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201903152
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Last modified
12/9/2019 6:24:50 PM
Creation date
6/3/2019 4:10:25 PM
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DEEDS
Inst Number
201903152
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201903152 <br />and every document relating thereto received by Trustor, and Beneficiary shall have the right <br />to participate in such proceedings or negotiations. Should any of the Mortgaged Property be <br />taken or damaged by exercise of the power of condemnation or eminent domain, or be sold by <br />private sale in lieu or in anticipation thereof, Trustor does hereby irrevocably assign, set over <br />and transfer to Beneficiary any award, payment or other consideration for the property so <br />taken, damaged or sold up to the amount of the then outstanding Secured Indebtedness. <br />Beneficiary is hereby authorized to intervene in any such action in the name of Trustor, <br />provided that Trustor may control such litigation and take such action as it may reasonably <br />and in good faith deem appropriate to adjust and collect for any such claim or action for so <br />long as it is, in the reasonable opinion of Beneficiary, diligently pursuing its rights; otherwise <br />Beneficiary shall be authorized to compromise and settle any such action or claim, and to <br />collect and receive from the condemning authorities and give proper receipts and acquittances <br />for such proceeds. Any reasonable expenses incurred by Beneficiary in intervening in such <br />action or compromising and settling such action or claim, or collecting such proceeds shall be <br />reimbursed to Beneficiary first out of the proceeds. The net proceeds of any condemnation <br />award shall be used, at the sole option of Beneficiary, to prepay the Secured Indebtedness or <br />restore the Mortgaged Property. If the Secured Indebtedness is repaid in full, the balance of <br />any such net proceeds shall be paid over to the Trustor. <br />Section 2.5 - Condition of Mortgaged Property. <br />A. Trustor agrees to properly care for and keep the Mortgaged Property in good <br />order, condition and repair and to maintain any buildings and improvements <br />on the Premises in good order, condition and repair. Without the prior <br />written consent of Beneficiary, Trustor agrees not to cause or permit any <br />building or improvement which constitutes a part of the Premises to be <br />removed, demolished or structurally altered, in whole or in part, or any <br />fixture or piece of equipment which constitutes a portion of the Mortgaged <br />Property to be removed, damaged or destroyed, except for Permitted <br />Equipment Transfers (as defined in the Loan Agreement) and other <br />replacements permitted hereby. Trustor agrees not to cause or permit any <br />waste to any building, improvement, fixture or equipment at any time <br />constituting a portion of the Mortgaged Property. Trustor agrees to <br />complete, restore and reconstruct in a good and workmanlike manner to the <br />condition required hereby any improvement on the Premises which may be <br />constructed, damaged or destroyed; not to permit any lien of mechanics or <br />materialmen to attach to the Mortgaged Property; to comply with all laws, <br />ordinances, regulations or governmental orders affecting the Mortgaged <br />Property or requiring any alterations or improvements thereto; not to <br />commit, suffer or permit any act with respect to the Mortgaged Property in <br />violation of law, or of any covenants, conditions or restrictions affecting <br />such property; to make or cause to be made from time to time all needed or <br />proper replacements, repairs and renewals; and to do any other act or acts, <br />all in a timely and proper manner which from the character or use of the <br />Mortgaged Property may be reasonably necessary to protect and preserve <br />the value of such property. Trustor agrees not to remove from the Premises <br />any of the fixtures or Personal Property (as hereafter defined) included in <br />9 <br />
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