HomeMy WebLinkAbout0629 (ii) Possession: Mortqaqee may enter into
possession of the M~ortqaqe Property, with or without legal
action, and by force if necessary; collect therefrom all ~
rentals (which term shall also include sums payable for use
and occupation) and, after deductinq all costs of collection
and administration expense, agply the net rentals to any or
all.of the followinq in such order and aznounts as Mortgagee,
in Mortqagee's sole discretion, may elect: the payment of
taxes, water and sewer rents, charqes and claims, insurance
premiums and all other carzyinq charqes, and to the mainten-
ance, repair or restoration of,the ~rtgaged Property, and
on account and in reduction of the principal or interest, or
both, hereby secured: in and for that purpose Mortgaqor here-
by assiqns to irlortgaqee all renta?ls due and to become due
und~~ any lease or leases or riqhts to use and occupation
of the Mortqaqed Property hereafter created, as well as all
rights and remedies provided in such lease or leases or at
law or in equity for the collection of the rentals. Mort-
qaqee shall be entitled to the appoin~ent of a receiver of
all the rents, issues and profits, as a matter of strict
riqht, regardless of the value of the iKortgaged Property and
the solvency or insolvency of :~ortgagor and other persons
liable to pay such indebtedness. ~,ortqaqor hereby speci-
fically waives the riqht to object to the appointment of a
receiver as aforesaid and hereby expressly consents that
such appointaent shall be made as an adm.itted equity and
that the same may he done without notice to Mortgaqor.
(c) :~ortgaqee shall have the right, from time to
time, to brinq an appropriate action to recover any sums re-
c~uired to be paid by Mortqaqor under the terms of this Mort-
qage, as they become due, without regard to whether or not
the principal indebtedness or aay other sums secured by the
Note and this Mortqaqe shall be due, and without prejudice
to the riqht of Mortqagee thereafter to bring an action to
foreclose this Mortqage, or any other action, for any de-
fault by Mortqaqor existinq at the time tne earlier action
wa:s commenced .
(d) Any real estate sold pursuant to any action
to foreclose this Liortqage or pursuant to any other judicial
proceedinqs under this I~ortgaqe, Note, or Loan Agreement,
may be sold in one parcel, as an entirety, or~in such par-
cels or condominium units, and in such manaer or order as
Mortgagee, in its sole discretion, may elect.
23. Riqhts and Remedies Cumulative:
(a) The riqhts and remed.ies of ~iortgaqee as pro-
vided in the Loan~Agreement, the Note and in this Mortgage,
shall be cumulative and concurrent; ~ay be pursued separately,
successively or together against Mortgagor or against the
Mortgaged Propesty, or both, at t~ce sole discretion of
:sortqaqee, and may be exercised as often as occasion the~~for
shall arise. The failure to exercise any such right or
remedy shall in no event ~e construeC as a waiver or release
~'~ereo f .
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BUO~ 290 FAZ~ 629
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