Credit of Mortgagee. To the maximum extent permitted by the laws of the State of Florida, upon any sale made under or by virtue of this Article, Mortgagee may bid for and acquire the Mortgaged Property, or any part thereof, and in lieu of paying cash therefor may apply to the purchase price, any portion of or all of the unpaid Obligations in such order as Mortgagee may elect.
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Samples: Mortgage, Assignment of Rents and Security Agreement (Ivax Diagnostics Inc), Loan Agreement (Transeastern Properties Inc), Construction Loan Agreement (Plasma Therm Inc)
Credit of Mortgagee. To the maximum extent permitted by the laws of the State of Florida, upon any on a sale made under or by virtue of this Article, Mortgagee may bid for and acquire the Mortgaged Property, or any part thereof, and in lieu of paying cash therefor thereof may apply to the purchase price, all or any portion of or all of the unpaid Secured Obligations in such order as Mortgagee may elect.
Appears in 2 contracts
Samples: Mortgage, Security Agreement, Fixture Filing, Financing Statement and Assignment of Leases and Rents (Sonesta International Hotels Corp), Mortgage, Security Agreement, Fixture Filing, Financing Statement and Assignment of Leases and Rents (Sonesta International Hotels Corp)
Credit of Mortgagee. To the maximum extent permitted by the laws of the State of Florida, upon any sale made under or by virtue of this Article, Mortgagee may bid for and acquire the Mortgaged Property, or any part thereof, and in lieu of paying cash therefor may apply to the purchase price, any portion of or all of the unpaid Obligations in such order as Mortgagee may elect.
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