HomeMy WebLinkAbout2518 The "Borrower" agrees, to the full extent that it may
lawfully so aqree, that no recovery of any such judgment by the
"Lender" and no attachment or levy of any execution a~nothersuch
judgment upon any of the Mortgaged Property or up y
property shall in any manner or to any extent affect the lien of
this mortgage upon the tdortgaged Property or any part thereof or
any lien, rights, pow~~s or remedies of the "Lender" hereunder, ;
but such lien, rights, pawers and remedies shall continue unimpaired ~
as before .
Any moneys thus collected by the "Lender" or received
by the "Lender" under this Paragraph 2.14 shall be applied as follows:
First to the payment of the reasonable com-
pensation, expenses and disbursements~of
the agents and attorneys of the "Lender"; and
Second, toward payment of the amounts due and
unpaid upon the note.
2.15 DELAY OR OMISSION N~ V+}AIVER. No delay or omission of the
"Lender" or of any holder of the note to exercise any right, power
or remedy accruing upon any default shall exhaust or impair any such
right, power or remedy or shall be construed to be a waiver of any
such default, or avquiescence therein; and every right, power and
remedy given by this mortgage to the "Lender" may be exercised from
time to time and as often as may be deemed expedient by the "Lender".
2.16 NO WAIVER OF ONE DEFAULT TO AFFEGT ANOTHER, ETC. No waiver
of any default hereunder shall extend to or shall affect any subse-
quent or any other then existing default or shall impair any rights,
powe~s or remedies consequent thereon.
If the "Lender" (a) grants forebearance or an extension
of time for the payment of any sums secured hereby; (b) takes other
or additional security for the payment thereof; (c) waives or does
not exercise any right granted herein or in the note; (d) releases
''r any part of the Mortgaged Property from the lien of the mortgage or
j otherwise changes any of the terms of the note or mortgage; (e)
~ consents to the filing of any map, plat or replat thereof; (f)
! consents to the granting of any eas ~nent thereon, or (g) makes or
~ consents to any agreement subordinating the lien or change hereof,
any such act or omission shall not release, discharge, modify,
~ change, or affect the original liab~lity under the note, mortgage
or ~otherwise of the "Borrower" or any subsequent purchaser of the
Mortgaged Property or any part thereof, ~r any maker, co-signer,
endorser, surety or guarantor; nor shall any such act or omission
preclude the "Lerider" from exercising any right, power or privilege
herein granted or intended to be granted in the event of any other
default then made or of any subsequent default, nor, except as other-
wise expressly provided in an instrument or inst ruments executed
by the "Lender" shall the lien of this mortgage be altered thereby.
In the event of the sale or transfer by operation of law or other-
wise of all or any part of the Mortgaged Property, the "Lender",
without notice to any person or corporation is hereby authorized and
empowered to deal with any such vendee or transferee with reference
to the Mortgaged Property or the indebtedness secured hereby, or with
~ reference to any of the terms or conditions hereof, as fully and to
the same extent as it might deal with the original parties hereto
~ and without in any way releasing or discharging any of the liabilities
~ or undertakings hereunder.
2.17 DISCONTINUANCE OF PROCEEDINGS - POSITION OF PARTIES ,
RESTORED. In case the "Lender" shall have proceeded to enforce any
right or remedy under this mortgage by foreclosure, entry or other-
wise, and such proceedings shall have been discontinued or abandoned
for any reason, or shall have been determined adversely to the
"Lender", then and in every such case the "Borrower" and the "Lender"
? shall be restored to their former positions and rights hereunder,
w~ and all rights, powers and remedies of the "Lender" shall continue
as if no such proceeding has been taken.
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