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<br />[ <br /> <br />88- <br /> <br />100024 <br /> <br />r <br /> <br />(ii) if Mortgagor consists of a partnership or <br />joint venture, any sale, conveyance, assignment, or other transfer <br />of all or a portion of the partnership interest of a partner of <br />such partnership, or joint venture interest of a joint venturer in <br />the joint venture, that results in a material change in the <br />identity of the person(s) in control of such partnership or joint <br />venture; <br /> <br />f' <br />~ <br />~ <br /> <br />(iii) a sale, conveyance, assignment, or other <br />transfer of all or any portion of the stock or partnership inter- <br />est of any entity directly or indirectly in control of any corpo- <br />ration or partnership consisting or included within Mortgagor that <br />results in a material change in the identity of the person(s) in <br />control of such entity; or <br /> <br />(iv) any hypothecation of all or any portion <br />of the stock thereof, if Mortgagor is or includes a corporation, <br />or of all or any portion of the partnership interest of any <br />general partner thereof, if Mortgagor is or includes a partner- <br />ship, or of all or any portion of the stock or partnership inter- <br />est of any entity directly or indirectly in control of such <br />corporation or partnership, that could result in a material change <br />in the identity of the person(s) in control of such corporation, <br />partnership, or entity di:-ectly or indirectly in control of such <br />corporation or partnership if the secured party under such hypoth- <br />ecation exercised its remedies. <br /> <br />SECTION 1.12 <br /> <br />Destruction; Condemnation. <br /> <br />1.12.1 Destruction; Insurance Proceeds. In case <br />of any damage to, or loss or destruction of, the Improvements and <br />Personal Property or any part thereof (each, a "Destruction"), <br />Mortgagor shall promptly send to Beneficiary a notice setting <br />forth the nature and extent of such Destruction. The proceeds of <br />any insurance or other payments which are payable to Mortgagor or <br />any sums to which Mortgagor may be a co-payee in respect of such <br />Destruction are hereby assigned and shall be paid to Beneficiary. <br />Beneficiary is hereby authorized and empowered by I\fortgagor to <br />settle, adjust or compromise any claims for such damage or de- <br />struction on its behalf. All such proceeds, less the amount of <br />any expenses j.ncurred in litigating, arbitrating, compromising or <br />settling any claim arising out of such Destruction ("Net Pro- <br />ceeds"), shall be applied as set forth in Sections 1.12.3 and <br />1.12.4 hereof. <br /> <br />1.12.2 Condemnation; Assignment of Award. In the <br />event of any taking of the Mortgaged Property or any part thereof, <br />in or by condemnation or other eminent domain proceedings pursuant <br />to any law, general or special, or by reason of the temporary <br />requisition of the use or occupancy of the Mortgaged Property or <br />any part hereof, by any governmental authority, civil or military, <br />or any sale pursuant to the threat of condemnation or other <br />eminent domain proceedi ngs (each, a "Taking"), Mortgagor shall <br />immediately notify Beneficiary upon receiving notice of such <br /> <br />-14- <br /> <br />L <br /> <br />L <br /> <br />L <br /> <br />--.J <br /> <br />f-._'", <br />Ie;- <br />-h:~ <br />d~ <br />:;~m <br />;11 <br />;~ <br />;ii <br />B <br />,;11 <br />~m <br /> <br />ir~ <br /> <br />,........- <br /> <br />_:_~ <br />., <br />~ <br />~ <br />t-- <br />~ <br /> <br />; <br />r <br />... ~ <br />