Agenda - Council - 07/12/2022 - Laserfiche WebLink

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SIGNING THIS DOCUMENT, THIS SECTION AND THE MORTGAGOR'S CONSTITUTIONAL RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT THE MORTGAGOR UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER. Section 2.7 Other Rights During an Event of Default. (a) Purchase by Mortgagee. Upon any foreclosure sale,the Mortgagee may bid for and purchase the Mortgaged Property and shall be entitled to apply all or any part of the Bonds as a credit to the purchase price. (b) Mortgagor as Tenant Holding Over. In the event of any such foreclosure sale and upon the expiration of any redemption period, the Mortgagor (if the Mortgagor shall remain in possession) shall be deemed a tenant holding over and shall forthwith deliver possession to the purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law applicable thereto. (c) Waiver of Appraisement, Valuation, Etc. The Mortgagor agrees, to the full extent permitted by law, that in case of an Event of Default on the part of the Mortgagor hereunder,neither the Mortgagor nor anyone claiming through or under the Mortgagor will assert, claim or seek to take advantage of any appraisement, valuation, stay, homestead, extension, exemption or laws now or hereafter in force, in order to prevent or hinder the enforcement of foreclosure of this Mortgage, or the absolute sale of the Mortgaged Property, or the delivery of possession thereof immediately after the expiration of redemption following such sale to the purchaser at such sale. (d) Discontinuance of Proceedings. In case the Mortgagee shall have proceeded to enforce any right,power or remedy under this Mortgage by foreclosure, entry or otherwise, and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Mortgagee,then in every such case, the Mortgagor and the Mortgagee shall be restored to their former positions and rights hereunder, and all rights, powers, and remedies of the Mortgagee shall continue as if no such proceedings had occurred. (e) Proofs of Claim. In the case of any receivership, insolvency, bankruptcy, reorganization, arrangement, adjustment, composition, or other proceedings affecting the Mortgagor, its creditors or its properties, the Mortgagee, to the extent permitted by law, shall be entitled to file such proofs of claim and other documents as may be necessary or advisable in order to have the claims of the Mortgagee allowed in such proceedings for the entire amount due and payable by the Mortgagor under this Mortgage at the date of the institution of such proceedings and for any additional amount which may become due and payable by the Mortgagor hereunder after such date. (f) Actions Without Mortgagor's Consent. The Mortgagor agrees that the Mortgagee may from time to time do any one (1) or all of the following without notice to or the consent of Mortgagor and without affecting the Mortgagee's rights or remedies against the Mortgagor or affecting the priority of this Mortgage, or diminish or relieve in 12 73092175v4