79005100 - Laserfiche WebLink

Browse

4, in case of a taking as a result of or in lieu of or in anti- cigation of the exercise of the right of condemnation of eminent domain, of all or any Bart of the Mortgaged Property, or the commencement of any proceedings or negotiations which might result in such a taking, the Mortgagor shall promptly give the Mortgagee written notice thereof. Should any of the Mortgaged Premises be taken by exercise of the power of eminent domain, or sold by private sale in lieu thereof, Mort- gagor hereby irrevocably assigns, sets over and transfers to Mortgagee any award, payment or other consideration for the property so taken or sold, and the same shall be applied, at the option of the Mortgagee, first to the payment of costs and expenses and then either to the reduction of the indebtedness due hereunder or to the restoration of the property. S. If the Mortgagor shall commit an act of bankruptcy, shall file a voluntary petition in a bankruptcy, reocganization, arrangement or insolvency proceeding, shall consent to voluntary or involuntary adjudication in bankruptcy or to reor- ganization or shall be adjudged bankrupt or insolvent under any applicable law er laws, or admits, ~.. writ'ng, t.^, having become insolvent, or becomes unable to pay its debts as they mature, or makes an assignment for the benefit of its credi- tors then this Mortgage shall be deemed in default and the Mortgagee may, at its option, declare the principal of and the accrued interest on the Note and all sums advanced hereunder, with interest, to be immediately due and payable.