Common use of Dealing with the Mortgaged Property Clause in Contracts

Dealing with the Mortgaged Property. The Mortgagee shall have the right to release any portion of the Mortgaged Property from the Lien of this Mortgage for such consideration as the Mortgagee may require, or without consideration, without, as to the remainder of the Mortgaged Property, in any way impairing or affecting the Lien or priority of this Mortgage, or improving the position of any subordinate lienholder with respect thereto, except to the extent that the Secured Obligations shall have been reduced by any actual monetary consideration received for such release and applied to the Secured Obligations, and may accept by assignment, pledge or otherwise any other property in place thereof as the Mortgagee may require without being accountable therefor to any other lienholder.

Dealing with the Mortgaged Property. The Subject to Section 7.01, the Mortgagee shall have the right to release any portion of the Mortgaged Property from to or at the Lien request of this Mortgage the Mortgagor, for such consideration as the Mortgagee may require, or without consideration, require without, as to the remainder of the Mortgaged Property, in any way impairing or affecting the Lien or priority of this Mortgage, or improving the position of any subordinate lienholder with respect thereto, except to the extent that the Secured Obligations shall have been reduced by any actual monetary consideration received for such release and applied to the Secured Obligations, and may accept by assignment, pledge or otherwise any other property in place thereof as the Mortgagee may require without being accountable therefor to any other lienholder.