200604217 - Laserfiche WebLink

Browse

"1'1 200604217 covenants and agreements as to payment of prior liens, taxes, assessments, and charges, maintenance of insurance and repairs as contained in the preceding Sections 3, 4, and 8, the Purchasing Agent without prejudice to any rights given herein, may make advances to perform the same on behalf of the Company, and the Company hereby agrees to repay all sums so advanced, on demand, with interest thereon, from the date advanced at the rate of sixteen percent (16%) per annum, and all sums so advanced with interest as aforesaid until paid by the Company shall be immediately due and payable and be added to and become a part of any indebtedness, liability or obligation secured hereby in such manner or order as the Purchaser may desire or determine, having the benefit of the lien hereby created as a part thereof, and of its priority, but no such advances shall be deemed to relieve the Company from any default hereunder or impair any right or remedy consequent thereon, and the exercise of the rights to make advances granted in this Section shall be optional with the Purchasing Agent and not obligatory, and neither the Purchasing Agent nor the Purchaser shall in any case be liable to the Company for failure to exercise any such right. SECTION 14. Litigation. If any action or proceedings be commenced, to which action or proceedings the Issuer or the Purchaser is made a party by reason of the execution of this Mortgage or the Notes, or in which the Purchaser deems it necessary to appear or answer in order to uphold the lien of this Mortgage or the priority hereunder, all sums paid or incurred by the Purchaser for attorney fees and other expenses in such action or proceeding shall be repaid by the Company, together with interest thereof from the date of payment by the Purchaser at the rate of sixteen percent (16%) per annum, and all such sums and the interest thereon shall be immediately due and payable and shall be added to and become a part of any indebtedness or obligation secured hereby in such manner or order as the Purchaser may desire or determine, and be secured hereby, having the benefit of the lien hereby created and of its priority. SECTION 15. Non-Waiver. Acceptance by the Paying Agent or Purchaser of any sum in payment or part payment of any indebtedness secured hereby, after the same is due or after foreclosure proceedings are filed, shall not constitute a waiver of any remaining default or invalidate any foreclosure proceedings for any such remaining default or prejudice any ofthe rights ofIssuer or the Purchaser under this Mortgage. Further, the failure of the Paying Agent or the Purchaser to insist upon the strict performance of any of the covenants or agreements ofthe Company contained in this Mortgage, or the delay by the Paying Agent or Purchaser in the enforcement of any of its remedies herein upon any default ofthe Company shall never constitute a waiver of any requirement or obligation ofthe Company or right or remedy of the Purchaser contained in or based upon said covenants or agreements. SECTION 16. Severabilitv. If any provisions hereof should be held unenforceable 12