HomeMy WebLinkAbout1713 rent, actions in forcible detainer and actions in distress for rent,
hereby granting full power and authority to exercise each and every
of the rights, privileges, and powers herein granted at any and all
times hereafter, without notice to the Mortgagor; (ii) cancel or
terminate any lease oc sublease for any cause or on any ground which
would entitle Mortgagor to cancel the same; (iii) elect to disaffirm
any lease or sublease made subsequent to this Mortgage or subordin-
ated to the lien hereof; (iv) extend or modify any then existing leases
and make new leases, which extensions, modifications and new leases
may provide for terms to expire, or for options to lessees to extend
or renew terms to expire, beyond the maturity date of the indebted-
ness hereunder and the issuance of a deed or deeds to a purchaser or
purchasers at a foreclosure sale, it being understood and agreed that
any such leases, and the options or other such provisions to be
contained therein, shall be binding upon Mortgagor and all persons
whose interests in the premises are subject to the lien hereof and to
be also binding upon the purchaser or purchasers at any foreclosure
sale, notwithstanding any redemption from sale, discharge of the
mortgage indebtedness, satisfaction of any foreclosure decree, or
issuance of any certificate of sale or deed to any purchaser;
(v) make all necessary or proper repairs, decoration, renewals,
replacements, alterations, additions, betterments, and improvements
to the premises as to Mortgagee may seem judicious, to insure and
reinsure the premises and all risks incidental to Mortgagee's posses-
sion, operation, and management thereof and to receive all avails,
rents, issues, and profits.
(d) Mort a ee's Determination of Priorit of Pa ments. Any avails,
rents, issues, and pro its o the premises received by the Mortgagee
after having possession' of the premises, or pursuant to any assign-
ment thereof to the Mortgagee under the provisions of this Mortgage
or of any separate assignment of rents or assignment of leases, shall
be applied in payment of or on account of the following, in such order
as the Mortgagee (or in case of a receivership, as the court) may
determine:
(i) to the payment of the operating expenses of the premises,
which shall include reasonable compensation to the Mortgagee
or the receiver and its agent or agents, if management of the
premises has been delegated to an agent or agents, and shall
also include lease or sales commissions and other compensation
and expenses of seeking and procuring tenants or purchasers and
entering into leases or sales contracts, established claims for
damages, if any, and premiums on insurance hereinabove
authorized;
€ (ii) to the payment of taxes, special assessments, and water taxes
now due or which may hereafter become due on the premises,
or which may become a lien prior to the lien of this Mortgage;
(iii) to the payment of all repairs, decorations, renewals, replace-
ments, alterations, additions, betterments, and improvements
of said premises, including the cost from time to time of
installing or replacing refrigeration and gas or electric stoves
therein, and of placing said property in such condition as will, in
the judgment of Mortgagee or receiver, make it readily renta-
ble or saleable;
(iv) to the payment of any indebtedness secured hereby or any
deficiency which may result from any foreclosure sale;
(v) any overplus or remaining funds to the Mortgagor, its succes-
sors or assigns, as their rights may appear.
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(e) Appointment of Receiver. Upon or~at any time after the filing of any
F complaint to foreclose this Mortgage, the court may, upon applica-
tion, appoint a receiver of the premises. Such appointment may be
made either before or after sale and without regard to the solvency
or insolvency of Mortgagor, at the time of application for such
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