HomeMy WebLinkAbout1146 •
1
obl icjation secured by this Mortgage and by prior I fens, if
any, and whether there are any set-offs or defenses against
them.
14. Financial Statements. So that Mortgagee will
have a full and clear understanding of the operation of the
Mortgaged Property and the financial standing of Mortgagor,
within ninety (90) days after the end of each fiscal year of
Mortgagor Mortgagor shall deliver to Mortgagee statement of
gross incase and expenses, sales, rent roll and surplus for
the preceding fiscal year relating to the operation of the
Mortgaged Property by Mortgagor, and a balance sheet for
Mortgagor, as at the end of such fiscal year, all in reason- `
f
able detail and certified by an officer of a partner of t
Mortagagor as~being true and corre~*- Mortaagor agrees to
make the books and accounts relating to the Mortgaged Prop-
erty available for inspection by Mortgagee, or its repre-
sentatives, upon request at any reasonable time.
15. Required Notices. Mortgagor shall notify Mort-
gagee-promptly of the occurrence of any of the following:
(a) a fire or other casualty causing damage
to the Mortgaged Property,
- ~
(b) receipt of notice of eminent domain pro-
ceedings or condemnation of the Mortgaged Property,
i
(c) receipt of notice from any governmental
authority relating to the structure, use or occupancy of the
Mortgaged Property or any real property adjacent to the
Mortgaged Property,
(d) receipt of~any notice from any tenant
of all or any portion of the Mortgaged Pooperty,
(e} substantial change in the occupancy of
the Mortgaged Property,
(f) receipt of any notice from the holder of _
any lien or security interest in the Mortgaged Property, and t
F
(g) commencement of any litigation affecting }
the Mortgaged Property. ~
16. Condemnation.
(a) In the event of any condemnation or tak-
ing of any part of the Mortgaged Property by eminent domain,
alteration of the grade of any street, or other injur-y to or
decrease in the value of the Mortgaged Property by any
public or quasi-public authority or corporation, ail proceeds
(that is, the award or agreed compensation for the damages ~ t
sustained), after deducting therefrom all costs and expenses
(regardless of the particular nature thereof and whether
i
i
-10-
. BODXc~ P~CE~~4~
i