Common use of Foreclosure Generally Clause in Contracts

Foreclosure Generally. This Mortgage covers property located in Grand Forks, Cass, Ward, and Burleigh counties, in the State of North Dakota. Mortgagor acknowledges and agrees that Mortgagee shall be allowed to enforce payment and performance of the indebtedness evidenced by the Note, and to exercise all rights and powers provided under this Mortgage, the other Loan documents, or any of them, or under any provision of law, by one or more proceedings, whether contemporaneous, consecutive, or both, to be absolutely determined by Mortgagee in its absolute discretion, in any one or more of the states in which the Property is located. Neither the acceptance of this Mortgage, or of any other Loan document, nor its enforcement in one state, whether by court action, power of sale, or otherwise, shall prejudice or in any way limit or preclude enforcement of the Loan documents, or any of them, through one or more additional proceedings in that state or in any other state. On the occurrence of an event of default, Mortgagor agrees that a foreclosure sale of the whole of the Property located in a particular state may be held in any one or more of the counties where any part of the Property located in that state lies, and that any other action or proceeding, judicial or nonjudicial, including, without limitation, a receivership proceeding or a foreclosure action in connection with the Loan documents, or any of them, may be prosecuted, brought, and maintained in any one or more of the counties in that state in which any of the Property is located.