HomeMy WebLinkAbout1677 and the distribution from the estate of the Mortgagor .
28. That the Mortgagee shall have the right from time to time to take
action to recover any sums, whether interest, principal. or any installment
of either, or any other sums required to be paid under the terms of this
Mortgage. as the same become due. without regard to whether or not the
_ principal sum secured, or any other sums secured, by the Note and Mortgage
shall be due, and without prejudice to the right of Mortgagee thereafter to
bring an action of foreclosure, or ary other action, for a default or defaults
by Mortgagor existing at the time such earlier action was commenced. No
remedy conferred or reserved to the Mortgagee herein or in the Mortgage
Note or the Loan Agreement is intended to be exclusive of any other remedy
or remedies. and each and every such remedy shall be cumulative, and shall
be in addition to every other remedy given to the Mortgagee now or hereafter
existing at law or in equity or by statute. No delay or omission of the Mortgagee
to exercise any right or power accruing upon any Event of Default herein.
or in the Mortgage Note. or the Loan Agreement. shall impair any such right
or power. or shall be construed to be a waiver of any such Event of Default i
or an acquiescense therein: and- every power and remedy given by the mortgage
herein, or in the Mortgage Note or the Loan Agreement, to the Mortgagee
may be exercised from time to time as often as may be deemed expedient
by the Mortgagee. Nothing in this Mortgage or in the Note or in the Loan
Agreement shall affect the obligation of the Mo:•tgagor to pay• the principal
of. and interest on, the Note in the manner and at the time and place therein ~
respectively expressed .
29. The Mortgagor will not at any time insist upon., or plead. or in
any manner whatever claim or take any benefit or advantage of. any stay
or extension of moratorium law, any exemption from execution or sale of
the Mortgaged Property or any part thereof, wherever enacted. now or at
any time hereafter in force. which may affect the covenants and terms of
performance of.this Mortgage, nor claim. take or insist upon any benefit •
or advantage of any law now or hereafter in force providing for the valuation
or appraisal of the Mortgaged Property. or any part thereof, prior to any
sale or sales thereof which may be made pursuant to any provision herein.
or pursuant to the decree. judgment or order of any court of competent jurisdictio ;
nor. after any such sale or sales, claim or exercise any right under any
statute heretofore or hereafter enacted, by any Governmental Author-ity or
otherwise, to redeem the property so sold or any part thereof; and the Mortgagoi-
hereby expressly waives all benefit or advantage of any such law or laws,
and covenants not to hinder, delay or impede the execution of any power.
~ herein granted or delegated to the Mortgagee. but to suffer and permit the
1 execution of every power as. though no such law or laws had been made or
enacted . The Mortgagor for itself and all who claim under it, waives. to
the extent that it lawfully may. all right to have the Mortgaged Property
marshaled upon any foreclosure hereof .
30. To the extent of the indebtedness of the Mortgagor to the Mortgagee ~
described herein or secured hereby, the Mortgagee is hereby subrogated
to the lien or liens and to the rights of the owners and holders thereof of
each and every mortgage. lien or other encumbrance on the land described
herein which is paid and/or satisfied, in whole or in part. out of the proceeds
of the loan described herein or secured hereby, and the respective liens
} of said mortgages. liens or other encumbrances, shall be and the same and
each of them hereby is preserved and shall pass to and be held by the Mortgagee.
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