HomeMy WebLinkAbout1676 appoint such receiver with the usual powers and duties of receivers in like
cases; and said appointment shall be made by the court as a matter of strict
right to the Mortgagee. and without reference to the adequacy or inadequacy
of the value of the property hereby mortgaged. or to the solvency or insolvency
of the Mortgagors or any other party defendant to such suit. The Mortgagor
_ hereby specifically waives the right to object to the appointment of a receiver
as aforesaid and hereby expressly consents that such appointment shall
be made as an admitted equity and as a matter of absolute right to the Mortgagee
and that the same may be done without notice to the Mortgagor .
26. During the continuance of any such Event of Default, the Mortgagee
personally, or by its agents or attorneys. may enter into and upon alI or
any part of the Premises, and each and every part thereof, and may exclude
the Mortgagor, its agents and servants wholly therefrom; and having and '
holding the same, may use, operate. manage and control the Premises and
conduct the business thereof, either personally or by its superintendents.
managers, agents, servants, attorneys or receivers; and upon every such
entry, the Mortgagee at the expense of the Mortgaged Property or the Mortgagor,
from time to time. either by purchase.. repairs or construction. may maintain
and restore the Mortgaged Property, whereof it shall become possessed as
aforesaid, may complete the construction or development of the Improvements
and in the course of such completion may make such changes in the contemplated
improvements as it may deem desirable and may insure the same; and likewise,
from time to time. at the expense of the Mortgaged Property or the Mortgagor. ~
the Mortgagee may make all necessary or proper repairs. renewals and replacements
and such useful alterations, additions. betterments and improvements thereto ~
and thereon as to it may seem advisable; and in every such case the Mortgagee
shall have the right to manage and operate the Mortgaged Property and to
carry on the business thereof and exercise all rights and powers of the Mortgago2-
with respect thereto either in the name of the Mortgagor or otherwise as
it shall deem best: and the Mortgagee shall be entitled to collect and receive
all earnings, revenues. rents. issues, profits and income of the Mortgaged
Property and every part thereof, all of which shall for all purposes constitute
property of the Mortgagor and after deducting the expenses of conducting
the business thereof and of all maintenance. repairs. renewals, replacements.
alterations, additions, betterments and improvements and amounts necessary
to pay for taxes, assessments, insurance and prior or other proper charges
upon the Mortgaged Property or any part thereof, as well as just and reasonable -
~ compensation for the services of the Mortgagee and for all Attorneys, counsel,
agents, clerks, servants and other employees by it properly engaged and
employed, the Mortgagee shall apply the monies arising as aforesaid. first,
to the payment of the principal of the Note and the interest thereon, when ~ {
and as the same shall become payable and second, to the payment of any
a other sums required to be paid by the Mortgagor under this Mortgage.
27. In case of proceedings by or against the I?iortgagor in insolvency ~
or bankruptcy or any proceedings for its reorganization or involving the ~
liquidation or its assets, then, and in such case, the Mortgagee shall be ~
entitled to prove the whole amount of principal and interest due upon the t .
v Note to the full amount thereof, and all other payments, charges, and costs
due under this Mortgage, without deducting therefrom any proceeds obtained
from the sale of the whole or any part of the Mortgaged Property; provided.
however, that in no case shall the Mortgagee receive a greater amount than ~ ;
~ such principal and interest and such other payments. charges and costs ~
from the aggregate amount of the proceeds of the sale of the Mortgaged Property
Page 10. SO~K302 iA~~E~6~6 '
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