HomeMy WebLinkAbout1801 oi~22~~ i3: ie C~'TER-'BOCA ~
the condemnation ewerd and shall be enlillrcl t~ use the
condemnetion award in e~cordance with tti~ preceding sent8nce.
In the event the Mortgegor shall be ir~ delault herounder Or
undcr any of the Lven Documents, the Mortgegee shall 4@ Llndez
no obligetien to 9uestion the ~mount of ar~y such awsrd or
compen~etion and may accept the same it~ the amount in which the
sama shalx be paid. Any emounta raceived by the Mortgagee
hereunder (atter payment ot any fee~, c:oats and ezpenses in
conneclioii Nit}? Che peying oi same} ~l?all, it rete~neQ by the
Mortqagee, ba applied in peyme»l of nriy accrue4 lnterest anA
th~n in xe~uction of tti~ Secured Indebtedness, notwithstanAing
that the aame mey not be then ~ue and payable. Any ampunt SO
applied to principai ahall be appll~sci to the payment o!
inatallments of principal on tti~ Note in t11e inverse or~8r of
their due dat~ and ahall not postpone the due date of ~ny other
, payment harounder. If, prior tio t?i~ receipt by the Mortgagee
of such award or pay?~j~ilt, the Moitgs9eG Property shal.i have
~ been aold o~l EpiCt.J.U511L6 0~ this Mortqaqe, ths Mortgagee shall
~ have the right tu receive such award or pe~yment to the eztent
! of any deticiency f~und to be due uQon such ~ale, with leqal
~ intere~t tl~ereo~~, wliether or not a deticiency judgment on this
; Morlyaye shall have been sought or recovered or denied, and of
~ the reaaonable al.l,~rcl~y~' tees, Costs an~ diabursement~
~ incurred by the Muttyagee in connection with the Collection Gf
~ such award or payment. Th~ M~rtqaqox, immediately upon
~bteining knowiedye~ ot the inatitution, or the proposed,
contemplated ~c t2~reatened institution, of any proCeedings far
~ the taking oE the Moztgaged Property, oz any part thereof, by
~ condemnat,ivji ~r eminent Aomain, will notify the Mortqayee of
~ the pendency of such proceedinys. The Mortqaqee shall have the
~ right to intervene and participate in any proceedings far and
~ in ~onnection with any taking referred to in Ehis Section. Tt~e
~ Mortgagor from time to t3me shdll deliver to the Mortqaqee all
~ inslrumenta requested ~y the Mortgagea to psrmit such
parl.ici~ation; provi~e~, hawever, that it such intervention
~ shall not be permissible or permitted by the court h~ving
~ jurisdiction thereof, the Mortqsqor shall, at its ezpense,
x consult with rhe MortgaQee, its attorneys and ezperta and make
~ all reasonable efforts to cooperate with them in any defense of
~ such proceedings. The Mortqagor ahall not enter into any
agreement for the taking of the Mortgaqed Property oc any part
thereof with any person or persons authorized to acquire the
same by con~emnation or eminent domain, unless the Mortgagee
shall have consente8 thereto in wr~ting.
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