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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
remedies for collection of indebtedness, enforcement of rights '
under mortgages, and preservation of security as provided at law, _
No act of Mortgagee shall be construed as an ele~tion to proceed
under any one provision herein to the exclusion of any other ~
pro~•ision, or an election of remedies to the bar of any other t
remedy allowed at law or in equity, anything herein or otherwise ~
to the contrary notwithstanding.
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3.09 ~ovenants of Mortqaqor. The covenants of Mortgagor -
herein are covenants running with the land and the title of the 3
Mortgaged Property and touch and concern the Mortgaged Property.
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3.10 Assiqnment. The interest of Trustee in this Mortgage ;
is assignable to any successor Trustee or co-Trustee for the ~
Bonds. The interests of Bank herein are assignable to any issuer =
of ~ replacement or substitute Letter of Credit.. Any such
assignment her~of shall operate to vest in the assignee all ;
rights and powers herein conferred upon and granted to Trustee or ~
Bank, or either of them, as the case may be. x
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3.~1 Time of ~he Essence. Time is of the essence with
II respect to each and every covenant, agreement and obligation of
Mortgagor under this Mortgage and any and all other instruments
now or hereafter evidencing, securing or otherwise relating to
the Indebtedness.
3.12 No Obliqation to Marshall Assets. Notice is hereby
given that no holder of any mortg~ge, deed of trust, deed to :
secure debt, lien security interest or other encumbrance ~
affecting ali or any portion of the Mortgaged Property, which is '
inferior to the lien, security interest and security title of '
this Mortgage shall have the right or privilege to require the
Mortgagee to marshall assets. '
3.13 References to Trustee and Bank. So long as there
shall be no Bonds outstanding within the meaning of the
Indenture, all references herein to Trustee shall be ineffective,
and the terin "Mortgagee" shall no l~nger include Trustee. So
long as there shall be no Letter of Credit outstanding as
security for the Bonds, and all Letter of Credit Indebtedness
shall have been paid in full, all references herein to Bank shall
be ineffective, and the term "Mortgagee" shall not include Bank.
3.14 Intercreditor Provisions. Notwithstanding anythinq to
the contrary contained herein,• prior to the time the Bonds shall
have been paid in full, or such payment duly provided for in
accordance with the Indenture, and so long as the Bonds are
secured by the Letter of Credit or any Letter of Credit
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BooK ~73 PAGE 977