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HomeMy WebLinkAbout1710 effect, if .Mortgagor lawfully may pay for such stamps or such tax including interest and penalties thereon to or on behalf of Mortgagee and Mortgagor does in fact pay, when payable, for all such stamps or such tax, as thQ case may be, including interest and penalties thereon. 8. Effect of Change in Laws Regarding Taxation. In the event of the enactment, after this date, o any law o the state to which the premises are located deducting from the value of the land for the purpose of taxation the amount of any lien thereon, or imposing upon the Mortgagee the payment of the whole or any part of the taxes or assessments or charges or liens herein required to be paid by Mortgagor, or changing in any way the laws relating to the taxation of mortgages or debts secured by mortgages or the Mortgagee's interest in the premises, or the manner of collection of taxes, s~ as to affect this Mortgage or the debt secured hereby or the holder thereof, then, and. in any such event, the Mortgagor, upon demand by the Mortgagee, shall pay such taxP~ or assessments, or reimburse the Mortgagee therefor. Notwith- standing the foregoing, it is understood and agreed that Mortgagor is not obligated to pay any portion of Mortgagee's federal, state or local income tax. 9. Mortgagee's Performance of Defaulted Acts. If Mortgagor fails to pay any claim, lien or encumbrance which is or may become superior to this Mortgage, or, when due, any tax or assessment or insurance premium, or to keep the premises in repair, or shall commit or permit waste, or if there be commenced any action or proceeding affecting the premises or the title thereto, or the interest of Mortgagee therein including, but not limited to, eminent domain, bankruptcy or other rehabilita- tive proceedings, then Mortgagee, at its option, may, without waiving any default herein occasioned thereby, pay said claim, lien, encumbrance, tax assessment or premium, with right of subrogation thereunder, make such repairs and take such steps as it deems advisable to prevent or cure such waste, and may appear in any such action or proceeding and retain counsel therein, and take such action therein as Mortgagee deems advisable, and for any of said purposes Mortgagee may advance such sums of money, including all costs, reasonable attorneys' fees and other items of expense as it deems necessary. Mortgagee shall be the sole judge of the legality, validity and priority of any such claim, lien, encumbrance, tax, assessment and premium, and of the amount necessary to be paid in satisfaction thereof. Mortgagee shall not be held accountable for any delay in making any such payment, which delay may result in any additional interest, costs, charges, or expenses -otherwise. Mortgagor will pay to Mortgagee, immediately and without demand, all sums of money advanced by Mortgagee pursuant to this Mortgage, including all costs, reasonable attorneys' fees and other items of expense, together with interest on each such advancement at the default rate as set forth in the Note, and all such sums and interest thereon shall be secured hereby. ~ 10. All sums of money secured hereby shall be payable without any relief I whatever from any valuation or appraisement laws. c ll. Eminent Domain. The Mortgagor and all subsequent owners of the ~ premises hereby assigns, trans ers and sets over unto the Mortgagee that portion of ~ the proceeds of any award or claim for damages attributed to the entire premises prior to submission to condominium form of ownership, and subsequent to submission to a condominium form of ownership to those condominium units that are not released from the lien of this Mortgage at the time of such taking for any of such premises taken or damages under the power of eminent domain or by condemnation including damages to grade in connection with any conveyance in lieu thereof. Mortgagee shall use or apply the proceeds of such award or awards in the same manner as set forth in Paragraph 4 hereof with regard to insurance proceeds received subsequent to a fire or other casualty to the premises. Mortgagor covenants and agrees that Mortgagor will give t Mortgagee immediate notice of the actual or threatened commencement of any such proceedings under condemnation or eminent domain, affecting all or any part of the said premises or any easement therein or appurtenance thereof, including severance and consequential _ damage and change in grade of streets, and will deliver to Mortgagee copies of any and all papers served in connection with any such proceedings. Mortgagor further covenants and agrees to make, execute, and deliver to f Mortgagee, at any time or times upon request, free, clear, and discharged of any encumbrances of any kind whatsoever, any and all further assignments and/or instruments deemed necessary by Mortgagee for the purpose of validly and sufficiently ~ assigning all awards and other compensation heretofore and hereafter to be made to Mortgagor for any taking, either permanent or temporary, under any such proceeding. r At Mortgagee's option, any such award may be applied to restoring the improvements. -s- 33z P~~ l~oT 5 q L'