Multiple Remedies. If an Event of Default shall have occurred and be continuing, the Mortgagee shall have the option of proceeding, to the extent permitted under applicable law, as to both real and personal property in accordance with its rights and remedies in respect of the real property, as an alternative to proceeding in accordance with the default provisions of the Uniform Commercial Code; and the Mortgagee may exercise any and all of the other rights of a secured party under such Uniform Commercial Code.
Appears in 2 contracts
Sources: Consolidated and Restated Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Filing (Vornado Realty Trust), Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Filing (Mills Corp)
Multiple Remedies. If an Event of Default shall have occurred and ----------------- be continuing, the Mortgagee shall have the option of proceeding, to the extent permitted under applicable law, as to both real and personal property in accordance with its rights and remedies in respect of the real property, property as an alternative to proceeding in accordance with the default provisions of the Uniform Commercial Code; and the Mortgagee may exercise any and all of the other rights of a secured party under such Uniform Commercial Code.
Appears in 1 contract
Sources: Mortgage, Deed of Trust, Security Agreement (General Growth Properties Inc)