Common use of DEFAULT IN PAYMENT OF EXPENSES Clause in Contracts

DEFAULT IN PAYMENT OF EXPENSES. In addition to and not in derogation of the other provisions of this Agreement if the Borrower shall fail or refuse to pay any insurance premia legal fees stamp duty travelling expenses and other costs charges and expenses which the Borrower is liable to pay under any provisions of this Agreement or the Security Documents the Lender may at its discretion pay the same (but shall not be under any obligation to do so) and if such payment is made by the Lender the Borrower shall forthwith on demand repay the same to the Lender together with interest at the Default Interest Rate calculated from the date of payment thereof by the Lender up to the date of repayment by the Borrower, and until so repaid shall be included in and secured by the Mortgage.

DEFAULT IN PAYMENT OF EXPENSES. In addition to and not in derogation of the other provisions of this Agreement if the Borrower shall fail or refuse to pay any insurance premia legal fees stamp duty travelling expenses and other costs charges and expenses which the Borrower is liable to pay under any provisions of this Agreement or the Security Documents the Lender may at its discretion pay the same (but shall not be under any obligation to do so) and if such payment is made by the Lender the Borrower shall forthwith on demand repay the same to the Lender together with interest at the Default Interest Rate calculated from the date of payment thereof by the Lender up to the date of repayment by the Borrower, and until so repaid shall be included in and secured by the MortgageSecurity Documents.