HomeMy WebLinkAbout1133 no portion of the rents, issues and profits of the
Premises shall be collecCed excepC through a re- ~
ceiver appointed by the court in which such fore-
closure action or proceeding is brought, after due ~ ~
notice of the application for the appointment of
such receiver shall have been given to the Mort- _ t
gagee and that the rents,,issues and profits so
collected by such receiver shall be applied
first to the payment of maintenance and operating
charges and disbursements incurred in connection
with the operation and maintenance of the Pre-
mises, and then to the payment of.principal ancl
i
interest due and owing on, or to become due and ;
owing on the Note, Mortgage and this Agreement.
If during the pendency of any~such
foreclosure action ar proceeding, an action or i
proceeding shall be brought by the Mortgagee for
the foreclosure of the Mortgage and an applica-
tion is mad~ by the Mortgagee for an extension of
such receivership for the benefit of the Mort--
gagee, all such rents, issues and profits held ~
r
by such receiver shall be applied by the receiver
solely for the benefit of the Mortgagee and the
holder of the Subordinate Mortgage shall not be
entitled to any portion thereof;
(d) that if an action or proceeding shall
be brought to foreclose the Subordinate Mortgage, '
due notice of the commencement thereof wil? be
- given to the Mortgagee and true copies of all
papers served or entered in such action or proceed- ~
; ing will be served upon the Mortgagee; and
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~ (e) that the mortgagee under the Subordi-
F nate Mortgage will hold any escrow or other deposits
~ required under the Subordinate Mortgage for Imposi-
tions, insurance premiums or other charges or ex-
~ penses in connection with the maintenance or opera-
tion of the Premises as a trust fund to be applied
~ solely for the purposes for which they were col-
lected and~that under no circumstances may such
~ mortgagee apply any portion of such fund toward
~ the reduction of the indebtedness secured by the
~ Subordinate Mortgage.
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~ Article 21. Defaults
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The happening of any one or more of the follow-
" ing events shall constitute a default hereunder on the part af
~ the Mortgagor:
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~ (a) the faiZure to make payment of any
~ installment of interest or principal under the
~ Note as modified hereby, for a period of ten (10)
~ days after the same shall have become due and payable;
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