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HomeMy WebLinkAbout0956 (h) cannencemer.t of ar:y litigation affectiny tt~ M~tyayed Prernises; ~ (i) receipt of any ?~otice from any person, partnership, cr corpcxation that is committed to lend money to Ma-tgagar if such loan is to be seciaed by a mr,xtyage ~ sec~ity ayree~~nt enc urt~er ing al l~ any par t of the Mcr tyayed Proper ty. 13. Condemnation. 13.1 Upon d~taininy lu~owledge of the institution, cr the Fc oposed, contemplated :x- threatened institution of any proceedings for the taking of the Mortyayed Premises, cr ary pa~t thereof, by oondemnation ~ eminent domain, Mortgagor shall immediately notify Mcxtyagee of the pendency of such ~roceedings. At its option, Nkrtgagee may participate in any such p~-oceedings and Mortyagor, from time to time, shall deliver to Mortgayee all instrunents requested by ;~fortyagee to permit such p~a~ticipation. In any such proceedings, Mor tgagee may be represent~ed by couns~el of its awn choosing. 13.2 At its option, Mortyagee may collect and receive all s~ch condemnatior. awa~ds and the Froceeds of all such sales in lieu thereof and give proper receipts and acquittances theref~, and h~tgagee, at its electior:, may apply such awards and ~-oceeds in any one ~ moc e of the ways descr ibed in parac~aph 30 hereof . 13.3 Mcxtyaycx a~ees tA execute and deliver such other instruments as Mortgagee n~y reyui~-e to evidence the assignment of all such awards and ~ oceeds to Mcc tyagee . 13.4 In the event mcre than fifty (508) percer.t of the i?lortyaged Premises is taken by condemnation a eminent danain, the M~tgagee, at its optior., may accelerate the payment of the Note in the same manner as if any ~ent of Default had occ~red. 14. Leasss and P~rehase Ac~eements. Mcrtgagor hereby repre:~ents that there are r.o ~ eases a~~ments to lease all ~ any part of the t3cxtyaged Remises now in effect which nave not. previously been disclosed in raritinr~ to Lender. Martyagcx hereby represents that chere a~e no purchase a3reements to 9e11 all ~ any part of the Mortyayed Premises now in ~ffect exc:ept those which are expressly by their term subordinate to this Mortyage. '~~~-tyaycx ac3rees not to collect ar:y rent due under any Leases ~ a~eements to lease prior to the time same are due by t,.he t~erms of said leases ~ ac~'~ements t.n lease . 15. Legal A~ctions. If Mcrtyagee is made a party to a appears, either wlur.tarily ar ir.voluntarily, ir. any action a Exoceeding, including but not limited to any proceeding ur.der Title 11 of the United States Code, affectir.g the t~crtgaged Premises, the Note, cr the validity cr the pri~ity af this Mcrtgaye, then, Mortgagor shall, upon demand, reimbi,.ffse `•t~~t~agee fcr all costs, expenses ar:d liabilities inc~red by Mortyagee by reason of any ~~_k.h action a- proceeding including reasonable attorneys' fees, and the samz shall be ~?c~ed by this Mcx tgage. 16. E~ents of Default. The occ~rence of ar.y of the followir.g shall cor.stitute ar, ~ °.~ent of Default hereunder: ~ ' ( a) Default ir. Payment. Mcrtyagor shall fai 1 to pay ar.y installmer.t of interest € principal on the Notra cr any other anounts requirad p~svant to the trarms of the A1ote or ~ 1 his Mcrtyage as ar.d when the sarne shall become due and payable; E ~ (b ) Fer fcrmance of Covenar:ts. Mcr tga3ar- shall c3efault in the due ~ ser vance cr ? Lr~c~ farrnance of any covenart cr ac~eement made by tdar tgayor hereunder or ur.der any other ` eement t~etween Mcx tyaya and Mcr tyayee , inc 1 ud ing the Sec ur i ty Dc~c uments ( other thar ::ayment of mrx~ey) and such default shall cor,tir.ue far a period of five (5) days after ~°:~itten notice thereof fran ttie [~ortyagee to Mcrtgayor (unless such default, if curable, ~~~~quires w~xk to be perfarmed, acts to be dor~ cr conditions t~o be rernedied which by their ~:at~e cannot be perf~med, done a: remedied, as the case may he, withir. such five (5) day ,,:~r iod ar:d Mor tga:;cr- shall di liger,tly ar:d continuously ~rocess tt~ sar?~ to oornpletia: (c) ~each of Warrar.ty. Any representatior. cr warranty made by Mortyayor here- ~1r.c~r urx3er any statement, instrunent ~~ertificate delivered by Mortyag~r to Mo~rtgagee ~~~-suant to the Frovisions hereof, under any ather agreement between the Mortgago~ and '=t~xtgayee including the Sece~ity Docunents, ~ otherwise, shall be determir.ed by Mcxtgagee ~ t~ have been false ~r misleadir.g in ar,y material respect as of the date or. which the same r: a s made ; ~ (d) Ban}~upt~cy, Receivership, Insolvency, Etc. The Mortgaga~r shall cc~mmit an: ~ :~,t: of bankruptcy within the meanir.g of the T~tle 11 of the Ur.ited States Code,~~_ ~ "~ar.ki-uptcy"; ar bankruptcy, receivership, ir.solvency, rearyanization, dissolution, ~ _6_ _ J'~ ~ ~ ~a~E ~4 ~ ~ _ _r.~K ~ - ~ _ ~ _ _ ~ ~ ~ . . ~ _ , ~ ~.x-.:~.