It is signed on the mat (likely an acidic pulp oriented paper/could be very brittle) but has the photographers stamp which is a plus. The photograph displays a good amount of silvering to the borders which can impact. That is hard to gauge from a scan - how strong it is. There is also a capillary water stain in the inscription, right edge over two words. Member Herman Darvick would be the one to ask about the signature.
Yes, the piece has not be taken care of over the years. What a shame. It's one of those items I'd be fearful of taking out of the frame to have it re-framed properly, because it's no telling what kind of hidden damage there might be.