Common use of Payments Returned Clause in Contracts

Payments Returned. Mortgagor agrees that, if at any time all or any part of any payment previously applied by Mortgagee to the Debt is or must be returned by Mortgagee, or is recovered from Mortgagee, for any reason (including the order of any bankruptcy court), this Mortgage shall automatically be reinstated to the same effect as if the prior application had not been made, and, in addition, Mortgagor hereby agrees to indemnify Mortgagee against, and to save and hold Mortgagee harmless from, any required return by Mortgagee, or recovery from Mortgagee, of any such payment because of its being deemed preferential or is otherwise refundable to Mortgagor (or its estate) under applicable bankruptcy, receivership or insolvency or similar laws, or for any other reason.

Payments Returned. Mortgagor M▇▇▇▇▇▇▇▇ agrees that, if at any time all or any part of any payment previously applied by Mortgagee to the Debt is or must be returned by Mortgagee, --or is recovered from Mortgagee, --for any reason (including the order of any bankruptcy court)), this Mortgage Deed of Trust shall automatically be reinstated to the same effect as if the prior application had not been made, and, in addition, Mortgagor hereby agrees to indemnify Mortgagee against, and to save and hold Mortgagee harmless from, from any required return by Mortgagee, --or recovery from Mortgagee, --of any such payment because of its being deemed preferential or is otherwise refundable to Mortgagor (or its estate) under applicable bankruptcy, receivership or insolvency or similar laws, or for any other reason.

Payments Returned. Mortgagor M▇▇▇▇▇▇▇▇ agrees that, if at any time all or any part of any payment previously applied by Mortgagee to the Debt is or must be returned by Mortgagee, --or is recovered from Mortgagee, --for any reason (including the order of any bankruptcy court), this Mortgage Deed of Trust shall automatically be reinstated to the same effect as if the prior application had not been made, and, in addition, Mortgagor M▇▇▇▇▇▇▇▇ hereby agrees to indemnify Mortgagee against, and to save and hold Mortgagee harmless from, from any required return by Mortgagee, --or recovery from Mortgagee, --of any such payment because of its being deemed preferential or is otherwise refundable to Mortgagor (or its estate) under applicable bankruptcy, receivership or insolvency or similar laws, or for any other reason.