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HomeMy WebLinkAbout1695 s• r equity against the Mortgagors and Developer and against any and all persons claiming or who may claim the same, or any part thereof from, through or under the Mortgagors and the Developer. 6.04. Proceeds of Sale. The purchase money, proceeds or avails of any sale made under or by virtue of this ARTICLE VI, together with any other sums which then may be held by the Mortgagee under the Mortgage, shall be applied as follows: FIRST: To the payment of the costs and expenses of such sale, including reasonable compensation to the Mortgagee, its agents and counsel, and of any judicial proceedings wherein the same may be made, and of all expenses, liabilities and advances made or incurred by_the Mortgagee under the Mortgage, together with interest at the Overdue Interest Rate on all advances made by the Mortgagee and all taxes or .assessments, except any taxes, assess- ! ments or other charges subject to which the Mortgaged Property shall have been sold. SECOND:. Ta the payment of the whole amount then due, owing or unpaid upon the Second Replacement. Note far principal and interest, with interest on the unpaid principal at the Overdue Interest Rate from and after the happening of any Event of Default described in SECTION 6.01 from the due date of any such payment of principal until the same is paid. - THIRD: To the .payment of any other sums required j ~ to be paid pursuant to any provision of this . Mortgage or of the Second Replacement Note. FOURTH: To the payment of the surplus, if any, to whomsoever may be lawfully entitled to receive the I same. i 6.05. Mortgagee May Bid. Upon any sale made under or by virtue of this ARTICLE VI, the Mortgagee may bid for and acquire the Mortgaged Property or any part thereof and in lieu of paying cash .therefor may make settlement for the purchase price by crediting upon the indebtedness secured by the Mortgage the net sales price after deducting therefrom the expenses of the sale and costs of the action and any other sums which the Mortgagee is authorized to deduct under the Mortgage. 6.06. Pa went to !fort a ee. In case an Event of Default described n clause (a) of SECTION 6.01 shall A have happened and be continuing, then, upon written demand R of the Mortgagee, the Mortgagors and Developer will pay to the Mortgagee the whole amount which then shall have become due and payable on the Second Replacement Note, for prin- f ~ cipal or interest or both, as the case may be, and after the happening of said Event of Default will also pay to the Mortgagee interest at the Overdue Interest Rate on the then -25- 8001(J`t~ PACE~V~4 1F .F - r?