Common use of Carrying out obligations Clause in Contracts

Carrying out obligations. If the mortgage goes into default, we can do any of the following:  We can do what's needed to comply with an obligation under the mortgage with which you've failed to comply and we can enter the property for this purpose. For example, we can pay unpaid property taxes, pay utility charges, repair the property and complete work. If we enter into an agreement, we can do so in your name or our name.  If your obligation under the mortgage is to comply with an obligation to another person, and the other person claims that you haven't complied, we can do what we choose to comply as if this claim is valid and even if you dispute it.  We can pay (or prepay) an amount under a property claim if it has priority over our security, or has the same priority. When we prepay, we can compensate the holder of the property claim, and settle with the holder the amount to be paid. If we pay the amount under a property claim, we not only have the rights given to us by the mortgage, but we also have the rights (including security) of the holder of the property claim, and we can obtain an assignment of these rights.

Carrying out obligations. If the mortgage goes into default, we can do any of the following:  • We can do what's needed to comply with an obligation under the mortgage with which you've failed to comply and we can enter the property for this purpose. For example, we can pay unpaid property taxes, pay utility charges, repair the property and complete work. If we enter into an agreement, we can do so in your name or our name.  • If your obligation under the mortgage is to comply with an obligation to another person, and the other person claims that you haven't complied, we can do what we choose to comply as if this claim is valid and even if you dispute it.  • We can pay (or prepay) an amount under a property claim if it has priority over our security, or has the same priority. When we prepay, we can compensate the holder of the property claim, and settle with the holder the amount to be paid. If we pay the amount under a property claim, we not only have the rights given to us by the mortgage, but we also have the rights (including security) of the holder of the property claim, and we can obtain an assignment of these rights.

Carrying out obligations. If the mortgage goes into default, we We can do any of the following:  • We can do what's needed to comply with an obligation under the mortgage contract with which you've failed to comply and we can enter the property for this purpose. For example, we can pay unpaid property taxes, pay utility charges, repair the property and complete work. If we enter into an agreement, we can do so in your name or our name.  • If your obligation under the mortgage contract is to comply with an obligation to another person, and the other person claims that you haven't complied, we can do what we choose to comply as if this claim is valid and even if you dispute it.  • We can pay (or prepay) an amount under a property claim if it has priority over our security, or has the same priority. When we prepay, we can compensate the holder of the property claim, and settle with the holder the amount to be paid. If we pay the amount under a property claim, we not only have the rights given to us by the mortgagecontract, but we also have the rights (including security) of the holder of the property claim, and we can obtain an assignment of these rights.