Performance of Defaulted Obligations. Mortgagee may make any payment or perform any other obligation under the Loan Documents which ▇▇▇▇▇▇▇▇▇ has failed to make or perform, and ▇▇▇▇▇▇▇▇▇ hereby irrevocably appoints Mortgagee as the true and lawful attorney-in-fact for Mortgagor to make any such payment and perform any such obligation in the name of Mortgagor. All payments made and expenses (including attorneys' fees) incurred by Mortgagee in this connection, together with interest thereon at the Default Rate from the date paid or incurred until repaid, will be part of the Secured Obligations and will be immediately due and payable by ▇▇▇▇▇▇▇▇▇ to Mortgagee. In lieu of advancing Mortgagee's own funds for such purposes, Mortgagee may use any funds of Mortgagor which may be in Mortgagee's possession, including but not limited to insurance or condemnation proceeds and amounts deposited for taxes, insurance premiums, or other purposes.
Appears in 2 contracts
Sources: Mortgage, Security Agreement, Fixture Filing, Financing Statement and Assignment of Leases and Rents (Sonesta International Hotels Corp), Mortgage, Security Agreement, Fixture Filing, Financing Statement and Assignment of Leases and Rents (Sonesta International Hotels Corp)