Common use of PROTECTION OF LENDER'S SECURITY Clause in Contracts

PROTECTION OF LENDER'S SECURITY. If Borrowers or Accommodation Parties fail to perform the covenants and agreements contained in this Mortgage, or if there is any legal proceeding that may significantly affect Lender's interest in the Mortgaged Property (such as a proceeding in bankruptcy, probate, condemnation, or to enforce laws or regulations), then Lender may, at its sole option and discretion, do and pay for whatever is necessary to protect the value of the Mortgaged Property and Lender's rights in the Mortgaged Property. Lender's actions may include paying any sums secured by a lien that has priority over the lien created by this Mortgage, appearing in court, paying reasonable attorneys' fees and entering on the Mortgaged Property to make repairs. Any amounts disbursed by Lender under this Section 7 will become additional debt of Borrowers due under the Note and will be secured by this Mortgage. Such additional debt will be immediately due and payable upon notice from Lender to Borrowers demanding such payment. Any action taken or expense incurred by Lender under this Mortgage will be at its sole option and discretion and nothing contained in this Mortgage, including but not limited to this Section 7, will require Lender to take any action or to incur any expense under this Mortgage.

PROTECTION OF LENDER'S SECURITY. If Borrowers or Accommodation Parties fail Except when Borrower has exercised Borrower’s rights under paragraph 6 above, if the Borrower fails to perform the covenants and agreements contained in this MortgageDeed of Trust, or if there a default occurs in a prior lien, or if any action or proceeding is any legal proceeding that may significantly affect commenced which materially affects Lender's ’s interest in the Mortgaged Property (such as a proceeding in bankruptcy, probate, condemnation, or to enforce laws or regulations)Property, then Lender mayLender, at its sole option Lender’s option, with notice to Borrower if required by law, may make such appearances, disburse such sums and discretion, do and pay for whatever take such action as is necessary to protect the value Lender’s interest, including, but not limited to, disbursement of the Mortgaged Property and Lender's rights in the Mortgaged Property. Lender's actions may include paying any sums secured by a lien that has priority over the lien created by this Mortgage, appearing in court, paying reasonable attorneys' attorney’s fees and entering on entry upon the Mortgaged Property to make repairs. Borrower hereby assigns to Lender any right Borrower may have by reason of any prior encumbrance on the Property or by law or otherwise to cure any default under said prior encumbrance. Any amounts disbursed by Lender under pursuant to this Section 7 will paragraph 9, with interest thereon, shall become additional debt indebtedness of Borrowers due under the Note and will be Borrower secured by this MortgageDeed of Trust. Such additional debt will amounts shall be immediately due and payable upon notice from Lender to Borrowers demanding such paymentBorrower requesting payment thereof, and Lender may bring suit to collect any amounts so disbursed plus interest specified in paragraph 28 (Note; Other Obligations Secured). Any action taken or expense incurred by Lender under this Mortgage will be at its sole option and discretion and nothing Nothing contained in this Mortgage, including but not limited to this Section 7, will paragraph 9 shall require Lender to take any action or to incur any expense under this Mortgageor take any action hereunder.

PROTECTION OF LENDER'S SECURITY. If Borrowers or Accommodation Parties fail to perform the covenants and agreements contained in this Mortgage, or if there is any legal proceeding that may significantly affect LenderXxxxxx's interest in the Mortgaged Property (such as a proceeding in bankruptcy, probate, condemnation, or to enforce laws or regulations), then Lender may, at its sole option and discretion, do and pay for whatever is necessary to protect the value of the Mortgaged Property and Lender's rights in the Mortgaged Property. LenderXxxxxx's actions may include paying any sums secured by a lien that has priority over the lien created by this Mortgage, appearing in court, paying reasonable attorneys' fees and entering on the Mortgaged Property to make repairs. Any amounts disbursed by Lender Xxxxxx under this Section 7 will become additional debt of Borrowers due under the Note and will be secured by this Mortgage. Such additional debt will be immediately due and payable upon notice from Lender to Borrowers demanding such payment. Any action taken or expense incurred by Lender under this Mortgage will be at its sole option and discretion and nothing contained in this Mortgage, including but not limited to this Section 7, will require Lender to take any action or to incur any expense under this Mortgage.

PROTECTION OF LENDER'S SECURITY. If the Borrowers or the Accommodation Parties fail to perform the covenants and agreements contained in this Mortgage, or if there is any legal proceeding that may significantly affect the Lender's interest in the Mortgaged Property (such as a proceeding in bankruptcy, probate, condemnation, or to enforce laws or regulations), then the Lender may, at its sole option and discretion, do and pay for whatever is necessary to protect the value of the Mortgaged Property and the Lender's rights in the Mortgaged Property. The Lender's actions may include paying any sums secured by a lien that has priority over the lien created by this Mortgage, appearing in court, paying reasonable attorneys' fees and entering on the Mortgaged Property to make repairs. Any amounts disbursed by the Lender under this Section 7 will become additional debt of the Borrowers due under the Note and will be secured by this Mortgage. Such Unless the Borrowers and the Lender agree to other terms of payment, these amounts will bear interest from the date of disbursement at an interest rate equal to the lesser of eighteen percent (18%) per annum or the highest interest rate permissible under applicable law, and such additional debt debt, along with interest, will be immediately due and payable upon notice from the Lender to the Borrowers demanding such payment. Any action taken or expense incurred by the Lender under this Mortgage hereunder will be at its sole option and discretion and nothing contained in this Mortgageherein, including but not limited to this Section 7, will require the Lender to take any action or to incur any expense under this Mortgagehereunder.