Options of Default Clause Samples

Options of Default. On condition of any occurrences herein, the mortgagee shall accelerate the maturity of principal obligee’s rights/or obligee’s rights, require the debtor to replenish security, realize lien as prescribed in article five, and require the mortgagor to pay penalty (calculated as prescribed in article ten). On condition that the penalty is not sufficient to pay the losses, the mortgagor shall compensate all losses of the mortgagee.