HomeMy WebLinkAbout2540 MTG-1-A-4/23/73
2.12 Proofs of Claim. In the case of any receivership,
insolvency, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceedings affecting Mortgagor,
any person, partnership or corporation guaranteeing or endorsing
any of Mortgagor's obligations, its creditors or its property,
Mortgagee, to the extent permitted by law, shall be entitled to
file such proofs of claim and other documents as may be necessary
or advisable in order to have its claims allowed in such pro-
ceedings for the entire amount due and payable by Mortgagor
under the Note, this Mortgage and any other instrument securing
the Note, at the date of the institution of such proceedings,
and for any additional amounts which may become due and payable
by Mortgagor after such date.
2.13 Mortgagor to Pay the Note on Any Default in
Pa1+ment; Application of Monies by Mortgagee.
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(a) If default shall be made in the payment of any
amount due under the Note, this Mortgage or any other instrument ;
securing the Note, then, upon Mortgagee's demand, Mortgagor
will pay to Mortgagee the whole amount due and payable under
the Note and all other sums secured hereby; and if Mortgagor
shall fail to pay the same forthwith upon such demand, Mortgagee
shall be entitled to sue for and to recover judgment for the
whole amount so due and unpaid together with costs and expenses,
including the reasonable compensation, expenses and disbursements
of Mortgagee's agents, attorneys and other representatives,
Mortgagee shall be entitled to sue and recover judgment as afore-
said either before, after or during the pendancy of any proceedings f
for the enforcement of this Mortgage, and the right of Mortgagee
to recov~r such judgment shall not be affected by any taking,
possession or foreclosure sale hereunder, or by the exercise of
any other right, power or remedy for the enforcement of the terms
of this Mortgage, or the foreclosure of the lien hereof.
(b) In case of a foreclosure sale of all or any part of
the Mortgaged Property and of the application of the proceeds
of sale to the gayment of the sums secured hereby, Mortgagee
shall be entitled to enforce payment of and to receive all
amounts then remaining due and unpaid and to recover judgment
; . .
~ for any portion thereof remaining unpaid, with interest. ~
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E (c) Mortgagor hereby agrees, to the extent permitted ~
~ by law, that no recovery of any such judgment by Mortgagee and
~ no attachment or levy of any execution upon any of the Mortgaged .
~ Property or any other property shall in any way affect the lien
~ of this Mortgage upon the Mortgaged Property or any part thereof
or any lien, rights, powers or remedies of Mortgagee hereunder,
~ but such lien, rights, powers and remedies shall continue unim-
paired as before.
(d) Any monies collected or received by Mortgagee
under this Paragraph 2.13 shall be applied as follows:
~ (i) First to the gapment of reasonable
~ compensation, expenses and disbursements of the ~
agents, attorneys and other representatives of
~ Mortqagee; and
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(ii) Second, to payment of amounts due and '
unpaid under
t~ie Note , this Mortgage and all
other instruments securing the Note.
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2.14 Delay or Omission No Waiver. No delay or
~ omission of Mortgagee or of any holder of the Note to exercise ~
~ an~ right, power or remedy accruing upon any Event of Default
~ shall exhaust or impair any such right, power or remedy or
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