HomeMy WebLinkAbout2515 (d) Upon every such entering upon or taking of possession,
the "Lender" may hold, store, use, operate, manage and control the
Mortgaged Propcrty and conduct the business thereof, and, from time
to time:
(i) majce all necessary and proper maintenance,
repairs, renewals, replacements, additions, betterments _
and improvements thereto and thereon and purchase or
othezwise acquire additional fixtures, personalty and
other property;
(ii) insure or keep the Mortgaged Property insured;
(iii) manage and operate the Mortgaged Property and
exercise all the rights and powers of the "Borrower"
in its name or otherwise, with respect to the same;
(iv) enter into any and all agreements with respect
to the exercise by others of any of the powers herein
granted the "Lender",
all as the "Lender" from time to time may determine to be to its
best advantage; and the "Lender" may collect and receive all the
income, revenues, rents, issues and profits of the same, including
those past due as well as those accruing thereafter, the same being
hereby assigned and transferred for the benefit of the "Lender", and
~r after deducting: -
(aa) all expenses of taking, holding, managing,
and operating the Mortgaged Property (including
compensation for the services of all persons employed
for such purposes);
(bb) the cost of all such maintenance, repairs,
renewals, replacements, additior.s, betterments, im-
provements and purchases and acquisitions;
(cc) the cost of such insura.-~ce;
I
~ (dd) such taxes, assessments ai~d other charges
€ prior to the lien of this mortgage as the "Lender"
~ may detern?ine to pay;
(ee) other proper charges upon the Mortgaged
~ Property or any part thereof; and
~ (ff) the reasonable compensation, expenses
~ and disbursements of the attorneys and agent of the
"Lender",
shall a ply the remainder of the moneys so r ceived by the "Lender",
~~J first to the payment of accrued interest;/se~ond to
~
~l,v the payment of overdue installments of principal.
a.
~ (e) Whenever all that is due upon such interest,-t..~c-
` ~depe~e~i# and principal installments and under any of the terms of
this mortgage shall have been paid and all defaults made good, the
~ ~1~~ "Lender" shall s~:rrender possession of the 2~Iortgaged Property to the
~ "Borrower", its successors or assigns. The same right of taking
possession, however, shall exist if any subsequent Event of Default
~ shall occur and be continuing.
~
~ 2.04 RECEI~'ER. If any event of default shall have occurred
~
and be continuing, "Lender" 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 receiver to have all the rights
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