HomeMy WebLinkAbout2544 do all things necessary to preserve and keep unimpaired its
rights thereunder; (ii) to promptly notify Mortgagee in writing
of any default by the Mortgagor in the performance and the ob-
servance of any of the terms, covenants or conditions on part
of Mortgagor to be performed or observed under such prior Mort-
gage or of the occurrence of any event which, regardless of the
lapse~of time, would constitute a default under such prior mort-
gage of the def ault by the Mortgagor thereunder and the perfor-
mance or observance of any of the terms, covenants or conditions
on the part of the Mortgagor to be performed under such prior
mortgage and promptly to cause a~copy of each such notice given
by the Mortgagee thereunder to the Mortgagor to be delivered to
the Mortgagee.
(b) In the event Mortgagor fails to make any payment
required under such prior mortgage or to do any act set forth in
the preceding sub-paragraph herein provided, then Mortgagee may,
but without obligation so to do, and without notice to or demand
upon Mortgagor, and without releasing Mortgagor from any obli-
gation hereof, make or do the same in such manner and to such
extent as Mortgagee may deem necessary to protect its interest
under this Mortgage. Mortgagee's rights hereunder shall specif-
ically include, but without limitation thereto, the right to pay
any and all payments of interest and principal, insurance pre-
miums, taxes and assessments and other sums due or to become due
under such prior mortgage.
(c) In the event Mortgagor fails to perform any of
the terms, covenants and conditions required to be performed or
observed by Mortgagor under such prior mortgage, then Mortgagee .
may, but without obligation so to do, and without notice or de-
mand upon Mortgagor and without relieving Mortgagor from any
obligation hereof, take any action Mortgagee deems necessary
or desirable to prevent or cure any such default by Mortgagor.
Upon receipt by Mortgagee from Mortgagor of any written notice
of default by Mortgagor under such prior mortgage, Mortgagee may ~
rely thereon and take any action it deems necessary to cure such
I default even though the existence of such default or the nature • ~
thereof may be questioned or denied by the Mortgagor or by any
' party on behalf of the Mortgagor. Mortgagor hereby expressly
~ grants to Mortgagee, and agrees that Mortgagee shall have, the
( absolute and immediate right to enter upon the Land or any part
thereof to such extent and as often as the Mortgagee in its sole
discretion, deems necessary or desirable in order to prevent or
~ cure any such default by the Mortgagor. Mortgagee may pay and
~ expend such sums of money as Mortgagee in its sole discretion ;
~ deems necessary for any such purpose, may pay expenses, employ '
counsel and pay his reasonable attorney's fees. All costs,
charges and expenses so incurred or paid by Mortgagee shall be-
come due and payable immediately, whether or not there be notice,
demand, attempt to collect or suit pending. The amount so in-
curred or paid by Mortgagee, together with interest thereon at
- the Default Rate herein defined from the date incurred until paid -
~ by Mortgagor, shall be added to the indebtedness secured by the - ;
lien of this Mortgage to the same extent as if paid or expended ~
~ on the date hereof. ~ '
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(d) Mortgagor agrees that it will not surrender any ~
~ of its rights under such prior mortgage and will not, without ,
the prior written consent of Mortgagee consent to any modification, ;
change, or any alteration or amendment of such prior mortgage
~ either orally or in writing, and no release or forebearance of
t any of Mortgagor's obligations under such prior mortgage whether
~ pursuant to such prior mortgage or otherwise, shall release Mort-
gagor from any of its obligations under this Mortgage.
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; ;o~ 216 ~MV:254
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