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HomeMy WebLinkAbout1550 9. If de€ault be maae in payment, when due of any indebted- ` ness, security or in the performance of any of the Mortgagor's obliga- tions, covenants or agreements hereunder: (a) Mortgagee is authorized at any time, without notice in its sole discretion to enter upon and take possession of the premises or any part thereof, to perform any acts Mortgagee deems necessary or proper to cons~rve the security and to collect and receive all rents, issues and profits therefrom, including those past due as well as those accruing thereafter; and (b) Mortgagee shall be entitled as a matter of strict right and without regard to the value or occupancy of the security to have . a receiver appointed to enter upon and take possession of the premises, collect the rents and profits therefrom, and apply the same as the Court may direct such received to~have all the rights and powers per- mitted under the la~~s of PPnnsylvania; and (c) In either such case the MOrtgagee or the receiver may also take possesion of, for these purposes used, any and all personal property contained in the premises and used by MOrtgagor in the ren- tal leasing thereof or any part thereof. The expense, incYuding receiver's fees, counsel fees, costs and agents' coMpensation, in- curred pursuant to the powers herein contained shall be secured here- by. Mor~gagee shall, after payment of all casts arid expenses incurred, apply such rents, issues and profits received by or under this in- ` debtedness secured hereby in such order as Mortgagee determines. The ~ right to enter and take possession of said property, to manage and otherwise operate the same, to coliect the rents, issues and profits thereof, whether by receiver or otherwise shall be cumulative to any. i _ ~ ; and other rights herein afforded by law and may be exercised con- i ; currently therewith or independent thereof. Mortgagee shall be liable ~ to account only for such rents, issues and profits actu~lly received by MOrtgagee. " 10. If the indebtedness secured hereby is now or hereafter ; further secured by pledges, security interest, contracts af guaranty, ~ assignment or other security, or if the premises hereby encumbered ~ consist of more than one parcel, Mortgagee may at its option exhaust ~ ; 1 ; -5-, ~2~~ ~~.5~8 ~ z ; _ , ~ _ s - ~ _ - a._ .