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HomeMy WebLinkAbout1080 1 ~ . r ~ instruments requested by it to permit such participation. All Awards payable to Mortgagor from a condemnation or other taking or _ purchase in lieu thereof, of the Real Estate or any portion thereof, are hereby assigned to, and shall be paid to Mortga4ee, and, after receipt thereof, shall be applied pursuant to the provisions of this Paragraph 4. Notwithstanding the amount of I interest paid on the proceeds of any Award, the interest on the then outstandi.ng principal amount of the Indebtedness shall continue to accrue at the applicable rate provided for herein or in the Note until the same~is.paid. Mortgagor, upon the request ~ by Mortgagee shall make, execute and deliver any and all f instruments requested for the purposes of confirming the assignment ; ~ of the aforesaid awards and compensation to Mortgagee free and € i i clear of any liens, charges or encumhrances of any kind or nature ~ ~ whatsoever, except as hereinabove provided. Mortgagor hereby ? authorizes Mortgagee to collect and receive such Awards, to give ~ ~ proper receipts and acquittances therefor and in the its sole discretion to apply the same toward the payment of the ~ Indebtedness, notwithstanding the fact that the Indebtedness may ~ not then be due and payable, or to the restoration of the Real ~ Estate subject ta the following provisions of this Paragraph 4. ~ ~ (b) The rights and obligations of Mortgagee growing out of . any taking shall be as set forth in the provisions of the following subparagraphs of this Paragraph 4. (c) In the event that the whole of the Premises shall be taken i or condemned by any competent autY~ority for any public or ~ ~ : ~ 15 BOQK 6~~ PACEIODV ~ ~ ~ ~ ~t ~ ~.-_.F,:~