Common use of Redemption of prior mortgages Clause in Contracts

Redemption of prior mortgages. (a) At any time after this Security has become enforceable, the Chargee may: (i) redeem any prior Security Interest against any Security Asset; and/or (ii) procure the transfer of that Security Interest to itself; and/or (iii) settle and pass the accounts of the prior mortgagee, chargee or encumbrancer; any accounts so settled and passed will be, in the absence of manifest error, conclusive and binding on the Chargor. (b) The Chargor must pay to the Chargee, immediately on demand, the costs and expenses incurred by the Chargee in connection with any such redemption and/or transfer, including the payment of any principal or interest.

Redemption of prior mortgages. (a) At any time after this Security has become enforceable, the Chargee mayLender may do any one or more of the following: (i) redeem any prior Security Interest against any Security Charged Asset; and/or; (ii) procure the transfer of that Security Interest to itself; and/orand (iii) settle and pass the accounts of the prior mortgagee, chargee or encumbrancer; any accounts so settled and passed will be, in the absence of manifest error, conclusive and binding on the each Chargor. (b) The Each Chargor must pay to the Chargeemust, immediately on demand, pay to the Lender the costs and expenses incurred by the Chargee Lender in connection with any such redemption and/or or transfer, including the payment of any principal or interest.

Redemption of prior mortgages. (a) At any time after this Security has become enforceableIf an Event of Default is outstanding, the Chargee may: (i) redeem any prior Security Interest against any Security Asset; and/or (ii) procure the transfer of that Security Interest to itself; and/or (iii) settle and pass the accounts of the prior mortgagee, chargee or encumbrancer; any accounts so settled and passed will be, in the absence of manifest error, conclusive and binding on the Chargor. (b) The Chargor must pay to the Chargee, immediately on demand, the costs and expenses incurred by the Chargee in connection with any such redemption and/or transfer, including the payment of any principal or interest.