HomeMy WebLinkAbout1697 i
i
Event of Default and immediately upon the commencement
of any action, suit or other legal proceedings by the
Mortgagee to obtain judgment for the principal or interest
on the Second Replacement Note and other sums required to be ~
paid by the Mortgagors and Developer pursuant to any pro-
vision of the. Mortgage, or of any other nature in aid of the
enforcement of the Second Replacement Note or of the Mort-
gage, the Mortgagors and Developer will, if required by the
Mortgagee, consent to the appointment of a receiver or
receivers of the Mortgaged Property and of all the earnings,
revenues, rents, issues, profits and income thereof. After
the happening of any Event of Default and during its con-
tinuance, or upon the commencement of any other judicial
proceeding to enforce any right of the Mortgagee, t1~e
Mortgagee shall be entitled, as a matter of right, if it
shall so elect, without the giving of notice to any other
party and without regard to the adequacy or inadequacy of
any security for the Mortgage indebtedness, forthwith either
before or after declaring the unpaid principal of the Second
Replacement Note to be due and payable, to the appointment
of such a receiver or receivers.
6.10. Possession of Mortgaged Property. Notwitt%
standing the appointment of any receiver, liquidator or
trustee of the Mortgagors or the Developer, or of any of
their respective property, or of the Mortgaged Property or
any part thereof, the Mortgagee shall be entitled to retain
possession and control of all property now or hereafter held
under the Mortgage.
i
~ 6.11. Remedies. No remedy herein conferred upon
~ or reserved to the Mortgagee is intended to be exclusive of
any other remedy or remedies, and each and every such remedy
shall be.cumulative, and shall be in addition to every other
remedy given hereunder or now or hereafter existing at law
~ or in equity or by statute. No delay or omission of the
Mortgagee to exercise any right or power accruing upon any
Event of Default shall impair any such right or power, or
shall be construed to be a waiver of any such Event of
.Default or any acquiescence therein; and every power and
remedy g iven by -the Mortgage to the Mortgagee may be exer-
cised from time to time as often as may be deemed expedient
by the Mortgagee. Nothing in the Mortgage or in the Second
Replacement Note shall affect the obligation of the Mort-
gagors to pay the principal of, and interest on, the Second
Replacement Note in the manner and at the time and place
therein respectively expressed.
6.12. Waiver.- Neither the Mortgagors nor the
Developer will at any time insist upon, or plead, or in any
manner whatever claim or take any benefit or advantage of
any stay or extension or moratorium law, any exemption from
execution or sale of the Mortgaged Property or any part
thereof, wherever enacted, now or at any time hereafter in
~ force, which may affect the covenants and terms of per-
formance of the Mortgage, nor claim, take or insist upon any
benefit or advantage of any law now or hereafter in force
providing for the valuation or appraisal of the ,Mortgaged
Property, or any part thereof, prior to any sale or sales
-27- _
BQOK342 PA~E1s96
c _ _