Common use of Defaults Rights and Remedies Clause in Contracts

Defaults Rights and Remedies. Upon default in the payment of any installment of principal and/or interest when due under the Mortgage Note or in the payment, when due, of any other obligation set forth in the Mortgage Note, or in any of the payments required to be made under this deed, or upon default in the performance of observance of any of the other terms, covenants, conditions or warranties herein contained, or under any other written agreement with the Mortgagee, or should any proceedings under the Bankruptcy Law of the Untied States or any similar law be brought by or against the Mortgagor or should a receiver be appointed for any properties of the Mortgagor by any court in a proceeding wherein the Mortgagor is alleged to be insolvent or unable to pay its debts as they mature, then in any such event, at the option of the Mortgagee, the principal of and all other sums evidenced by the Mortgage Note plus accrued interest thereon to that date, and all other sums secured by the mortgage hereby constituted shall, without notice, become immediately due, demandable, and payable as fully as if it had been stipulated that all such sums would be due on that date and the Mortgagee, with or without entry, personally or by attorney, at its option, may proceed to protect and enforce its rights hereunder by suit or suits in equity or action or actions by law, whether for specific performance of any covenant or agreement contained herein or in aid of the execution of any power herein granted, or for the foreclosure of the mortgage hereby constituted and the sale of the Mortgaged Premises or for the enforcement of any other appropriate legal or equitable remedy as the Mortgagee shall deem most effectual to protect and enforce any of its rights or duties hereunder. Upon any such default by the Mortgagor and following the acceleration of mature as aforesaid tender of payment of the amount necessary to satisfy the entire indebtedness secured hereby made at any time prior to foreclosure sale (including sale under power of sale hereunder), by the Mortgagor, its successors or assigns, or by anyone on behalf of the Mortgagor, its successors or assigns, shall constitute an evasion of the payment terms hereunder and shall be deemed to be a voluntary prepayment hereunder, and any such payment, to the extent permitted by law, will therefore include the exit fee, if any, required under the prepayment privilege, contained in the Mortgage Note, or the Loan Agreement. In connection with any judicial proceedings initiated by the Mortgagee under the Mortgage Note or this deed the Mortgagee may petition the court having jurisdiction in the premises to appoint a receiver, and said court shall appoint said receiver for the Mortgaged Premises and of all the rents, issues, income, profits and yields of any nature derived from the Mortgaged Premises, which receiver shall have the broadest powers and faculties usually granted to a receiver by the court. Such appointment shall be made by the court as a matter of absolute right granted to the Mortgagee, without taking into consideration the value of the Mortgaged Premises or the solvency or insolvency of the Mortgagor or defendants, and regardless of whether the Mortgagee has an adequate remedy at law. All of said rents, income issues, profits and yield shall be employed by the receiver in conformity with the terms of the mortgage hereby constituted and the rulings of said court. The remedies provided for herein shall be cumulative and not exclusive. The failure of the Mortgagee to exercise the option for acceleration of maturity and/or foreclosure following any default as aforesaid or to exercise any other option granted to the Mortgagee in any one or more instances and the acceptance by the Mortgagee of partial payments hereunder shall not constitute a waiver of any such default nor extend or affect the grace period, if any, but such option shall remain continuously in force. Acceleration of maturity, once claimed hereunder by the Mortgagee, may, at the option of the Mortgagee, be rescinded by written acknowledgement to that effect by the Mortgagee, but the tender and acceptance of partial payments alone shall not in any way affect or rescind such acceleration of maturity, nor extend or affect the grace period, if any.