Common use of Substitute performance of Mortgage Clause in Contracts

Substitute performance of Mortgage. To the extent that, pursuant to the Charter or this Deed, the Charterer duly performs and discharges (or procures the performance and discharge of) the duties and liabilities undertaking by the Owner in the Mortgage, then such performance and discharge of the said duties and liabilities by the Charterer shall, to that extent, be deemed to be proper and due performance and discharge of the Owner's duties and liabilities under the Mortgage. 9 Powers of Mortgagee to protect security and remedy defaults