HomeMy WebLinkAbout1696 unpaid principal of the Second Replacement Note, and the
sums provision of the Mortgage, and in addition thereto such
further amount ss shall be sufficient to cover the casts and
expenses of collection, including reasonable compensation to
-the Mortgagee, its agents and counsel and any expenses
.incurred by the Mortgagee hereunder. In the event the
Mortgagors and Developer shall fail forthwith to pay such .
amounts upon such demand, the Mortgagee shall be entitled
and empowered to institute such action or proceedings at law
or in equity as may be advised by its counsel for the
collection of the sums so due and unpaid, and may prosecute
any such action or proceedings to jud~jment or final decree
against the Mortgagors and collect, out of the property of
the Mortgagors wherever situated, as well as out of the
Mortgaged Property, in any manner provided by law, moneys
adjudged or decreed to be payable.
6.07. Ely= of Judgment. The Mortgagee shall be
entitled to recover judgment as aforesaid either before,
after or during the pendency of any proceedings for the
enforcement of the provisions of the Mortgage; and the right
of the Mortgagee to recover such judgment shall not be _
affected by any entry or sale hereunder, or by the exercise
of any other right, power or remedy for the enforcement of
the provisions of the Mortgage, or the foreclosure of the
lien thereof; and in the event of a sale of the Mortgaged
Property, and of the application of the proceeds of sale, as
in the Mortgage provided, to the payment of the debt thereby
secured, the Mortgagee shall be entitled to enforce payment
of, and to receive all amounts then remaining due and unpaid
upon, the Second Replacement Note, and to enforce payment
of, all other charges, payments and costs due under the
Mortgage, and shall be entitled to recover judgment for any
portion of the debt remaining unpaid, with interest at the
Overdue Interest Rate. In case of proceedings against .the
Mortgagors or the Developer in insolvency or bankruptcy or
any proceedings for reorganization or involving the liqui-
dation of assets, then the Mortgagee shall be entitled to
prove in such insolvency or bankruptcy proceeding the whole
amount of principal and interest due upon the Second Re-
placement Note to the full amount thereof, and all other
payments, charges and costs due under the Mortgage, without
deducting therefrom any proceeds obtained from the sale of
the whole or any part of the Mortgaged Property, provided,
however, that in no case shall the Mortgagee receive a
greater amount than such principal and interest and such
other payments, charges and costs from the aggregate amount
of the proceeds of the sale of the Mortgaged Property and
the distribution from the estate of -the Mortgagors or the
Developer.
6.08. Effect of Jud went. No recovery of any
judgment by the Mortgagee and no evy of an execution .under
any judgment upon the Mortgaged Property or upon any other
~ property of the Mortgagors or Developer shall affect in any
manner or to any extent, the. lien of the Mortgage upon ~
rights, powers or remedies of the Mortgagee thereunder, but ~
such liens, rights, powers and remedies of the Mortgagee
shall continue. unimpaired as before.
6.09. Receivers. After the happening of any
-26- UR
BOOR~~~ PAGE~Va7~