Common use of Performance by Mortgagee Clause in Contracts

Performance by Mortgagee. If Mortgagor shall fail to maintain, or cause to be maintained, any insurance required to be carried pursuant to this Agreement, Mortgagee may obtain the same for the account of Mortgagor; and Mortgagor shall pay to Mortgagee interest (to the extent permitted by applicable Law) at the highest rate that may, under any circumstance (whether or not such circumstance has or could actually occur), be applicable to the Securities thereunder or under the Indenture, computed on the basis of a 360-day year and the actual number of days elapsed, on the amount of any such payment from the date made until the date reimbursed by Mortgagor pursuant hereto. If Mortgagor shall fail in a timely and effective manner to take and complete any other action that it has herein undertaken to perform, strictly in accordance with the provisions hereof, Mortgagee may do or cause the same to be done; and there shall be added to the indebtedness secured hereby any loss, cost or expense incurred by or on behalf of Mortgagee incurring such default or failure, or caused to be suffered by Mortgagee through the incorrectness or breach of any of the covenants, agreements, representations or warranties of Mortgagor herein or by any other default of Mortgagor hereunder; and all sums so lost or expended shall be payable on demand and shall bear interest as provided in the first sentence of this Section 9.1, and Mortgagee shall be subrogated to all of the rights against Mortgagor of any Person to whom it shall have made any payment or payments under the foregoing authority.

Performance by Mortgagee. If Mortgagor shall fail fails to maintainrepair or insure the Mortgaged Property as required hereby, to deliver the insurance policy(ies) (or certificates therefor together with copies thereof) with premiums paid as herein agreed, to pay as they become due and payable the taxes, assessments or charges which may be assessed or imposed with respect to the Mortgaged Property (or any part thereof), to satisfy the liens or claims which may accrue on or with respect to the Mortgaged Property (or any part thereof), or cause to be maintainedperform any other obligations of Mortgagor under this Mortgage and such failure continues for 30 days (or, in the case of any insurance required failure involving insurance, 3 days) after notification thereof by Mortgagee to be carried pursuant to this AgreementMortgagor, Mortgagee may obtain may, at its election (but without any obligation), repair the Mortgaged Property, insure the Mortgaged Property and pay the aforesaid taxes, charges, liens and claims (or any part thereof) or perform any other obligations of Mortgagor under this Mortgage without waiving its right of foreclosure or any other right hereunder and without the necessity of notice to or demand of Mortgagor. Mortgagor shall reimburse immediately to Mortgagee on demand the sum or sums so paid, with interest thereon at the Note Rate, and any and all reasonable costs, charges, abstract fees, attorneys' fees and expenses, and other expenses incurred in attempting to collect the same for the account of Mortgagor; or enforce payment thereof, and Mortgagor shall pay to Mortgagee interest (to the extent permitted by applicable Law) at the highest rate that may, under any circumstance (whether or not such circumstance has or could actually occur), be applicable to the Securities thereunder or under the Indenture, computed on the basis of a 360-day year and the actual number of days elapsed, on the amount of any such payment from the date made until the date reimbursed by Mortgagor pursuant hereto. If Mortgagor sum or sums so paid shall fail in become a timely and effective manner to take and complete any other action that it has herein undertaken to perform, strictly in accordance with the provisions hereof, Mortgagee may do or cause the same to be done; and there shall be added to part of the indebtedness secured hereby any loss, cost or expense incurred by or on behalf of Mortgagee incurring such default or failure, or caused to be suffered by Mortgagee through the incorrectness or breach of any of the covenants, agreements, representations or warranties of Mortgagor herein or by any other default of Mortgagor hereunder; and all sums so lost or expended shall be payable on demand and shall bear interest as provided in the first sentence of this Section 9.1, and Mortgagee shall be subrogated to all of the rights against Mortgagor of any Person to whom it shall have made any payment or payments under the foregoing authorityhereby.

