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84006644
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1984
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84006644
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Last modified
4/30/2008 5:04:28 PM
Creation date
4/2/2008 9:51:43 AM
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DEEDS
Inst Number
84006644
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<br /> <br /> <br />L <br /> <br /> <br />84 -008644 <br /> <br />monthly to pro-rata qround rent, if any, taxes aric:las$ <br />and insurance proceeds, then to interestandtheb~l <br />principal, will completely utisfy and discharq.>at(, <br />the indebtedness secured herebY, in which lattere,,;~n: <br />monthly installments under said Note shall bereduced.>~ <br />In the event any of the said, conditions are not orcatl~#,(p.< <br />.ntisfied, then the alternate disposition of suc:hinsurllnc:e>> <br />proceeds as provided in paragraph 4 hereof shall aqain,(> <br />become applicable. Notwithstanding anything inthis.paraqrap~ <br />to the contrary, if the f<1ortgagor is required, as Less~ <br />under the Ground Lease, to restore said improvements,then <br />if and so lonq as Mortgagor shall pursue restoration of <br />said improvements in compliance with the terms and conditi~ns <br />set forth in the Ground Lease, then the only conditions set <br />forth in this Paragraph 3S which shall apply shall be those <br />set forth in clauses (a) and (q). Under no circumstance. <br />shall Mortgagee become personally liable for the fulfillment <br />of the terms, covenants and conditions contained in any of <br />the said leases nor obligated to take any action to restore <br />the said improvements. <br /> <br />36. That notWithstanding any provision herein to <br />t....e cont::-_::-:; an..d. in t:~=ti=ular p\lra;;raph 1Q here-of,--inthe <br />event of any damage or taking as therein described by eminent <br />domain of less than the entire mortgaged premises, it is <br />-hereby understood, covenanted and agreed that Mortgaqe. <br />shall make available the proceeds of any award received in <br />connection with and in compensation for any such damage or <br />taking for the purpose of restoring so much of the improve- <br />ments within the mortgaged premises affected thereby, subject <br />to the following conditions: (a) that Mortgagor is not then <br />in default under any of the terms, covenants and conditions <br />hereof: (b) that all then existing leases affected in any <br />way by such damage or taking shall continue in full force <br />and effect; (c) that Mortgagee shall first be qiven satisfac- <br />tory proof that such improvements have been fully restored <br />or that by the expenditure of such money will be fully <br />restored, free and clear of all liens, except as to the lien <br />of this Mortgage; (d) that in the event such award shall be <br />insufficient to restore or rebuild the said improvements, <br />Mortgagor shall deposlt promptly with Mortgagee funds which, <br />toqether with the award proceeds. shall be sufficient to <br />restore and rebuild the Bald premises; (e) that in the event <br />Mortgagor shall fall within a reasonable time, subject to <br />delays beyond its control, to restore or rebuild the said <br />improvements, Mortgagee, at its option. may restore or <br />rebuild the said improvements for or on behalf of the Mortgagor <br />and for such purpose may do all necessary acts: (f) that the <br />excess of said award not necessary for completing such <br />restoration shall be applied without prepayment premium as <br />hereinbefore provided as a credlt upon any portlon. as <br />selected by Mortgagee, of the lndebtedness secured hereby; <br />(<)) and that t~H' 4Igg=egate :-nonthl'l re:"ltal payable ~,h.r.liIfter <br />under all lelils4us wlthin the mortgaged preml!H'!l!l shall not be <br />less than the sum of: It12th of the Annual Rent under the <br />Ground Lease, 1/12th of the annual t.axes liInd assessments and <br />1/12th of the IUlnuill pre..ll \,;ms for 1 osu ranee rl!!qui red hereunder <br />and the monthly installment.s of princ:pal Ilnd interest <br />required to b. repud upon the lndebtedness eVldeflced by the <br />Hot.e IU!icured hftreby, or otherw:l.luil 1.f lCi!iIil1l than such sum <br />that so much of the award shall first be applied upon the <br /> <br />- ,- <br /> <br /> <br />-.J <br />
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