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HomeMy WebLinkAbout2517 such laws, and any and all right to have the assets comprised in the security intended to be created hcr.eby marshalled upon any foreclosure of the lien hereof and agrees that the "Lender" or any court having jurisdiction to foreclose such lien may sell the Mortgaged Property as an entirety. 2.11 "LENDER" ENTITI,ED TO APPOINTMENT OF RECEIVER. If an Event of Default shall occur and be continuing, then upon the filing of a bill in equity or other commencement of judicial proceedings to enforce the rights of the "Lender", the "Lender" to the extent permitted by law, shall be entitled as a matter of right to the appointment of a receiver or receivers of the Mortgaged Property, and of the rents, revenues, issu~s, income, product and profits there- of, pending such proceedings, with such_powers as the court making such appointment shall confer, but notwithstanding the appointment of any receiver, trustee, or other custodi~an, the "Lender" shall be entitled as pledgee to the possession and control of any cash, or - other instruments at the time held by, or payable or deliverable ~ under the terms of this mortgage to the "Lender". ~ 2.I2 SUITS TO PROTECT~THE MORTGAGED PROPERTY. The "Lender" shall have power (a? to institute and maintain such suits and pro- ceedings as it may deem expedient to prevent any impairment of the~ Mortgaged Property by any acts which may be unlawful or any vio- lation of the mortgage, Eb) to preserve or protect its interest in the Mortgaged Property and in the income, revenues, rents and profits arising therefrom, 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 enforce- ment of or compliance with, such enactment, rule or order would impair the security hereunder or be prejudicial to the interest of the "Lende r" . 2.13 "LENDER" MAY FILE PROOFS OF CLAIM IN RECEIVERSHIP, ETC. In the case of any receivership, insolvency, bankruptcy, reorganization, arrangement, adjustment, composition, or other judicial proceedings affecting the "Borrower", its creditors or its property, the "Lender", ~ to the extent permitted by 1aw, shall be entitled to file such proofs ; of claim and othet documents as may be necessary or advisable in ' order to have the -,claims of the "Lender" allowed in such proceedings ! for the entire amount due and ~ayable by the "Borrawer" 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 "Borrower" hereunder after such dat~. ~ 2.14 "BORROWER" TO PAY THE NO'PE ON ANY DEFAULT IN PAYI~NT ; APPLICATI~I OF MONEYS BY "LENDER". If default shall be made in the payment of any amount due under the note or mortgage, then, upon ~ demand of the "Lender", the "Borrower" will pay to the~"Lender" the whole amount due and payable under the note; and in case the "Borrower" shall fail to pay the same forthwith upon such demand, the "Lender" shall be entitled to sue for and to recover judgment for the whole amount so due and unpaid together with costs, which shall include the reasonable compensation, expenses and disbursements of the "Lender's" agents and attorneys. The "Lender" shall be entitled to sue and recover judgment as aforesaid either before , after or during the pendency of any ; proceedings for the enfor~:ement of this mortgage, and the right of the "Lender" to recover such judgment shall not be affected by any ~ taking, possession or foreclosure sale hereunder, or by the exercise ~ of any other right, power or remedy for the enforcement of the terms ~ of this mortgage, or the foreclosure of the lien hereof. ~ ~ In case of a foreclosure sale of any of the Mortgaged Prop- ~ erty and of the application of the proceeds of sale to the payment of the debt hereby secured, the "Lender" shall be entitled to enforce _ payment of and to receive all ~amounts then remaining due and unpaid upon the note, and the Lender shall be entitled to recover judgment -x for any portion of the debt remaining unpaid, with interest. ~ - - - 6~2~30 P~25Z6 ~ _ _ ~ ~ S~tsy F. : F.,9 y.+'~rt 'j.3.+~,~ ++4 ~ - ~.,T~a`f^c ~-#/2 .~'Y....~-.«.41..,' a,..~_~.'t~ - . u.~~~'~,~ ,L . _ _ ~y~ ~