NOTICE; ASSIGNMENT OF PROCEEDS. Mortgagor shall notify Mortgagee immediately of the institution or threat of institution of any proceeding pertaining to the condemnation of any portion of the Mortgaged Property. Mortgagee is authorized to settle all claims for damages to any portion of the Mortgaged Property which relate to, and collect any proceeds of any award which may be the result of, any eminent domain or condemnation proceeding.
Appears in 1 contract
Sources: Deed to Secure Debt, Assignment of Leases and Security Agreement (General Housing Inc)
NOTICE; ASSIGNMENT OF PROCEEDS. Mortgagor shall notify Mortgagee immediately of the institution or threat of institution of any proceeding pertaining to the condemnation of any portion of the Mortgaged Property. Mortgagee is authorized to settle all claims for damages to any portion of the Mortgaged Property which relate to, and collect any proceeds of any award which may be the result of, any eminent domain or condemnation proceedingproceeding and Mortgagor hereby assigns any and all such proceeds to Mortgagee.
Appears in 1 contract
Sources: Leasehold Mortgage, Assignment of Leases and Rents and Security Agreement (General Housing Inc)