Mortgagee’s Rights Concerning Application of Amounts Collected. Notwithstanding anything to the contrary contained herein, upon the occurrence of an Event of Default, Mortgagee may apply, to the extent permitted by law, any amount collected hereunder to principal, interest or any other sum due under the Note or otherwise in respect of the Loan in such order and amounts, and to such obligations, as Mortgagee shall elect in its sole and absolute discretion.
Appears in 7 contracts
Samples: Fee and Leasehold Deed to Secure Debt, Assignment of Leases and Rents and Security Agreement (Apple Suites Inc), Fee and Leasehold Deed to Secure Debt, Assignment of Leases and Rents and Security Agreement (Apple Suites Inc), Fee and Leasehold Mortgage, Assignment of Leases and Rents and Security Agreement (Apple Suites Inc)
Mortgagee’s Rights Concerning Application of Amounts Collected. Notwithstanding anything to the contrary contained herein, upon the occurrence of an Event of Default, Mortgagee may apply, to the extent permitted by law, any amount collected hereunder to principal, interest or any other sum due under the Note Mortgagor Notes or the Loan Agreement or Guaranty or otherwise in respect of the Loan in such order and amounts, and to such obligationsObligations, as Mortgagee the Required Banks shall elect in its their sole and absolute discretion.
Appears in 3 contracts
Samples: Mortgage (Taubman Centers Inc), Mortgage (Taubman Centers Inc), Mortgage (Taubman Centers Inc)
Mortgagee’s Rights Concerning Application of Amounts Collected. Notwithstanding anything to the contrary contained herein, upon the occurrence of an Event of Default, Mortgagee may apply, to the extent permitted by law, any amount collected hereunder to principal, interest or any other sum due under the Note Mortgagor Notes, the Loan Agreement or Guaranty or otherwise in respect of the Loan in such order and amounts, and to such obligationsObligations, as Mortgagee the Required Banks shall elect in its their sole and absolute discretion.
Appears in 3 contracts
Samples: Mortgage (Taubman Centers Inc), Mortgage (Taubman Centers Inc), Mortgage (Taubman Centers Inc)
Mortgagee’s Rights Concerning Application of Amounts Collected. Notwithstanding anything to the contrary contained herein, upon the occurrence of an Event of Default, Mortgagee may apply, to the extent permitted by law, any amount collected hereunder to principal, interest or any other sum due under the Note Mortgagor Notes or the Mortgagor’s obligations under Loan Agreement or otherwise in respect of Mortgagor’s obligations under the Loan in such order and amounts, and to such obligationsObligations, as Mortgagee the Required Banks shall elect in its their sole and absolute discretion.
Appears in 2 contracts
Samples: Mortgage, Assignment of Leases and Rents and Security Agreement (Taubman Centers Inc), Mortgage, Assignment of Leases and Rents and Security Agreement (Taubman Centers Inc)
Mortgagee’s Rights Concerning Application of Amounts Collected. Notwithstanding anything to the contrary contained herein, upon the occurrence of an Event of Default, Mortgagee may apply, to the extent permitted by law, any amount collected hereunder to principal, interest interest, Additional Interest, or any other sum due under the Note or otherwise in respect of the Loan in such order and amounts, and to such obligations, as Mortgagee shall elect in its sole and absolute discretion.
Appears in 1 contract
Mortgagee’s Rights Concerning Application of Amounts Collected. Notwithstanding anything to the contrary contained herein, upon the occurrence of an Event of Default, Mortgagee may apply, to the extent permitted by law, any amount collected hereunder to principal, interest or any other sum due under the Note or the Loan Agreement or otherwise in respect of the Loan in such order and amounts, and to such obligations, as Mortgagee shall elect in its sole and absolute discretion.
Appears in 1 contract
