06-10-2026 Council Packet - Laserfiche WebLink

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public use, subject to the rights of the holders of all prior Mortgages listed as Permitted Encumbrances, the damages, proceeds, and consideration for such condemnation or acquisition to the extent of the full amount of indebtedness upon this Mortgage and obligations secured hereby remaining unpaid, are hereby assigned by Mortgagor to Mortgagee, its successors, or assigns, as its interest may appear. All such damages, proceeds, and considerations shall be paid to Mortgagee and applied by Mortgagee, at its option, after deduction of all its expenses (including reasonable attorneys' fees) incurred in obtaining such damages, proceeds, and consideration, to the reduction of the indebtedness secured hereby or to any other indebtedness secured hereby, whether or not then due and payable; any surplus remaining after payment of all indebtedness secured hereby shall be paid over to Mortgagor. Mortgagor shall immediately furnish to Mortgagee true and correct copies of any process papers or documents delivered to or served upon Mortgagor in connection with any such eminent domain proceedings. Notwithstanding the foregoing, if the improvements are condemned prior to the Maturity Date, the net proceeds from the condemnation will be made available for repair and reconstruction of the improvements so long as such funds, together with any funds deposited with Mortgagee, are sufficient to pay the costs thereof. ARTICLE6 RIGHTS OF MORTGAGEE Section 6.1 RIGHT TO CURE DEFAULT. If Mortgagor shall fail to comply with any of the covenants or obligations of this Mortgage, Mortgagee may, after ninety (90) days written notice from Mortgagee of such failure with a copy to the Mortgagor's Limited Partner, but shall not be obligated to and without waiving or releasing Mortgagor from any obligation herein, remedy such failure, and Mortgagor agrees to repay, upon demand, all reasonable sums incurred by Mortgagee in remedying any such failure, together with interest as provided in the Note. All such sums shall become so much additional indebtedness secured hereby, but no such advance shall be deemed to relieve Mortgagor from any failure hereunder. Mortgagor’s Limited Partner shall have the right, but not the obligation to cure defaults hereunder in the same manner as the Mortgagor. Section 6.2 NO CLAIM AGAINST MORTGAGEE. Nothing contained in this Mortgage shall constitute any consent or request by Mortgagee, express or implied, for the performance of any labor or services or for the furnishing of any materials or other property in respect of the Premises, or any part thereof, nor as giving Mortgagor or any party in interest with Mortgagor any right, power, or authority to contract for or permit the performance of any labor or services or the furnishing of any materials or other property in such fashion as would create any personal liability against Mortgagee in respect thereof or would permit the making of any claim that any lien based on the performance of such labor or services or the furnishing of any such materials or other property is prior to the lien of this Mortgage. Section 6.3 INSPECTION. Mortgagor will permit Mortgagee's authorized representatives to enter the Premises at all reasonable times and with reasonable notice for the purpose of inspecting the same; provided, that Mortgagee shall have no duty to make such inspections and shall not incur any liability or obligation for making any such inspections. Further, Mortgagor acknowledges and agrees that this right of inspection allows Mortgagee, or the Mortgagee's agents, to enter the Premises at reasonable times to conduct environmental tests to establish the presence or absence of hazardous substances or pollutants upon the Premises.