HomeMy WebLinkAbout0925 equities and liens so discharged= and/or (b) treat such ~
occurrence as an event of default hereunder.
11. Com liance with Law and Re ulations: Mortgagor shall ~
comply wit a restr ctions o recor an all laws, statutes, ~
codes, ordinances, rules, regulations, resolutions and orders of
all federal, state, municipal and other governmental and quasi-
governmental authorities and agencies relating in any way to the
Mortgaged Property.
12. Inspection: Mortgagee, and any persons authorized by
Mortgagee, shall have the right at any time, upon reasonable
notice to Mortgagor, to enter the Mortgaged Property at a reason- i
able hour to inspect and photograph its condition and state of
repair. ~
13. Declaration of~No Set-Off: Within ene (1) week after
requested to do so y Mortgagee, Mortgagor and all Lessees shall
certify to Mortgagee or to any proposed assignee of this Mort-
gage, in a writing duly acknowledged, the amount of principal,
interest and other charges then owing on the obligation secured
by this Mortgage and whether there are any set-offs or defenses
against it, and if such set-offs or defenses are asserted, a
detailed explanation thereof.
14. Re uired Notices: In addition to any notice require-
ments contained elsew ere in this Mortgage or in any of the other
Loan Documents, Mortgagor shall notify Mortgagee pro~?ptly of the
occurrence of any of the following:
(a) casualty causing damage to the Mortgaged Property;
(b) receipt of notice of condemnation of the Mortgaged
Property; ~
(c) receipt of notice from any government or quasi-
governmental authority relating to the development of, improve-
ments on, use of, or occupancy of the Mortgaged Property;
(d) substantial change in the occupancy of the Mort-
gaged Property;
' (e) commencement of any litigation affecting the ~
~ Mortgaged Property;
;
~ {f) receipt of any notice from any Homeowner's
; Association which now has or may have jurisdiction over the
~ Mortgaged Property.
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~ 15. Condemnation:
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~ ~ ~ (a) In the event of any condemnation or taking of any
~ part of the Mortgaged Property by eminent domain, alteration of
~ the grade of any street, or other injury to or decrease in the
~ value of the Mortgaged Property by any public or quasi-public
authority or corporation all proceeds (that is, the award or
~ agreed compensation for the damages sustained) allocable to
~ Mortgagor shall be applicable first to payment of the indebted-
~ ness secured hereby. No settlement for damages sustained shall
; be made by Mortgagor without Mortgagee's prior written approval.
~ Mortgagor sha11 continue to pay installments of interest and
other charges until payment of the proceeds shall have been
received by Mortgagee in the full amount secured hereunder. All
of such proceeds shall be applied ~n the order and in the amounts
that Mortgagee, in Mortgagee's sole discretion, may elect, to the
payment of principal (whether or not then due and payable),
interest or any sums secured by this. Mortgage, or toward payment
; to Mortgagor, on such reasonable terms as Mortgagee may specify,
~ to be used for the sole purpose of altering, restoring or
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