Common use of Taking of the Mortgaged Property Clause in Contracts

Taking of the Mortgaged Property. (a) In case of a Taking or the commencement of any proceedings or negotiations that might result in a Taking, the Borrower immediately will give notice thereof to the Authority and the Bank generally describing the nature and extent of such Taking or the nature of such proceedings or negotiations and the nature and extent of the Taking which might result therefrom. The Authority and the Bank shall be entitled hereunder to all awards or