Agenda - Council - 09/26/2017 - Laserfiche WebLink

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be collected from Mortgagor under applicable law. Mortgagee shall, at its option, be subrogated to the lien of any mortgage or other lien discharged in whole or in part by the indebtedness or by the Mortgagee under the provisions hereof, and any such subrogation rights shall be additional and cumulative security for this Mortgage. Nothing contained in this Section 3.03 shall require the Mortgagee to incur any expense or do any act hereunder, and the Mortgagee shall not be liable to the Mortgagor for any damages or claims arising out of action taken by the Mortgagee pursuant to this Section 3.03. Section 3.04. Condemnation. Subject to the provisions of Section 3.08, the Rider to the Loan Documents attached hereto, and the provisions of prior Permitted Encumbrances listed in Exhibit B attached hereto, Mortgagor hereby irrevocably assigns to the Mortgagee any award or payment (but not in excess of the indebtedness) which becomes payable by reason of any taking of the Mortgaged Property, or any part thereof, whether directly or indirectly or temporarily or permanently, in or by condemnation or other eminent domain proceedings or by reason of sale under threat thereof, or in anticipation of the exercise of the right of condemnation or other eminent domain proceedings or by reason of sale under threat thereof (hereinafter called "Taking"). Forthwith upon receipt by Mortgagor of notice of the institution of any proceeding or negotiations for a Taking, Mortgagor shall give notice thereof to Mortgagee. Mortgagee may appear in any such proceedings and participate in any such negotiations and may be represented by counsel. Mortgagor, notwithstanding that Mortgagee may not be a party to any such proceeding, will promptly give to Mortgagee copies of all notices, pleadings, judgments, determinations, and other papers received by Mortgagor therein. Mortgagor will not enter into any agreement permitting or consenting to the taking of the Mortgaged Property, or any part thereof, or providing for the conveyance thereof in lieu of condemnation, with anyone authorized to acquire the same in condemnation or by eminent domain unless Mortgagee shall first have consented thereto in writing, which consent will not be unreasonably withheld, conditioned or delayed. Subject to the rights of other senior lien holders, all compensation payable to Mortgagor as a result of a taking (a "Taking Award") shall be adjusted jointly by Mortgagor and Mortgagee except that at any time while an Event of Default exists, Mortgagee may alone adjust any Taking Award and the Taking authority may conclusively rely upon Mortgagee's statement that it is entitled to do so in such situation. (a) All Taking Awards payable as a result of a Taking shall be paid to Mortgagee which may, at its sole and absolute discretion, regardless of the adequacy of its security, apply them, after first deducting Mortgagee's expenses incurred in the collection thereof, to the payment of the indebtedness, whether or not due and in such order of application as Mortgagee may determine, or to the repair or restoration of the Mortgaged Property, in such manner as Mortgagee may determine. Any application of Taking Awards to principal of the Loan shall not extend or postpone the due dates of the monthly installments payable under the Loan. Any amount of a Taking Award remaining after the application set out above shall be paid to Mortgagor. (b) Subject to the provisions of Section 3.08 hereof, if the Taking involves a taking, in whole or in part, of any building or other improvement now or hereafter located on the Land, Mortgagor shall proceed, with reasonable diligence, to demolish and US.113578590.01 B-2-9