Common use of Additional Advances and Disbursements Clause in Contracts

Additional Advances and Disbursements. Except as provided in Section 4.16 hereof, the Mortgagor shall pay when due all payments and charges on all liens, encumbrances, ground and other leases, and security interests which may be or become superior, equal or inferior to the lien of this Mortgage, and upon an Event of Default with respect to this obligation, the Mortgagee shall have the right, but shall not be obligated, to pay, with notice to the Mortgagor, such payments and charges, and the Mortgagor shall, on demand, reimburse the Mortgagee for amounts so paid. In addition, upon an Event of Default with respect to this obligation, the Mortgagee shall have the right, but shall not be obligated, to cure such default in the name and on behalf of the Mortgagor. All sums advanced and reasonable expenses incurred at any time by the Mortgagee pursuant to this Section 1.10 or as otherwise provided under the terms and provisions of this Mortgage or under applicable law shall bear interest from the date that such sum is advanced or expense incurred, to and including the date of reimbursement, computed at the Default Rate, as defined in the Note.

Additional Advances and Disbursements. Except as provided in Section 4.16 hereof, the Mortgagor shall pay when due all payments and charges on all liens, encumbrances, ground and other leases, and security interests which may be or become superior, equal superior or inferior to the lien and security interest of this Mortgage, and upon an Event of Default with respect to this obligationand, the in default thereof, Mortgagee shall have the right, but shall not be obligated, to pay, with pay without notice to the Mortgagor, Mortgagor such payments and charges, charges and the Mortgagor shall, on demand, reimburse the Mortgagee for amounts so paid. In addition, upon an Event default of Default with respect Mortgagor in the performance of any other terms, covenants, conditions or obligations by it to this obligationbe performed under any such prior or subordinate lien, the encumbrance, or security interest, Mortgagee shall have the right, but shall not be obligated, to cure such default in the name and on behalf of the Mortgagor. All sums advanced and reasonable expenses incurred at any time by the Mortgagee pursuant to this Section 1.10 or as otherwise provided under the terms and provisions of this Mortgage or under applicable law shall bear interest from the date that such sum is advanced or expense incurred, to and including the date of reimbursement, computed at the Default Rate, as defined in the Notean interest rate equal to 12% per annum.