortgagor with and to be advised as to the same by Mortgagor or a knowledgeable and duly authorized representation of Mortgagor, all at such reasonable times and intervals as Mortgagee may desire. EVENTS OF DEFAULT hereunder shall be the occurrence of any one or more of the following: (1) Payment of Indebtedness: Failure of Mortgagor to pay the Indebtedness or any part thereof when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment or at a date fixed by reason of acceleration of the due date thereof or otherwise; (2) Other Payments and Terms: Failure of Mortgagor to make any payment (other than on the Indebtedness) required hereunder or to observe, perform, or comply with any of the cove- nants, terms or conditions set forth herein, or in any other instrument, document, agreement, letter or other writing hereto- fore, concurrently herewith or in the future executed by Mortgagor in favor of Mortgagee in connection with any transction which resulted in the Indebtedness or any part thereof; (3) False Statements: If any certificate, representation, warranty, state- ment or other writing made herein or heretofore, now or hereafter furnished to Mortgagee by or on behalf of Mortgagor in connection with any transaction which resulted in the Indebtedness or any_ part thereof be false, untrue, incomplete or misleading in any respect as of the date made; (4) Waste: If the Premises or any part thereof should be subject to actual or threatened waste, or any part thereof be removed, demolished, or materially damaged or s altered as a result of which the value of the Premises shall be diminished; (5) Seizure or Levy: If the Premises or any part thereof be seized or levied upon under legal process or a receiver s be appointed for the Premises or any part thereof or for Mortgagor; (6) Liens: If any Federal tax lien or any claim of lien for labor, material or architectural or engineering services ~ furnished or alleged to have been furnished in the improvement of_ or with respect to the Premises is filed of record against Mortgagor or the Premises anc3 is not removed from record by payment or bond within thirty (30) days from the date of such filing; (7) Priority Claim:. If any person shall assert any claim of priority over this Mortgage in any legal or equitable pro- ceeding, anc? such claims shall not have been dismissed with preju- p dice within sixty (60) days after the filing thereof; (8) ~ Insolvency or Bankruptcy: If Mortgagor shall become insolvent or make an assignment for benefit of creditors; or if Mortgagor r^ s F :X 3~~1K~ PbGE -5-