Common use of Cure by Mortgagee Clause in Contracts

Cure by Mortgagee. If Mortgagor at any time fails to pay any claim, lien or encumbrance which shall be prior to this Mortgage, or fails to respond promptly to a Release or threat of Release (as hereinafter defined) of a hazardous, toxic or polluting substance or waste including petroleum or petroleum products ("Hazardous Substances"), or an Environmental Complaint (as hereinafter defined), or fails to diligently and expeditiously complete actions necessary to comply with applicable Legal Requirements, or to any notice described in Paragraph 5(d) or Paragraph 19(b) hereof, or to pay when due any tax or assessment or any insurance premium, or to keep the Mortgaged Premises in repair, or to replace or restore as required hereby, or shall commit or permit waste, or if there be commenced any action or proceeding affecting the Mortgaged Premises, the Collateral or the title thereto, Mortgagee, at its option, may pay such claim, lien, encumbrance, tax, assessment or premium, with right of subrogation thereunder, may procure such abstracts or other evidence of title as it deems necessary, may make such cleanup, repairs, replacements or restorations and take such steps as it deems advisable to prevent or cure such failure, and may appear in any such action therein as Mortgagee deems advisable, and for any of such purposes Mortgagee may advance such sums of money as it deems necessary to carry out the foregoing (but in no event shall Mortgagee be under any obligation to do any of the foregoing or to advance any such sums). Mortgagor shall pay to Mortgagee immediately and without demand all sums of money advanced by Mortgagee pursuant to this Paragraph 6, together with interest on each advance at the Default Rate, as defined in the Note, and all such sums and interest thereon shall be secured hereby.

Cure by Mortgagee. If At its election, in its sole discretion, and without notice, but subject to the foregoing Section 19C, Mortgagee may (but shall not be obligated to) cure any failure on the part of Mortgagor at or any time fails to pay any claim, lien or encumbrance which shall be prior to this Mortgage, or fails to respond promptly to a Release or threat occupant of Release (as hereinafter defined) of a hazardous, toxic or polluting substance or waste including petroleum or petroleum products ("Hazardous Substances"), or an Environmental Complaint (as hereinafter defined), or fails to diligently and expeditiously complete actions necessary the premises to comply with applicable Legal Requirementsthe Superfund and Hazardous Waste Laws, including without implied limitation the following actions: (1) Arrange for the cleanup or containment of any Materials found in, on, or to near the premises, and pay cleanup costs, containment costs, and other costs associated with the project, including without implied limitation any notice described in Paragraph 5(dprofessional fees; (2) Pay on behalf of Mortgagor any fines or Paragraph 19(b) hereofpenalties imposed upon Mortgagor by any federal, state, or local governmental agency or authority; and (3) Make any other payment or perform another act which in Mortgagee’s judgment might prevent a lien from attaching to pay when due the premises or which might dissolve or reduce any tax or assessment or any insurance premium, or to keep the Mortgaged Premises in repair, or to replace or restore as required hereby, or shall commit or permit waste, or if there be commenced any action or proceeding affecting the Mortgaged Premises, the Collateral or the title thereto, Mortgagee, at its option, may pay such claim, lien, encumbrance, tax, assessment or premium, with right of subrogation thereunder, may procure such abstracts or other evidence of title as it deems necessary, may make such cleanup, repairs, replacements or restorations and take such steps as it deems advisable to prevent or cure such failure, and may appear in any such action therein as lien already attached. Any partial exercise by Mortgagee deems advisable, and for any of such purposes Mortgagee may advance such sums of money as it deems necessary to carry out the foregoing (but in no event shall Mortgagee be under any obligation to do any of the foregoing remedies or any partial undertaking on the part of Mortgagee to cure Mortgagor’s failure (or the failure of any occupant of the premises) to comply with the Superfund and Hazardous Waste Laws shall not obligate Mortgagee to complete the actions taken or to advance expend further sums to cure any such sums)noncompliance; neither shall the exercise of any such remedies operate to place upon Mortgagee any responsibility for the operation, control, care, management, or repair of the premises, or make the Mortgagee the “operator” of the premises within the meaning of the Superfund and Hazardous Waste Laws. Mortgagor shall pay to Mortgagee immediately and without demand all sums of money advanced Any amounts paid or costs incurred by Mortgagee pursuant to as a result of any actions taken under this Paragraph 6Section 19, together with interest at an annual rate equal to the rate then accruing on each advance at the Default Rate, as defined in the Note, and all such sums and interest thereon including any default rate, (i) shall be due and payable by Mortgagor to Mortgagee on demand and (ii) shall be added to and become a part of the indebtedness secured herebyby this mortgage. By making any such payment or incurring any such costs, Mortgagee shall be subrogated to any rights of Mortgagor, or those claiming under Mortgagor, to seek reimbursement from any third parties, including without implied limitation any predecessor in interest to Mortgagor’s title.