Common use of Effect on the Obligations Clause in Contracts

Effect on the Obligations. Notwithstanding any condemnation, taking, or other proceeding referred to in this Section causing injury to or decrease in value of the Collateral (including a change in any street, whether as to grade, access, or otherwise), or any interest therein, Borrower shall continue to pay and perform the Obligations as provided herein. Any reduction in the Obligations resulting from such application shall be deemed to take effect only on the date of receipt by Lender of such proceeds, judgments, decrees or awards and application against the Obligations, provided that if prior to the receipt by Lender of such proceeds, judgments, decrees, or awards, the Collateral shall have been sold on foreclosure of this Security Instrument, or shall have been transferred by deed-in-lieu of foreclosure, Lender shall have the right to receive the same to the extent of any deficiency found to be due upon such sale, with legal fees and disbursements incurred by Lender in connection with the collection thereof.

Effect on the Obligations. Notwithstanding any condemnation, taking, taking or other proceeding referred to in this Section causing injury to or decrease in value of the Collateral Premises (including a change in grade of any street, whether as to grade, access, or otherwise), or any interest therein, Borrower Trustor shall continue to pay and perform the Obligations as provided herein. Any reduction in the Obligations resulting from such the application to the Obligations of any proceeds, judgments, decrees or awards pursuant to Section 1.03(b), (c) or (d) shall be --------------- --- --- deemed to take effect only on the date of receipt by Lender Beneficiary of such proceeds, judgments, decrees or awards; provided that if prior to the receipt by Beneficiary of such proceeds, judgments, decrees or awards and application against the Obligations, provided that if prior to the receipt by Lender of such proceeds, judgments, decrees, or awards, the Collateral Mortgaged Property shall have been sold on foreclosure of this Security InstrumentDeed of Trust, or shall have been transferred by deed-in-deed in lieu of foreclosureforeclosure of this Deed of Trust, Lender Beneficiary shall have the right to receive the same to the extent of any deficiency found to be due upon following such sale, with legal interest thereon together with attorneys' fees and disbursements incurred by Lender Trustee and Beneficiary in connection with the collection thereof.