Protection of Xxxxxx’s Rights in the Property. If Xxxxxxxx fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Xxxxxx’s tights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender’s rights in the Property. Xxxxxx’s actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneys’ fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7, Xxxxxx does not have to do so. Any amounts disbursed by Xxxxxx under this paragraph 7 shall become additional debt of Borrower secured by this Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment.
Protection of Xxxxxx’s Rights in the Property. If Xxxxxxxx fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect the Lender’s rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), the Lender may do and pay for whatever is necessary to protect the value of the Property and Lender’s rights in the Property. Xxxxxx’s actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorney’s fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 7, Xxxxxx does not have to do so. Any amounts disbursed by Xxxxxx under this paragraph 7 shall become additional debt of Borrower secured by this Security Instrument.
Protection of Xxxxxx’s Rights in the Property. If Xxxxxxxx fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Xxxxxx's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Xxxxxx's actions may include paying any sums secured by a lien, which has priority over this Security Instrument (including sums secured by the First Mortgage), appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this Section 6, Xxxxxx does not have to do so. Any amounts disbursed by lender under this Section 6 shall become additional debt of Borrower secured by this Security Instrument. Payment will be due upon notice from lender to Borrower requesting payment. Prior to taking any actions under this Section 6, however, Lender shall notify the Senior Lien Holder of such default in the manner provided in Section 19 of this Security Instrument, and shall provide the Senior Lien Holder with the opportunity to cure any such default under this Security Instrument. In addition, the Lender agrees that it will not commence foreclosure proceedings or accept a deed in lieu of foreclosure, or exercise any other rights or remedies hereunder until it has given the Senior Lien Holder at least 60 days' prior written notice. Any action by Xxxxxx hereunder to foreclose or accept a deed in lieu of foreclosure shall be subject to the "due on sale" provisions of the First Mortgage. Xxxxxx and Xxxxxxxx further agree that a default hereunder shall constitute a default under the First Mortgage. In the event of a default hereunder, the Senior Lien Holder shall have the right to exercise all rights and remedies under the First Mortgage.
Protection of Xxxxxx’s Rights in the Property. If Xxxxxxxx fails to perform as required by the Mortgage Documents or there is a legal proceeding that may significantly affect Xxxxxx’s rights in the Property (such as a proceeding in bankruptcy, in probate, for condemnation, or to enforce laws or regulations), Lender may at Lender’s election and without notice to the Borrower do and pay for whatever Lender deems advisable to protect the value of the Property and Xxxxxx’s rights in the Property. Xxxxxx’s actions may include paying any sums secured by a lien that has priority over this Mortgage, appearing in court, paying reasonable attorneys’ fees, and entering on the Property to make repairs. Although Lender may take action under this paragraph, Lender does not have to do so and nothing contained herein shall be construed as requiring Lender to advance monies for any such purpose, nor shall the advance of any such monies waive or otherwise impact Lender’s right of foreclosure or any other right or remedy hereunder. Any amounts disbursed by Xxxxxx under this paragraph shall become additional debt of Borrower secured by this Mortgage.
Protection of Xxxxxx’s Rights in the Property. If Borrower fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations), then, subject to any applicable grace periods or cure periods, Lender may do and pay for whatever is necessary to protect the value of the Property and Xxxxxx's rights in the Property. Xxxxxx's actions may include paying any sums secured by a lien which has priority over this Security Instrument (including sums secured by the Senior Deeds of Trust), appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 8, Xxxxxx does not have to do so.
