HomeMy WebLinkAbout0110a~ r'r;, 40,'~.cF ~ ~.0
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accept sucl, otl'er anii trt~•ulent and restore the 5ltipo~t~ner tr. its foruu~r
position, but such action shall not arteet tuty subsequent event of
def:.ult ur iu-pair to-y right, con~ectuent thereon.
fit::°r-o~ ltl. In cage the A[ortt;a~ee sL•all have proi•ec•ded to en-
fori~e :u»• right. }-o~~•c•r or reu-ed~• under '}:is Jtort};a:;e b~• forrc•lo,ure,
entry or other~~~~se, anti suc•lt proreedint.;-s shall have bi•rn discontinued
or abandon~d for nnv r-•a=on or shall have bcrn deteru-ined adversel}'
to the Jlort~,::he~•, then and in every such case ti-e ~hipo~sner and the
\[nrt~;a~;ce sh;tll bc• restored to their fornu•r po:;itions and rights here-
under ~~•ith respect to the p-o1-erty sul,•jec•t or intended to he suhjc•c•t
to this ~[ortt;a~e, :uui a1i rinl-t,, re-nedies and pu~~•er> of the \tort~~at;ee
shall continue a~: it' no su.h proceedings had been tal;eu.
firc•~•;ox 11. '1'h~• proe~•eds of ;ut}• sale of 11-e Vessel and the net
earnin~,s of an~~ charter operation or other u.e of th~• 1'essel b~• the
~lortga=,ee under anv of ih~• po~~•ers here+in speciliecl :uul any turd till
other u-one~•~ recrived by the \lortgagee pur~ututt to or under the
terms of this Mort<~a~r~• or in tuty pruceedin~,s hereunder, the applic•a-
tion of ~~-hiclt has not elsewhere herein been specifically provided for, .
shall he applied o-• held as follo~~~s:
h'irst : :~l,plied to the p;tynu•nt c:f all expenses and ehart;es,
ln('11111111 the c•xpensc•. of anv sale, the eeprnses of any retal:in~,
reasonable attorney-•' fees, conrt c•o~ts. turd any otlu~r expenses
of illl\•;ln•1'~ Wade or incurred h}- the ~tortgat;ee in the protection
of its rights or the pug<uanc•e of its rcm~•dies hereunder;
~erond: :Applied to the payuu•nt o1• flog ln•inc•ipal of tl-e in-
dehtedness,
'Third: :~ppliccl to the payuu•nt of am' other oi,ligations of
the ~hipnwner heeeunder; and
huurtll: ~lpplicd to the paytucnt of uny surplus thereafter
re-uainint; to the :~t-ipm~•net• or to whotusoever -nay be entitled
thereto.
St:uTtu~ 12. Until one or Wore of the event:; of defa~~lt hrrcin-
above described shalt happen, tl-e shipowner (a) shall be suffered and