Common use of Power to call up amounts secured Clause in Contracts

Power to call up amounts secured. The service of a notice under section 119 of the Property Law Xxx 0000 will be deemed to be the notice referred to in clause 11(1) of the implied terms to the intent that upon expiry of such notice, without remedy, the principal amount, interest, and other amounts for the time being secured by the mortgage will be due and payable without the need for any further notice of acceleration."