516. Mortgagee's right to exercise remedies concurrently.

9.     Remedies of Mortgagees

(1)     General Right to Pursue Remedies

(i)     Right to Pursue Remedies Concurrently

516.     Mortgagee's right to exercise remedies concurrently.

Once the mortgagor has made default1 in payment of the mortgage debt, the mortgagee is entitled to pursue any or all of his remedies, subject, as regards the powers of sale and appointing a receiver, to the restrictions imposed by agreement or by statute, according as the powers are express or statutory2. Accordingly, the mortgagee can at the same time sue for payment on the covenant to pay principal and interest, for possession