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HomeMy WebLinkAbout0240taxes, penalties, or any other sums required to be paid under the terms of this mortgage and security agreement, as the same become due, without regard to whether or not all of the Secured Indebted- ness shall then be due, and without prejudice to the right or Mort- gagee thereafter to enforce any Qther appropriate remedy against Mortgagor, including an action of foreclosure, whether or not any other action for a default or defaults by Mortgagor existing at the time such earlier action shall have been commenced. Any pay- ments to or on account of Mortgagor of insurance or eminent domain proceeds, pursua~t to Articles 3 and 7 herein, shall not affect ~he lien of this mortgage and security agreement for the full amount secured hereby before such payment. 12. Any failure by Mortgagee to insist upon the strict performance by Mortgagor of any of the terms and provisions hereof shall not be deemed to be a waiver of any of the terms and provisions hereof, and Mortgagee, notwithstanding any such failure, shall have the right thereafter to insist upon the strict performance by Mortgagor of any and all of the terms and provisions of this mortgage and security agreement to be performed by Mortgagor. Neither Mortgagor nor any other person now or hereafter obligated for the payment of the whole or any part of the Secured Indebtedness shall be relieved of such obligation by reason of the failure of Mortgagee to comply with any request of Mortgagor or of any other person so obligated to take action to foreclose this mortgage and security agreement or other-- wis~ enforce any of the provisions of this m~rtgage and security agreement or of any obligations secured hereby, or by reason of the release, regardless of consideration, of the whole or any part of the security held for the Secured Indebtedness, or by reason of any agreement or stipulation between any subsequent owner or owners of the Premises and Mortgagee extending the time of payment or modify-- ing the terms of the Note or this mortgage and security agreement without first having obtained the consent of Mortgagor or such other person, and in the latter event, Mortgagor and all such other per- sons shall continue liable to make such payments according to the terms of any such agreement of extension or modification unless expressly released and discharged in writing by Mortgagee. Regard- less of consideration, and without the necessity for any notice to or consent by the holder of any subordinate lien on the Premises, Mortgagee may release the obligation of anyone at any time liable for any of the Secured Indebtedness or any part of the security held for the Secured Indebtedness and may extend the time of pay- ment or otherwise modify the terms of the Note or this mortgage and security agreement or both, as to the security or the remainder thereof, in any manner impairing or affecting the lien of this mort- gage and security agreement or the priority of such lien, as secu- rity for the payment of the Secured Indebtedness as it may be so ex- tended or modified, over any subordinate lien. The holder of any subordinate lien shall have no right to terminate any lease affec- ting the Premises, whether or not suc~ lease be subordina•te to this mortgage and security agreement. Mortgagee may resort for the pay- ment of the Secured Indebtedness to any other security therefor held by Mortgagee in~such order and manner as Mortgagee may elect. 13. The rights of Mortgagee granted and arising under the clauses and covenants contained in this mortgage and security agreement, the Note and any other instruments executed with respect to the Secured Indebtedness shall be separate, distinct and cumulative of other powers and rights herein granted and all other rights which Mortgagee may have in law or equity, and none of them shall be in exclusion oF the others; and all of them are cumulative to the rem- edies for collection of indebtedness, enforcement of rights under -13- I i~17K'J~L1 P~GE 240 ; @ ~ ~n'~'. - .. _.. .-.. . _ . . - . . '. _ -~ _. d . .. , '- ~ :~