Examples of First Mortgagee in a sentence
No failure or delay on the part of either the First Mortgagee or the Subordinate Mortgagee in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy hereunder or under their respective loan documents.
In the event of the failure of the Subordinate Mortgagee to make endorsement or assignment, the First Mortgagee, or any of its officers or employees, are hereby irrevocably authorized to make the endorsement or assignment.
The First Mortgagee shall promptly thereafter deliver all Collateral remaining in its possession, if any, to the Subordinate Mortgagee.
Without limiting the foregoing, the Subordinate Mortgagee agrees that all rights of the Subordinate Mortgagee to the Subordinate Mortgage Indebtedness and under the Subordinate Mortgage Loan Documents shall be expressly subject and subordinate: (x) to the rights of the First Mortgagee to the First Mortgage Indebtedness and under the First Mortgage Loan Documents; and (y) to any and all Protective Advances made and other expenses incurred under the First Mortgage Loan Documents.
Each party acknowledges that to the extent that no adequate remedy at law exists for breach of its obligations under this Agreement, the First Mortgagee and/or the Subordinate Mortgagee shall have the right to obtain specific performance of the obligations of such defaulting party, injunctive relief or such other equitable relief as may be available.