Performance by Mortgagee. If Mortgagor shall fail fails to maintainmake any payment or perform any act as and in the manner provided in any of the Loan Documents, then the Mortgagee, at its election and without any obligation to do so, after the giving of reasonable notice to Mortgagor, or cause any successor in interest of Mortgagor, or any of them and without releasing Mortgagor from any obligation hereunder, may make such payment or perform such act and incur any liability, or expend whatever amounts, in its absolute discretion, it may deem necessary therefor. In connection therewith (without limiting their general and other powers, whether conferred herein, in another Loan Document or by law), Mortgagee, shall have and is hereby given the right, but not the obligation, (i) to enter upon and take possession of the Property; (ii) to make additions, alterations, repairs and improvements to the Property which they or either of them may consider necessary or proper to keep the Property in good condition and repair; (iii) to appear and participate in any action or proceeding affecting or which may affect the security hereof or the rights or powers of Mortgagee; (iv) to pay, purchase, contest or compromise any encumbrance, claim, charge, lien or debt which in the judgment of either may affect or appears to affect the security of this Mortgage or to be maintained, any insurance required to be carried pursuant to this Agreement, Mortgagee may obtain the same for the account of Mortgagorprior or superior hereto; and Mortgagor shall (v) in exercising such powers, to pay to Mortgagee interest (to necessary expenses, including employment of counsel and other necessary or desirable consultants. All sums incurred or expended by the extent permitted by applicable Law) at the highest rate that mayMortgagee, under any circumstance the terms hereof (including, without limiting the generality of the foregoing, costs of evidence of title, court costs, appraisals, surveys, and receiver's and Mortgagee's attorneys' fees, costs and expenses, whether or not such circumstance has or could an action is actually occurcommenced in connection therewith), be applicable to the Securities thereunder or under the Indenture, computed on the basis of a 360-day year shall become due and the actual number of days elapsed, on the amount of any such payment from the date made until the date reimbursed payable by Mortgagor pursuant hereto. If Mortgagor shall fail in a timely and effective manner to take and complete any other action that it has herein undertaken to perform, strictly in accordance with the provisions hereof, Mortgagee may do or cause the same to be done; and there shall be added to the indebtedness secured hereby any loss, cost or expense incurred by or on behalf of Mortgagee incurring such default or failure, or caused to be suffered by Mortgagee through the incorrectness or breach of any of the covenants, agreements, representations or warranties of Mortgagor herein or by any other default of Mortgagor hereunder; and all sums so lost or expended shall be payable on demand within ten (10) days and shall bear interest until paid at an annual percentage rate equal to the Agreed Rate. In no event shall payment by Mortgagee be construed as provided in the first sentence of this Section 9.1, and Mortgagee shall be subrogated to all a waiver of the rights against Mortgagor of any Person default occasioned by Mortgagor's failure to whom it shall have made any make such payment or payments under the foregoing authoritypayments.

Performance by Mortgagee. If Mortgagor shall fail fails to maintainmake any payment or perform any act as and in the manner provided in any of the Loan Documents, then the Mortgagee, at its election and without any obligation to do so, after the giving of reasonable notice to the Mortgagor, or cause any successor in interest of the Mortgagor, or any of them and without releasing Mortgagor from any obligation hereunder, may make such payment or perform such act and incur any liability, or expend whatever amounts, in its absolute discretion, it may deem necessary therefor. In connection therewith (without limiting their general and other powers, whether conferred herein, in another Loan Document or by law), Mortgagee shall have and is hereby given the right, but not the obligation, (i) to enter upon and take possession of the Property; (ii) to make additions, alterations, repairs and improvements to the Property which it may consider necessary or proper to keep the Property in good condition and repair; (iii) to appear and participate in any action or proceeding affecting or which may affect the security hereof or the rights or powers of Mortgagee; (iv) to pay, purchase, contest or compromise any encumbrance, claim, charge, lien or debt which in the judgment of either may affect or appears to affect the security of this Mortgage or to be maintained, any insurance required to be carried pursuant to this Agreement, Mortgagee may obtain the same for the account of Mortgagorprior or superior hereto; and Mortgagor shall (v) in exercising such powers, to pay to Mortgagee interest (to necessary expenses, including employment of counsel and other necessary or desirable consultants. All sums incurred or expended by the extent permitted by applicable Law) at the highest rate that mayMortgagee, under any circumstance the terms hereof (including, without limiting the generality of the foregoing, costs of evidence of title, court costs, appraisals, surveys, and keeper's, Mortgagee's and attorneys' fees, costs and expenses (including, without limitation, the fees and expenses of attorneys for Mortgagee), whether or not such circumstance has or could an action is actually occurcommenced in connection therewith), shall be applicable to a part of the Securities thereunder or under the Indenture, computed on the basis of a 360-day year Secured Obligations and the actual number of days elapsed, on the amount of any such payment from the date made until the date reimbursed shall become due and payable by Mortgagor pursuant hereto. If Mortgagor shall fail in a timely and effective manner to take and complete any other action that it has herein undertaken to perform, strictly in accordance with the provisions hereof, Mortgagee may do or cause the same to be done; and there shall be added to the indebtedness secured hereby any loss, cost or expense incurred by or on behalf of Mortgagee incurring such default or failure, or caused to be suffered by Mortgagee through the incorrectness or breach of any of the covenants, agreements, representations or warranties of Mortgagor herein or by any other default of Mortgagor hereunder; and all sums so lost or expended shall be payable on demand within ten (10) days and shall bear interest until paid at an annual percentage rate equal to the Agreed Rate. In no event shall payment by Mortgagee be construed as provided in the first sentence of this Section 9.1, and Mortgagee shall be subrogated to all a waiver of the rights against Mortgagor of any Person default occasioned by Mortgagor's failure to whom it shall have made any make such payment or payments under the foregoing authoritypayments.

