Enforcing Our Rights. a. If you default in any obligation under this mortgage we can enter on your property at any time, without the permission of any person, and make all essential arrangements that we consider necessary to inspect, lease, collect rents, manage your property, repair, put in order or complete the construction of any building on your property. We may also enforce any of the following remedies: i. ▇▇▇ you – We may take such action as is necessary to collect the unpaid balance of the loan amount, the interest that is due and payable and our expenses. ii. Foreclosure and sale of your property – We may take court proceedings to foreclose and sell your property. We may ask a court to order the sale of your property. If the court makes such order, it will supervise the sale proceedings. The net proceeds of the sale will be used to pay our expenses, the interest that is due and payable and the unpaid balance of the loan amount. Any balance remaining after all claims have been satisfied will be paid to you. If the amount we receive from the sale of your property is less than what you owe us, plus our expenses, you must pay us the difference. iii. Other – We may take any other remedy available to us under the law. iv. Appoint a Receiver - We may appoint a Receiver as described in “APPOINTING A RECEIVER”, as set out herein. b. Our expenses – You will pay all our expenses of enforcing our rights. Our expenses include, but are not limited to, our costs of taking or keeping possession of your property, an allowance for the time and service of our employees utilized in so doing, our legal fees on a lawyer and own client basis and all other costs related to protecting our interest under this mortgage. All our expenses are immediately payable by you. Until paid, our expenses will be added to the loan amount and will be a charge against your property. Interest is payable by you on our expenses at the interest rate payable on the loan amount until our expenses are paid to us in full. These expenses can be deducted from the net proceeds of any sale or lease of your property. If the net proceeds from the sale or lease do not cover our expenses, you must pay us the difference immediately. c. Judgments – If we obtain court judgment against you for your failure to comply with any of your obligations to us under this mortgage, the judgment will not result in a merger of the terms of the judgment with our other remedies or rights to enforce your other obligations under this mortgage. We continue to be entitled to receive interest on the loan amount at the rate charged on the loan amount and at the same times as provided for in this mortgage. The rate of interest payable on any judgment until it has been paid in full shall be calculated and payable in the same way as interest is calculated under this mortgage and at the same interest rate paid on the loan amount until the judgment has been paid in full.
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