Common use of Right of Foreclosure Clause in Contracts

Right of Foreclosure. Mortgagee shall have the following powers concerning enforcement of this Mortgage: 16.2.1 Time is of the essence of this Mortgage. 16.2.2 If a Default occurs, Mortgagee may, either with or without entry or taking possession or otherwise, and without regard to whether or not the Secured Obligations shall be due and without prejudice to the right of Mortgagee later to bring an action or proceeding to foreclose or any other action for any default existing at the time such earlier action was commenced, proceed by any lawful action or proceeding to enforce payment and performance of any or all of the Secured Obligations or the performance of the terms of the Transaction Documents or any other right; to foreclose this Mortgage in the manner provided by law of the State of New Mexico applicable to the foreclosure of mortgages on real property and, subject to Mortgagee’s right of redemption (as reduced herein), to sell, as an entirety or in separate lots or parcels, the Property pursuant to the laws of the State of New Mexico or under the judgment or decree of a court or courts of competent jurisdiction; and Mortgagee shall be entitled to recover in any such proceeding all incidental costs and expenses, including reasonable attorneys’ fees and costs (including, expressly, costs incurred for services of paralegals and for computer-assisted legal research) in such amount as shall be awarded by the court; and to pursue any other remedy available to it at law or in equity.