Performance by Mortgagee. If Mortgagor Owner shall fail to maintain, default in the observance or cause to be maintained, any insurance required to be carried pursuant to this Agreement, Mortgagee may obtain the same for the account of Mortgagor; and Mortgagor shall pay to Mortgagee interest (to the extent permitted by applicable Law) at the highest rate that may, under any circumstance (whether or not such circumstance has or could actually occur), be applicable to the Securities thereunder or under the Indenture, computed on the basis of a 360-day year and the actual number of days elapsed, on the amount of any such payment from the date made until the date reimbursed by Mortgagor pursuant hereto. If Mortgagor shall fail in a timely and effective manner to take and complete any other action that it has herein undertaken to perform, strictly in accordance with the provisions hereof, Mortgagee may do or cause the same to be done; and there shall be added to the indebtedness secured hereby any loss, cost or expense incurred by or on behalf of Mortgagee incurring such default or failure, or caused to be suffered by Mortgagee through the incorrectness or breach performance of any of the covenantsconditions or agreements of this Mortgage on its part to be performed or observed, agreementsMortgagee may in its discretion do all acts and make all reasonable expenditures reasonably necessary to remedy such default, representations including, without limitation of the foregoing, procurement of insurance on the Vessel, making of repairs, discharge or warranties purchase of Mortgagor herein Liens and payment of taxes, dues, assessments, governmental charges, fines, penalties and attorneys' fees, and Owner shall promptly reimburse Mortgagee for any and all expenditures so made or incurred, with interest thereon on a daily basis for the period from and including the date of such Event of Default up to the date of actual payment at the default rate specified in Section 3.2.1 of the Credit Agreement, and until Owner has so reimbursed Mortgagee for such expenditures, the amount thereof shall be a debt due from Owner to Mortgagee, payable on demand, and payment thereof shall be secured by the Lien of this Mortgage in like manner and extent as if the amount and description thereof were written herein, but Mortgagee, though entitled so to do, shall be under no obligation to Owner to make any such expenditures nor shall the making thereof relieve Owner of any default in that respect. Owner shall also reimburse Mortgagee promptly with interest at the rate provided above for any and all advances reasonably made or incurred by Mortgagee at any time in taking the Vessel or otherwise protecting its rights hereunder, and for any and all losses sustained by Mortgagee from or by any other default of Mortgagor hereunder; and all sums so lost or expended shall be payable on demand and shall bear interest as provided in the first sentence of this Section 9.1, and Mortgagee shall be subrogated to all of the rights against Mortgagor reason of any Person to whom it shall have made any payment action or payments under the foregoing authorityinaction taken by Owner hereunder.

Performance by Mortgagee. If the Mortgagor shall fail to maintain, or cause to be maintained, any insurance required to be carried pursuant to this Agreementthe Loan Agreement or the Lease, the Mortgagee may obtain the same for the account of the Mortgagor; and the Mortgagor shall pay to the Mortgagee interest (to the extent permitted by applicable Applicable Law) at the highest rate that may, under any circumstance (whether or not such circumstance has or could actually occur), be applicable to the Securities thereunder or under the IndentureDefault Rate, computed on the basis of a 360-day year and the actual number of days elapsed, on the amount of any such payment from the date made until the date reimbursed by the Mortgagor pursuant hereto. If the Mortgagor shall fail in a timely and effective manner to take and complete any other action that it has herein undertaken to perform, strictly in accordance with the provisions hereof, the Mortgagee may do or cause the same to be done; and there shall be added to the indebtedness secured hereby any loss, cost or expense incurred by or on behalf of the Mortgagee incurring in curing such default or failure, or caused to be suffered by Mortgagee through the incorrectness or breach of any of the covenants, agreements, representations or warranties of the Mortgagor herein or by any other default of the Mortgagor hereunder; and all sums so lost or expended shall be payable on demand and shall bear interest as provided in the first sentence of this Section 9.15.01, and the Mortgagee shall be subrogated to all of the rights against the Mortgagor of any Person person to whom it shall have made any payment or payments under the foregoing authority.