Loading...
HomeMy WebLinkAbout0931 hereby authorized, at its option, to conduct any such foreclosure their rights will not be, nor be asserted by Mortgagor to be, a . defense to any proceedings instituted by Mortgagee to collect the . sums secured hereby. 22. Riqhts and Remedies Cumulative: (a) The rights and remedies of Mortgagee as provided in the Note, this Mortgage, and every Loan Document, shall be cumulative and concurrent; may be pursued separately, successive- : ly or together against Mortgagor or against the Mortgaged Prop- ~ erty, or both, at the sole discretion of Mortgagee, and may be exercised as often as occasion therefor shall arise. The failure ~ to exercise any such right or remedy shall in no event be con- - strued as a waiver or release thereof. (b) Any failure by Mortgagee to insist upon strict pertormance by Mortgagor of any of the terms and provisions of this Mortgage or the Note shall not be deemed to be a waiver of any of th~ terms or provisions thereof, and Mortgagee shall have the right thereafter to insist upon strict performance by Mortga- ` gor of any and all of them. a (c) Neither Mortgagor, Guarantor or any other person ` now or hereafter obligated for payment of all or any part of the ; sums now or hereafter secured by this Mortgage shall be relieved _ of such obligation by reason of the failure of Mortgagee to comply with any request of Mortgagor, Guarantor or of any other < person so obligated to take action to foreclose on this Mortgage or otherwise enforce any provisions of the Mortgage, Note, or any other Loan Document, or by reason of the release, regardless of consideration, of all or any part of the security held for the indebtedness secured by this Mortgage, or by reason of any agreement or stipulation between any subsequent owner of the Mortgaged Property and Mortgagee extending the time of payment or modifying the terms of the Note, or any other Loan Document, without first having obtained the consent of Mortgagor, Guarantor j or such other person; and in the latter event, Mortgagor, ~ Guarantor and all such other persons shall continue to be liable to make payments according to the terms of any such extension or modification agreement, unless expressly released and discharged in writing by Mortgagee. ~ ~ (d) Mortgagee may release, regardless of considera- ~ tion, any part of the security held for the indebtedness secured ~ by this Mortgage without, as to the remainder of the security, in ! any way impairing or affecting the lien of this Mortgage or its ~ priority over any subordinate lien. ~ (e) For payment of the indebtedness secured hereby Mortgagee may resort to any other security therefor held by ~ Mortgagee in such order and manner as Mortgagee may elect. ~ 23. Mortgagor's Waivers: Mortgagor hereby waives and ~ releases: (a) all errors, defects and imperfections in any proceeding instituted by Mortgagee under the Note, this Mortgage . and/or any ather Loan Document; ~ ~ (b) all benefit that might accrue to Mortgagor by ~ virtue of any present or future law exempting the Mortgaged ~ Property, or any part of the proceeds arising from any sale ; thereof, from attachment, levy or sale on execution, or providing ~ for any stay of execution, exemption from civil process or extension of time for payment; and I ~ ~ (c) unless specifically required herein all notices of Mortgagor's default or of Mortgagee's election to exercise, or ~ s ~ t!P. _ 12 _ ;~~~4~.7 P~~E 93~ ~ - ~ ~ P ~'i . . ' '2.`sy c~r: < ' ' ~ .