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

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remove any ruins and complete repair or restoration of the Mortgaged Property as nearly as possible to its respective size, type and character immediately prior to the Taking, whether or not the condemnation awards are available or adequate to complete such repair or restoration; provided, however, that if Mortgagee shall apply the condemnation award to payment of the indebtedness, Mortgagor shall have the option, in lieu of completing such repair or restoration, to pay in full the Loan and all other indebtedness without payment of a premium or penalty. Mortgagor shall promptly reimburse Mortgagee upon demand for all of Mortgagee's expenses (including reasonable attorney's fees) incurred in the collection of awards and their disbursement in accordance with this Section 3.04, and all such expenses, together with interest from Mortgagor at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate which may be collected from Mortgagor under applicable law), shall be additional amounts secured by this Mortgage. Section 3.05. Financial Statements and Other Information; Books and Records. Mortgagor will prepare or cause to be prepared at its expense and deliver to Mortgagee (in such number as may reasonably be requested): (a) As soon as practicable after the end of each calendar year, and in any event within one hundred twenty (120) days thereafter, a statement of the income from and expenses incurred with respect to the Mortgaged Property for such year, compiled or reviewed by an independent certified public accountant, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and accompanied by a certificate of the Mortgagor that each such statement is true and correct. (b) Immediately upon becoming aware of the existence of any condition or event which constitutes, or which after notice or lapse of time or both would constitute, an Event of Default, written notice specifying the nature and period of existence thereof and what action Mortgagor has taken, is taking, or proposes to take with respect thereto. (c) Promptly upon request, a then current rent schedule for the Mortgaged Property, certified by Mortgagor, showing the name of each tenant, if any, and for each tenant, the space occupied, the lease expiration date, the rent payable, and the rent paid. Mortgagor shall keep and maintain at all times at Mortgagor's address stated below or at such other place as Mortgagee may approve in writing, complete and accurate books of accounts and records in sufficient detail to reflect correctly the results of the operation of the Mortgaged Property and copies of all written contracts, leases, and other instruments which affect the Mortgaged Property. Such books, records, contracts, leases, and other instruments shall be subject to reasonable examination and inspection by the Mortgagee or its representative during ordinary business hours. If the Mortgagor fails to provide the operating statements specified in US.113578590.01 B-2-10