Common use of Right to Remedy Defaults Clause in Contracts

Right to Remedy Defaults. If Mortgagor fails to pay, or cause the payment of, taxes, assessments, water and sewer charges or other lienable claims (except in case of contest as aforesaid) or insurance premiums, or fails to make necessary repairs or permit waste, or otherwise fails to comply with its obligations hereunder or under the Guaranty or any other document executed in connection with this Mortgage, then Mortgagee, at its election and upon one (1) day notice to Mortgagor, shall have the right to make any payment or expenditure which Mortgagor should have made, or which Mortgagee deems advisable in the exercise of its reasonable business judgment to protect the security of this Mortgage or the Mortgaged Property, without prejudice to any of the Mortgagee’s rights or remedies available hereunder or otherwise, at law or in equity. All such sums, as well as costs, advanced by Mortgagee pursuant to this Mortgage shall be due from Mortgagor to Mortgagee within ten (10) days after written demand, shall be secured hereby, and shall bear interest at the Default Rate from the date of payment by Mortgagee until the date of repayment.

Right to Remedy Defaults. If Mortgagor fails to pay, or cause the payment of, taxes, assessments, water and sewer charges or other lienable claims (except in case of contest as aforesaid) or insurance premiums, or fails to make necessary repairs or permit waste, or otherwise fails to comply with its obligations hereunder or under the Guaranty Note or any other document executed in connection with this Mortgage, then Mortgagee, at its election and upon one (1) day notice to Mortgagor, shall have the right to make any payment or expenditure which Mortgagor should have made, or which Mortgagee deems advisable advisable, in the exercise of its reasonable business judgment judgment, to protect the security of this Mortgage or the Mortgaged Property, without prejudice to any of the Mortgagee’s rights or remedies available hereunder or otherwise, at law or in equity. All such sums, as well as costs, advanced by Mortgagee pursuant to this Mortgage shall be due from Mortgagor to Mortgagee within ten (10) days after written demand, shall be secured hereby, and shall bear interest at the Default Rate from the date of payment by Mortgagee until the date of repayment.

Right to Remedy Defaults. If Mortgagor fails should fail to paypay corporate taxes, real estate or cause the payment of, other taxes, assessments, water and sewer rents, charges and claims, sums due under any prior lien or other lienable claims (except in case of contest as aforesaid) approved prior lien, or insurance premiums, or fails fail to make necessary repairs repairs, or permit waste, or otherwise fails fail to comply with its obligations hereunder cure any default under any prior lien or under the Guaranty or any other document executed in connection with this Mortgageapproved prior lien which failure is not cured within ten (10) days after Mortgagor’s receipt of written notice from Mortgagee specifying such failure, then Mortgagee, at its election and upon one (1) day without further notice to Mortgagor, shall have the right to make any payment or expenditure and to take any action which Mortgagor should have mademade or taken, or which Mortgagee deems advisable in the exercise of its reasonable business judgment to protect the security of this Mortgage or the Mortgaged Property, without prejudice to any of the Mortgagee’s rights or remedies available hereunder or otherwise, at law or in equity. All such sums, as well as costs, advanced by Mortgagee pursuant to this Mortgage shall be due immediately from Mortgagor to Mortgagee within ten (10) days after written demandMortgagee, shall be secured herebyhereby and the lien therefor shall relate back to the date of this Mortgage, and shall bear interest at the Default Rate from set forth in the date of payment by Mortgagee until the date of repaymentNote.

Right to Remedy Defaults. If Mortgagor fails should fail to paypay corporate taxes, real estate or cause the payment of, other taxes, assessments, water and sewer rents, charges and claims, sums due under any prior lien or other lienable claims (except in case of contest as aforesaid) approved prior lien, or insurance premiums, or fails fail to make necessary repairs repairs, or permit waste, or otherwise fails fail to comply with its obligations hereunder cure any default under any prior lien or under the Guaranty or any other document executed in connection with this Mortgageapproved prior lien, then Mortgagee, at its election and upon one (1) day without notice to Mortgagor, but subject to Mortgagor's right of contest as set forth in section 1.06 of this Mortgage, shall have the right to make any payment or expenditure and to take any action which Mortgagor should have mademade or taken, or which Mortgagee deems advisable in the exercise of its reasonable business judgment to protect the security of this Mortgage or the Mortgaged Property, without prejudice to any of the Mortgagee’s 's rights or remedies available hereunder or otherwise, at law or in equity. All such sums, as well as costs, advanced by Mortgagee pursuant to this Mortgage shall be due immediately from Mortgagor to Mortgagee within ten (10) days after written demandMortgagee, shall be secured herebyhereby and the lien therefor shall relate back to the date of this Mortgage, and shall bear interest at the Default Rate specified by the Note from the date of payment by Mortgagee until the date of repayment.

Right to Remedy Defaults. If In the event that Mortgagor fails should: (i) fail to pay, or cause the payment of, pay taxes, assessments, water and sewer charges or other lienable claims (except in case of contest as aforesaid) or insurance premiums, or fails ; (ii) fail to make necessary repairs or repairs; (iii) permit waste, ; or (iv) otherwise fails fail to comply with its obligations hereunder or under the Guaranty Notes or any other document executed in connection with this Mortgage, then Mortgagee, at its election and upon one (1) day without notice to MortgagorMortgagor other than as may be specifically required herein, shall have the right to make any payment or expenditure which Mortgagor should have made, or which Mortgagee deems advisable in the exercise of its reasonable business judgment to protect the security of this Mortgage or the Mortgaged Property, without prejudice to any of the Mortgagee’s 's or either Mortgagee's rights or remedies available hereunder or otherwise, at law or in equity. All such sums, as well as costs, advanced by Mortgagee pursuant to this Mortgage shall be due immediately from Mortgagor to Mortgagee within ten (10) days after written demandMortgagee, shall be secured hereby, hereby and shall bear interest at the Default Rate from the date of payment by Mortgagee until the date of repayment.

Right to Remedy Defaults. If Mortgagor fails should fail to paypay corporate taxes, real estate taxes or cause the payment of, other taxes, assessments, water and sewer rents, charges and claims, sums due under any prior lien or other lienable claims (except in case of contest as aforesaid) Approved Prior Lien or insurance premiums, or fails fail to complete construction of any improvements or make necessary repairs repairs, or permit waste, or otherwise fails fail to comply with its obligations hereunder cure any default under any prior lien or under the Guaranty or any other document executed in connection with this MortgageApproved Prior Lien, then Mortgagee, at its election and upon one (1) day without notice to Mortgagor, shall have the right to make any payment or expenditure and to take any action which Mortgagor should have mademade or taken, or which Mortgagee deems advisable in the exercise of its reasonable business judgment to protect the security of this Mortgage or the Mortgaged Property, without prejudice to any of the Mortgagee’s 's rights or remedies available hereunder or otherwise, at law or in equity. All such sums, as well as costs, advanced by Mortgagee pursuant to this Mortgage shall be due immediately from Mortgagor to Mortgagee within ten (10) days after written demandMortgagee, shall be secured herebyhereby and the lien thereof shall relate back to the date of this Mortgage, and shall bear interest at the Default Rate from the date of payment by Mortgagee until the date of repaymentrepayment at a rate equal to the lesser of (i) a rate five percent (5%) above the rate specified in the Note or (ii) the highest rate permitted by applicable law.