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HomeMy WebLinkAbout2539 MTG-1-A-4/23/73 2.08 A lication of Indebtedness Toward Pu_rchase Price. Upon any suc orec osure sa e, Mor gagee may, i permitted .~y Taw, after allowing for the proportion of the total purchase price required to be paid in cash and for the costs and expenses of the sale, compensation and other charges, in paying the purchase price apply any portion of or all sums due to Mortgagee under the Note, this Mortgage or any other instrument securing i the Note, in lieu of cash, to the amount which shall, upon distribution of th~ net proceeds of such sale, be payable thereon. ' . 2.09 Waiver of Appraisement, Valuation, Stay, Extension, and Redem tion Laws. Mortgagor agrees to the full extent permitted by ~aw t~at in case of a default on its part hereunder, neither Mortgagor nor anyone claiming through or under it shall or will set up, claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption ~ laws now or hereafter in force, in order to prevent or hinder ; the enforcement or foreclosure of_this Mortgage, or the absolute sale of the Mortgaged Property or the final and absolute putting into possession thereof, immediately after such sale, of the purchasers thereat, and Mortg3gor, for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may lawfully so do, the benefit of all such laws, ~ and any and alI right-to have the assets comprising the~~Mortgaged Property marshalled upon any foreclosure of the lien hereof and agrees that Mortgagee or any court having jurisdiction to fore- close such lien may sell the Mortgaged Property in part or as an entirety. 2.10 Receiver. If an Event of Default shall have occurred, Mortgagee, to the extent permitted by law and without regard to the value or occupancy of the security, shall be ~ entitled as a matter of right if it so elects to the appointment _ of a receiver to enter upon and take possession of the Mortgaged ~ Property and to collect all rents, revenues, issues, income, ~ products and profits thereof and apply the same as the court ' may direct. The receiver shall have all riqhts and powers permitted under the laws of the state where the Land is located and such other powers as the court making such appointment shall confer. The expenses, including receiver's fees, attorney's j • fees, costs and agent's compensation, incurred pursuant to ; ; the powers herein contained shall be secured by this Mortgage. ? ~ The right to enter and take possession of and to manage and ! ; operate the Mortgaged Property, and to collect the rents, issues # and profits thereof, whether by a receiver or otherwise, shall ~ be cumulative to any other right or remedy hereunder or afforded ~ by law, and may be e~cercised concurrently therewith or indepen- ' dently thereof. Mortgagee shall be liable to account only for such rents, issues and profits actually received by Mortgagee, whether received pursuant to this Paragraph or Paragraph 2.03. Notwithstanding the appointment of any receiver or other custo- dian, Mortgagee shall be entitled as pledgee to the possession and control of any cash, deposits, or instruments at the time held by, or payable or deliverable under the terms of this Mort- gage to, Mortgagee. ~ ; ~ 2.11 Suits to Protect the Mortgaged Property. ~ ~ Mortgagee shall have the power and authority to institute and f maintain any suits and proceedings as Mortgagee may deem advisable (a) to prevent any impairment of the Mortgaged Property by any acts which may be unlawful or any violation of this Mortgage, ~ (b) to preserve or protect_its interest in the Mortgaged Property, ~a and (c) to restrain the enforcement of or compliance with any ~ legislation or other governmental enactment, rule or order that ~ may be unconstitutional or otherwise invalid, if the enforcement ~ of or compliance with such enactment, rule or order might impair ~ the security hereunder or be prejudicial to Mortgagee's interest. ~ ~ ~ ~ ~ ~ -13- , ~ . ~a~~s ~ . ~ , - : ~ .w~;;~~} °~z;~.~;-:_~~~