HomeMy WebLinkAbout1073
time pending such foreclosure suit to the court having
jurisdiction thereof for the appointment of a receiver of all and
singular the mortgaged properties, and of all rents, incomes
profits, issues and revenues thereof, from whatsoever source
derived; and thereupon it is hereby expressly covenanted and
agreeci that the court shall forthwith appoint such receiver with
the usual ~owers and duties of receivers in like cases; and said
appointment ahall be made by the court as a matter of strict right
to Mortgagee, end without reference to the adeyuacy or inadequacy
of the value of the properties hereby mortgayed, or to the
solvency of Mortgagor or any other party defendant to such suit.
Mortgagor hereby specifically waives tl~e right to object to the ~
appointment of a receiver as aforesaid and hereby expressly
consents that su~h appointment shall be made as~an admitted equity
and as a matter of absolute right to Mortgagee.
(b) To the extent that it may lawfully do so, t~irtgagor
will not at any time insist upon, or ~lead, or in any manner what-
ever claim or take any benefit or advantage of any stay or exten-
sion or moratorium law, or any exemption from executiori or sale of
the mortgaged properties or any part thereof, wherever enacted,
now or at any time hereafter in force, which ~nay affect the cove-
nants and terms of performance of this Nbrtgage, nor claim, take
or insist upon any benefit or advantage of any law now or here-
after in force providing for the valuation or appraisal of the
mortgaged properties, or any Qart thereof, prior to any saie or
sales thereof which may be made pursuant to any provision herein,
or purs~ant to the decree, judgment or order of any court of com-
petent jurisdiction; nor, after any such sale or sales, claim or
exercise any right under any statute heretofore or hereafter
enacted by any governmental authority, or otherwise, to redeem the
properties so sold or any ~art thereof; anci t~lortgagor hereby ex-
pressly waives all benefit or advantage or any such law or laws,
and covenants not to hinder, delay or impede the execution of any
power herein grantec3 or delegated to Mortgagee, but to suffer and
permit the execution of every power as though no such law or laws
had been made or enacted. i~brtgagor, for itself and all who~claim
under it, waives, to the extent that it lawfully may, all right to
have the mortgaged properties marshalled upon any foreclosure
hereof.
Section 2.03. During the continuance of any such ~:vent
of Default, Mortgagee personally, or by its agents or attorneys,
rnay enter into and upon all or any part of the Premises, and each
and every part ther~of, and .~~ay exclude Mortgayor, its agents and
servants wholly therefro~n; and having and holding the same may
use, operate, manage and control the mortgaged pr~perties; and
hiortyagee shall be entitled to collect and receive al1 earnings,
revenues, rents, issues, profits and income of the rnortqaged prop-
erties and every part thereof, all of whict- shall for all pur~oses
constitute property of Nbrtgagor; and after c3educting the expenses
of conducting the business thereof, and of all r~aintenance, re-
pairs, renewals, replacements, alterations, additions, betterments
and improvements and ar:iounts necessary to pay for taxes, assess=
ments, insurance and prior or other proper charges u~on the mort-
gageci properties or any part thereo.f, as well as just and reason-
able compensation-for the services of Nbrtgagee shall apply the
monies arising as af~resaid, first, to the payment of the princi-
pal of the Note secured hereby, and the interest thereon, when and
as the same shall become payable and seconcl, to the payment of any
other sums required to be paid by N1~rtgagor under this t~lortgage,
or under the Loan Agreement.
-~ i - ?,~~x ~~~ PaGE i~~i