HomeMy WebLinkAbout0150 to a public way, or for any change or grade of streets affecting said
premises, are hereby assigned to the mortgagee; and the mortgagee, at
its option, is hereby authorized, directed and empowered to collect
and receive the proceeds of any such award and awards from the author-
ities making the same and to give proper receipts and acquittances
therefor, and may, at the mortgagee s election, use such proceeds in
any one or more of the following ways: (1) apply the same or any
part thereof upon the indebtedness secured hereby, whether such
indebtedness then be matured or unmatured, (2) use the same or any
part thereof to fulfill any of the covenants contained herein as the
mortgagee may determine, (3) use the same or any part thereof to
replace or restore the property to a condition satisfactory to the
mortgagee, or (4) release the same to the mortgagor; and the mortgagor
hereby covenants and agrees to and with the mortgagee, upon request
by the mortgagee, to make, execute and deliver any and all assign-
ments and other instruments sufficient for the purpose of assigning
all such awards to the mortgagee free, clear and dissolved of any
and all encumbrances of any kind or nature whatsoever.
9. Mortgagor will pay to mortgagee, to the extent requested
by the mortgagee on dates upon which interest is payable, such
amounts as the mortgagee from time to time estimates as Necessary to
create and maintain a reserve fund from which to pay before the same
become due, all taxes, assessments, liens and charges on or against
the property hereby mortgaged, and premiums for insurance as are here-
in covenanted to be paid by the mortgagor. Payments from said reserve
fund for said purposes may be made by the mortgagee at its discretion
even though subsequent owners of the property described herein may
benefit thereby. In the event of any default under the terms of this
mortgage, any part of all of said reserve fund may be applied to any
part of the indebtedness hereby secured and in refunding any part of
said reserve fund the mortgagee may deal with whomever is represented
to be the owner of said property at that time.
10. Mortgagor will deliver to the mortgagee a statement of
annual income and expenses, in detail satisfactory to tt~e ~~t~agee,
in connection with the mortgaged premises within ~O l~~ ~~~c after/~/~
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the expiration of each fiscal year, ^a - ^a , „
a6~CA~_}--artC'vr-QS v C~'!2 s e ae eel Cab 1 ~Ce tke mew tgagee , Q'1z-i'*r Y~ ~ "
accordance with Paragraph 18 hereof.
~ 11. That if any action or proceedings be commenced, excepting
an action to foreclose this mortgage or to collect the debt hereby
secured, to which action or proceeding the mortgagee is made a
party by Yeason of the execution of this mortgage or the note which
it secures, or in which it becomes necessary to defend or uphold the
~ lien of this mortgage, all sums paid by the mortgagee for the expense
of any .litigation to prosecute or defend the rights and lien created
hereby, shall be paid by the mortgagor together with interest there-
on from date of payment at the rate of Fifteen per cent (15%) per
annum, and any such sum and the interest thereon shall be immediately
due and payable and be secured hereby, having the benefit of the lien
hereby created, as a part thereof, and of its priority.
12. Mortgagor shall pay all sums, the failure to pay which
may result in the acquisition of a lien prior to the lien of this
~ mortgage, beforz sucri a prior lien may attach or which may result in
conferring upon a tenant of any part of the mortgaged premises a
right to recover such sums as prepaid rent, or as a credit or offset
against any future rental obligation.
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13. Mortgagee shall be subrogated for further security to the
lien although released of record, of any and all encumbrances paid
R out of the proceeds of the loan secured by this mortgage.
14. Mortgagor shall assign to the mortgagee, upon request,
as further security for the indebtedness secured hereby, the lessor's
interests in any or all leases and the mortgagor's interests in all
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