Common use of Deficiency; Liabilities and Rights After Default Clause in Contracts

Deficiency; Liabilities and Rights After Default. To the extent permitted by law, Mortgagor shall be and remain liable for any deficiency remaining after sale either pursuant to the Uniform Commercial Code, judicial proceedings, or otherwise. After Default or the occurrence of an event which after the passage of time or giving of notice, or both, could become a Default, Mortgagor shall pay Mortgagee’s reasonable attorneys’ fees, Mortgagee’s fees and its costs and expenses incurred as a result of said Default or other such event, and if suit is brought, all costs of suit, all of which sums shall be secured by this Mortgage. Mortgagor’s statutory rights of reinstatement, if any, are expressly conditioned upon Mortgagor’s payment of all sums required under the applicable statute and performance of all required acts.