Mortgagee's Right to Perform. If any Event of Default shall have occurred hereunder and be continuing, Mortgagee, without waiving or releasing Mortgagor from any obligation or default under this Mortgage, may (but shall be under no obligation to), at any time perform the same, and the cost thereof, with interest at Default Rate, shall immediately be due from Mortgagor to Mortgagee, and the same shall be a lien on the Mortgaged Property prior to any right, title to, interest in, or claim upon, the Mortgaged Property attaching subsequent to the lien of this Mortgage. No payment or advance of money by Mortgagee under this Article 17 shall be deemed or construed to cure Mortgagor's default or waive any right or remedy of Mortgagee hereunder.
Appears in 2 contracts
Samples: Mortgage and Security Agreement (Atlantic Gulf Communities Corp), Mortgage and Security Agreement (Atlantic Gulf Communities Corp)
Mortgagee's Right to Perform. If any Event of Default shall have occurred hereunder and be continuing, Mortgagee, without waiving or releasing any Mortgagor from any obligation or default under this Junior Mortgage, may (but shall be under no obligation to), at any time perform the same, and the cost thereof, with interest at Default Rate, shall immediately be due from Mortgagor Mortgagors to Mortgagee, and the same shall be a lien on the Mortgaged Property prior to any right, title to, interest in, or claim upon, the Mortgaged Property attaching subsequent to the lien of this Junior Mortgage. No payment or advance of money by Mortgagee under this Article 17 shall be deemed or construed to cure Mortgagor's Mortgagors' default or waive any right or remedy of Mortgagee hereunder.
Appears in 2 contracts
Samples: Junior Mortgage and Security Agreement (Atlantic Gulf Communities Corp), Junior Mortgage and Security Agreement (Atlantic Gulf Communities Corp)
