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incurred with or without suit),- including attorney's fees
incurred by Mortgagee in connection with the collection of
such proceeds, shall be applicable first to payment of the
indebtedness secured hereby. No settlement for the damages
sustained shall be made by Mortgagor without the prior
written approval of the Mortgagee. Receipt by Mortgagee
of. any proceeds less than the full amount of the then =
outstanding debt shall not alter or modify Mortgagor's
- obligation to continue to pay the installments of principal,
interest and other charges specified in the Note and herein.
All the proceeds shall be applied in the order and in the
amounts that Mortgagee, in Mortgagee's sole discretion, may r
elect, to the payment of principal (whether or not then due
~ its u~.~a
and payable) , interest or any s~u~~5 5@t; iii cu uY ?nvL ~3age,
or toward payment, after the aforesaid deductions, to
Mortgagor, on such reasonable terms as Mortgagee may specify,
to be used for the sole purpose of altering, restoring or
rebuilding any part of the Mortgaged Property which may have
been altered, damaged or destroyed as a result of the
taking, alteration of grade or other injury to the Mortgaged
Property.
(b) If prior to the receipt of the proceeds
by Mortgagee the Mortgaged Property shall have been sold on
foreclosure of this Mortg age, Mortgagee shall have the right
to receive the proceeds to the extent of:
(i) the full amount of all such proceeds
if Mortgagee is the successful purchaser at the foreclosure
sale, or
(ii) if any one other than Mortgagee
is the successful purchaser at the foreclosure sale,~any
~ deficiency (as hereinafter defined) due to Mortgagee in
~ connection with the foreclosure sale, with the maximum -
lawful interest thereon, and reasonable counsel fees, costs
! and disbursements incurred by Mortgagee 'in connection with
collection of such proceeds of condemnation and the establish-
ment of such deficiency. For purposes of this subparagraph
16(b)(ii), the word "deficiency" shall be deemed to mean the
difference between (A) the net sale proceeds actually
receired by Mortgagee as a result of such foreclosure sale
less any costs and expenses incurred by Mortgagee in connec-
tion with enforcement of its rights under the Note, this _
Mortgage and the other Related Documents and (B) the
aggregate amount of all sums which Mortgagee is entitled
to collect under the Note, this Mortgage and the other
Related Documents.
(c) Mortgagee shall have the right to prose=
cute to final determination or settlement an appeal or other
appropriate proceedings in the nanye of Mortgagee or Mort-
~ gagor, for which Mortgagee is hereby appointed irrevocably as
attorney-in-tact for mortgagor, which appoi~~tmeeit, bCiiiy for
security, is irrevocable. In that event, the expenses of the
proceedings, including reasonable counsel fees, shall be
paid first out of the proceeds, and only the excess, if
any, paid to Mortgagee shall be credited ag ainst the amounts s
due under this Mortgage.
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8328 P~E~47