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 or 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 United 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