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201400400
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Last modified
8/19/2014 2:25:24 PM
Creation date
1/23/2014 3:16:30 PM
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DEEDS
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201400400
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20UUOO4 O <br />receive out of the award interest at the rate or rates provided herein and in the Note. <br />Subject to the terms of the Lease (provided that no default beyond any applicable notice <br />and/or cure period then exists under the Lease), Borrower shall cause the portion of an <br />award or payment made in any condemnation or eminent domain proceeding or the <br />portion of an amount agreed to by Borrower and Lessee with any Person possessing the <br />power of eminent domain (each such portion of award, payment or amount, a <br />"Condemnation Award ") which is payable to Borrower under the terms of the Lease, to <br />be paid directly to Lender (without prepayment consideration), provided that, if the total <br />amount of such Condemnation Award is less than 5% of the amount set forth on <br />Exhibit E to the Lease, then the portion of such award remaining after payment of <br />reasonable third party expenses of Lender, Borrower and Lessee and Lessee's costs of <br />restoration and repair of the Mortgaged Property shall be paid to and retained by <br />Borrower. <br />(b) All Condemnation Awards which are required to be applied to restoration and repair of <br />the Mortgaged Property under the Lease shall be disbursed in accordance with the <br />provisions of the Lease. Subject to the terms of the Lease, the Net Award shall be <br />delivered to Lender, and, to the extent (if any) not required under the Lease to be <br />applied for such restoration and repair, if the total amount of such Condemnation <br />Award, before the payment of expenses and costs of restoration and repair, is less than <br />5% of the amount set forth on Exhibit E to the Lease, such remaining Net Award shall <br />be paid to and retained by Borrower, as provided in the Lease; provided that, (i) if a <br />Lease Default then exists, or (ii) the total amount of such Condemnation Award, before <br />the payment of expenses and costs of restoration and repair, equals or exceeds 5% of the <br />amount set forth on Exhibit E to the Lease, then such Net Award, after payment of costs <br />of restoration and repair of the Mortgaged Property, will be paid to Lender to be applied <br />to the reduction or discharge of the Dcbt whether or not then due and payable. Such <br />application is to be without payment of the Prepayment Consideration or any other <br />prepayment consideration, except that if an Event of Default under this Security <br />Instrument has occurred and is continuing prior to the commencement of any <br />condemnation or eminent domain proceeding, then such application shall be subject to <br />the payment of the Prepayment Consideration in accordance with the terms of the Note. <br />If the Mortgaged Property is sold, through foreclosure or otherwise, prior to the receipt <br />by Lender of such award or payment, Lender shall have the right, whether or not a <br />deficiency judgment on the Note shall have been sought, recovered or denied, and <br />subject to the terms of the Lease (provided that no default beyond any applicable notice <br />and /or cure period then exists under the Lease), to receive said award or payment, or a <br />portion thereof sufficient to pay the Debt. Borrower shall file and prosecute or cause to <br />be filed and prosecuted its claim or claims for any such award or payment in good faith <br />and with due diligence and, subject to the terms of the Lease (provided that no default <br />beyond any applicable notice and/or cure period then exists under the Lease), cause the <br />same to be paid over to Lender, and hereby irrevocably authorizes and empowers <br />Lender, in the name of Borrower or otherwise, to collect and receive any such award or <br />payment and to file and prosecute such claim or claims, and although it is hereby <br />expressly agreed that the same shall not be necessary in any event, Borrower shall, upon <br />demand of Lender, make, execute and deliver any and all assignments and other <br />-14- <br />
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