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HomeMy WebLinkAbout2965 ~ ~ ~ 3 22 (b) unless specifically required herein, all notices of Mortgagor's default or of Mortgagee's elecdon to exercise, or Mortgagee's ; , actual exercise, of any option or remedy under the Note or the Security Documents, and - ; (c) any right to have the Mortgaged Property marshalled; provided that if any of the rights waived by Mortgagor in this Section 7.8 ~ affect or extend the time for sale of the Mortgaged Property, affect Mort- t gagee's rights to enforce this Mortgage or affect Mortgagor's right to ; redeem, Mortgagee shall have the right to elect to accept or reject the ; ; waiver of such right by Mortgagor, and such election may be made by ; Mortgagee at the time of or at any time prior to the entry of a decree or ~ ~ judgment of foreclosure in the court in which this Mortgage is being - ~ ~ f foreclosed, , ? 7.9 DISCONTINUANCE oF PROCEEDINGS. In case Mortgagee shall ~ ~ have proceeded to enforce any right under the Note or the Security Docu- ; ments and such proceedings shall have been discontinued or abandoned = for any reason, then in every such case l~iortgagor and l~tortgagee shall be ~ restored to their former positions and the rights, remedies and powers of ~ Mortgagee shall continue as if no such proceedings had been taken. ~ 7.10 APPLICATION OF PROCEEDS. The proceeds of any sale of all or ~ any portion of the ~iortgaged Property shall be applied by Mortgagee in ~ ~ the following order: ~ ~ ( a) first, to the payment ~f receiver s fees and expenses, to the ~ payment of Mortgagee's attorney's fees and other legal expenses ~ and to the payment of costs and expenses of Mortgagee in con- ~ nection with proceedings under this Ardcle 7; (b) second, to the payment of the Indebtedness (other than the ~ Note ) and accrued interest; (c) third, to the payment of accrued and unpaid interest on the Note; and (d) fourth, to the payment of the unpaid principal balance of the Note; or _ (e) in such order as required by the laws of the state in which - the 141ortgaged 1'roperty is situated. ~3 S ~ 1 ~ •i I .4 . . 1.. . . ~ • YYYA/~ •~R~W { ~ ~ N~.'. ~ o: ~ . _ _ _ . ~ - . _ . _ _ ~ ~ ~ . . - f _ - a ~ _ ~ . . . = S_.