Common use of Foreclosure as to Matured Debt Clause in Contracts

Foreclosure as to Matured Debt. If a default shall occur and be continuing, Mortgagee shall have the right to proceed with foreclosure of the liens, privileges or security interests evidenced hereby without any requirement that the entire secured obligations have become due, and in such event, any such foreclosure sale may be made subject to the unmatured part of the secured obligations, in which event such foreclosure sale shall not in any manner affect the unmatured part of the secured obligations but, as to such unmatured part, this Mortgage shall remain in full force and effect as though no sale had been made. The proceeds of such sale shall be applied as provided in Section 4.4. Several sales may be made hereunder without exhausting the right of sale for any unmatured part of the secured obligations.

Foreclosure as to Matured Debt. If a default shall occur and be continuing, Mortgagee shall have the right to proceed with foreclosure of the liens, privileges or security interests evidenced hereby without any requirement that the entire secured obligations have become due, and in such event, any such foreclosure sale may be made subject to the unmatured part of the secured obligations, in which event such foreclosure sale shall not in any manner affect the unmatured part of the secured obligations but, as to such unmatured part, this Mortgage shall remain in full force and effect as though no sale had been made. The proceeds of such sale shall be applied as provided in Section 4.43.4. Several sales may be made hereunder without exhausting the right of sale for any unmatured part of the secured obligations.