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HomeMy WebLinkAbout0432 t (d) Upon every such entering upon or taking of posses- sion, Mortgagee may hold, store, use, operate, manage and control the Mortgaged Property and conduct the business thereof, and, from time to time: (i) make all necessary and proper maintenance, repairs, renewals, replacements, additions, betterments and improvements thereto and thereon and purchase or otherwise acquire additional fixtures, personalty and other property; (ii) insure or keep the Mortgaged Property in- sured; (iii) manage and operate the Mortgaged Property and exercise all the rights and powers of Mortgagor in its name or otherwise, with respect to the same; (iv) enter into agreements with others to exec- cise the-powers herein granted Mortgagee; all as Mortgagee from time to time may determine; and Mortgagee may collect and receive all the income, revenues, rents, issues and profits of the same, including those past - due as well as those accruing thereafter; and shall apply the-monies so received by Mortgagee in such priority as Mortgagee may :determine to (1) the payment of accrued interest on the Note; (2) the deposits for taxes and assess- ments-and insurance premiums due; (3) the payment of overdue installments of principal; (4) the cost-of insurance, taxes, assessments and other proper charges upon-the Mortgaged Property or any part thereof; and (5) the reasonable compen- sation, expenses and disbursements of the agents, attorneys and other representatives of Mortgagee. Mortgagee shall surrender possession of the Mortgaged Property to Mortgagor only when all that is due upon such interest, tax and insurance deposits and principal install- . ments, and under any of the terms of this Mortgage, shall have been paid and all defaults made good.- The same right of taking possession, however, shall exist if any subsequent Event of Default shall occur and be continuing. 2.05 Leases. Mortgagee, at its option, is authorized to foreclose this Mortgage subject to the rights of any i ~ tenants of the Mortgaged Property, and the failure to make any such-tenants parties defendant to any such foreclosure proceedings and to foreclose their rights will not be, nor be asserted by~Mortgagor to be, a defense to any proceedings instituted by Mortgagee to collect the sums secured hereby or to .collect any deficiency remaining unpaid after the foreclosure sale of the Mortgaged Property. 2.06•Purchase b Mort ogee. Upon any such foreclosure sale, Mortgagee may bi for and purchase the Mortgaged Property and, upon compliance with the terms of sale, may hold, retain and possess and dispose of such property in its own absolute right without further accountability. ~ 2.07 Application of Indebtedness Toward Purchase Price. Upon any such foreclosure sale, Mortgagee may, if permitted by law, after allowing for the proportion of the total : - i F -14- E ~e~ BQOR chh`i PdGE 432 MAHONEY HAOLOW 6 ADAM 5,1401 AMERIFIRST BUILDING, MIAM1, FLORIDA 33131 TEL.(305) 35B-5550 s - .~1~~ _ _ -~>r_