Advances by Mortgagee. Each and every covenant herein contained shall be performed and kept by each Mortgagor solely at Mortgagors’ expense. If any Mortgagor shall fail to perform or keep any of the covenants of whatsoever kind or nature contained in this Mortgage, Mortgagee or any receiver appointed hereunder, may, but shall not be obligated to, make advances to perform the same on such Mortgagor’s behalf, and each Mortgagor hereby agrees to repay such sums upon demand plus interest at a rate per annum equal to the default rate of interest set forth in the Note. No such advance shall be deemed to relieve any Mortgagor from any Event of Default hereunder.
Appears in 2 contracts
Samples: Mortgage, Deed of Trust, Security Agreement, Financing Statement and Assignment of Production (Petrol Oil & Gas Inc), Mortgage, Deed of Trust, Security Agreement, Financing Statement and Assignment of Production (Petrol Oil & Gas Inc)
Advances by Mortgagee. Each and every covenant herein contained shall be performed and kept by each Mortgagor solely at Mortgagors’ Mortgagor's expense. If any Mortgagor shall fail to perform or keep any of the covenants of whatsoever kind or nature contained in this MortgageDeed of Trust, Mortgagee or any receiver appointed hereunder, may, but shall not be obligated to, make advances to perform the same on such Mortgagor’s 's behalf, and each Mortgagor hereby agrees to repay such sums upon demand plus interest at a rate per annum equal to the default rate of interest set forth in the applicable Note. No such advance shall be deemed to relieve any Mortgagor from any Event of Default hereunder.
Appears in 2 contracts
Samples: Deed of Trust, Security Agreement, Financing Statement and Assignment of Production (Pacific Energy Resources LTD), Deed of Trust (Pacific Energy Resources LTD)
Advances by Mortgagee. Each and every covenant herein contained shall be performed and kept by each Mortgagor solely at Mortgagors’ Mortgagor's expense. If any Mortgagor shall fail to perform or keep any of the covenants of whatsoever kind or nature contained in this Mortgage, Mortgagee or any receiver appointed hereunder, may, but shall not be obligated to, make advances to perform the same on such Mortgagor’s Xxxxxxxxx's behalf, and each Mortgagor Xxxxxxxxx hereby agrees to repay such sums upon demand plus interest at a rate per annum equal to the default rate of interest set forth in Section 2.06(c) of the NoteCredit Agreement. No such advance shall be deemed to relieve any Mortgagor from any Event of Default hereunder.
Appears in 1 contract
Advances by Mortgagee. Each and every covenant herein contained shall be performed and kept by each Mortgagor solely at Mortgagors’ Mortgagor’s expense. If any Mortgagor shall fail to perform or keep any of the covenants of whatsoever kind or nature contained in this Mortgage, Mortgagee or any receiver appointed hereunder, may, but shall not be obligated to, make advances to perform the same on such MortgagorXxxxxxxxx’s behalf, and each Mortgagor Xxxxxxxxx hereby agrees to repay such sums upon demand plus interest at a rate per annum equal to the default rate of interest set forth in the applicable Note. No such advance shall be deemed to relieve any Mortgagor from any Event of Default hereunder.
Appears in 1 contract
