Common use of Contemporaneous Mortgages Clause in Contracts

Contemporaneous Mortgages. THIS MORTGAGE IS MADE CONTEMPORANEOUSLY WITH THE OTHER MORTGAGES DATED AS OF THE DATE HEREOF GIVEN BY ADDITIONAL BORROWERS TO MORTGAGEE, COVERING PROPERTIES LOCATED IN THE STATE OF MICHIGAN (the “Other Mortgages”). The Other Mortgages further secure the obligations of Mortgagor to Mortgagee under the Note. Upon the occurrence of an Event of Default, Mortgagee may proceed under this Mortgage and/or the Other Mortgages against any of such property and/or the Mortgaged Property in one or more parcels and in such manner and order as Mortgagee shall elect. Mortgagor hereby irrevocably waives and releases, to the extent permitted by law, and whether now or hereafter in force, any right to have the Mortgaged Property and/or the property covered by the Other Mortgages marshalled upon any foreclosure of this Mortgage or the Other Mortgages.