Common use of Effective as Mortgage Clause in Contracts

Effective as Mortgage. This instrument shall be effective as a mortgage as well as a deed of trust and upon the occurrence of a default may be foreclosed as to the Mortgaged Properties, or any portion thereof, in any manner permitted by applicable law, and any foreclosure suit may be brought by Trustee or by Agent. TO THE EXTENT, IF ANY, REQUIRED TO CAUSE THIS INSTRUMENT TO BE SO EFFECTIVE AS A MORTGAGE AS WELL AS A DEED OF TRUST, MORTGAGOR HEREBY MORTGAGES THE MORTGAGED PROPERTIES TO AGENT. In the event a foreclosure hereunder as to the Mortgaged Properties, or any part thereof, shall be commenced by Trustee, or his substitute or successor, Agent may at any time before the sale of such properties direct Trustee to abandon the sale, and may then institute suit for the foreclosure of this Mortgage as to such properties. It is agreed that if Agent should institute a suit for the foreclosure of this Mortgage, Agent may at any time before the entry of a final judgment in said suit dismiss the same, and require Trustee, its substitute or successor, to sell the Mortgaged Properties, or any part thereof, in accordance with the provisions of this Mortgage.

Effective as Mortgage. This instrument shall be effective as a mortgage as well as a deed of trust and upon the occurrence of a default may be foreclosed as to any of the Mortgaged Properties, or any portion thereof, Property in any manner permitted by applicable law, and any foreclosure suit may be brought by Trustee or by Agent. TO THE EXTENT; and to the extent, IF ANYif any, REQUIRED TO CAUSE THIS INSTRUMENT TO BE SO EFFECTIVE AS A MORTGAGE AS WELL AS A DEED OF TRUSTrequired to cause this instrument to be so effective as a mortgage as well as a deed of trust, MORTGAGOR HEREBY MORTGAGES THE MORTGAGED PROPERTIES TO AGENTGrantor hereby mortgages the Mortgaged Property to Agent, as agent for itself and the other Banks. In the event a foreclosure hereunder as to the Mortgaged Properties, or any part thereof, shall be commenced by Trustee, or his substitute or successor, Agent may at any time before the sale of such properties the Mortgaged Property direct Trustee to abandon the sale, and may then institute suit for the collection of the Notes and/or any other secured indebtedness, and for the foreclosure of this Mortgage as to such propertiesMortgage. It is agreed that if Agent should institute a suit for the collection of the Notes or any other secured indebtedness and for the foreclosure of this Mortgage, Agent may at any time before the entry of a final judgment in said suit dismiss the same, and require Trustee, its his substitute or successor, successor to sell the Mortgaged Properties, or any part thereof, Property in accordance with the provisions of this Mortgage.