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HomeMy WebLinkAbout0973 ~ valuable; Mortgagor will not remove, dsmolish or structurally ~ alter any of the Improvementa (e~cept such alterationa ae may be required by laws, ordinances or regulations) without the prior written permisaion of the Mortgagee; Mortgagor will complete promptly and in good and workmanlike manner any building or other Improvement which may be constructed on the Premises and promptly reatore in like manner any Improvement which may be damaged~or destroyed thereon and will pay when due all claims for labor performed and materiaZs furnished therefor; and Mortgagor wili use and operate, and will require its lessees or licenseea to use or operate, the Mortg~ged Property in compliance with all applicabie laws, ord3nances, regulations, covenants, conditions and restriction~, and with all applicable requirements og any ground lease, lease or subleaee now or hereafter affecting the Premiaea or any p~rt thereof. Mortgagee and its representatives eha11 have access to the Premises at all reasonabl~ timea to determine whether Mortgagor is complying with its obligations under this Mortgage, including, but not limited to, tho~e set out in this Section. ~ 1.12 Eminent Domain. Should the Mortgaged Property, or ~ any part thereof or intere$t therein, be taken or damaged by ~ reason of any pubiic use or improvement or condemnation E proceeding,~or in any other manner ("Condemnation"), or ~ should Mortg~gor rece~tve any notice or other information regarding such Condemnation, Mortgagor sha1Z give prompt written notice thereof to Mortgagee. (a) Mortgagee sha11 be entitled to all - compensation, awards and other payments or relief granted in connection with such Condemnation, and shall be entitled, at its option, to commence, appear in and pro~ecute in its own name any action or proceedings relating thereto. Mortgagee shall also be entitled to ma~Ce any compromise or settlement in connection with such taking or damag~. A11 such compensation, awards, damages, rights -of action and proceeds awarded to ~ Mortgagor (the "Proceeds") are hereby assigned to Mortgagee and Mortgagor agrees to execute such further assignmenta of the Proceeds as Mortgagee may require. <b) In the event any portion of the Mortgaged Property is so taken or damaged, Mortgagee sha11 have the option in its sole and absolute discretion, to apply all such Proceeds, agter deducting therefrom all costa and eupenses (regardless of the particular nature thereof and whether incurred with or without auit), including attorneys~~fees, incurred by it in connection with such Proceeds, upon any indebtedness secured hereby, or to apply all such Proceeds, after such deductions, to the restoration of the Mortgaged Property upon such conditions as Mortgagee may determine. Such application . or release shall not cure or waive any defau2t or notice of default hereunder or invalidate any act done pursuant to such notice. 1.I3 Actions b Mort a ee to Preaerve the Securit of this Mortgage. If the Mortgagor fa ls to make any.payment or to do any act as and in the manner provided for in this Mortgage or the Notes secured hereby, the Mortgagee, in its own discretion, without obligation so to do and without notice te or demand u~on Mortgagor and without releasing Mortgagor from any obligation, may make or do the same in such manner and to such eutent as the Mortgagee may deem necessary to protect the security hereof. Mortgagor wi11 pay upon demand all expenses incurred or paid by Mortgagee (including, but not limited to, counsei fees and court costs) on account ~f the exercise of any of the aforesaid rights or privileges or on account of any litigation which may arise in connection with - 8 - eooK 541 ~cf 973 . . .L _ . - - - -