HomeMy WebLinkAbout2673In the event of foreclosure of this mortgage ~ the Mortgagee herein covenants
and agrees that provided the MBLLON BANK~ N.A. ~ mortgage is then outstanding
and unpaid. (i) no tenants under leaees of all or a~ny part of the Mortgaged Property
will be made partiee defendant nor will any other action be taken with respect to such
tenants which would result in the termination of their leases or tenancies without prior
written consent of MBLLON BANK. N. A.. and (ii ) the rents . income . revenues . issues
and profits issuing from the Mortgaged Property ~ or from any lease of all or any part
thereof ~ shall not be collected ~ except through a Receiver appointed by a court after
notice of application for such appointment has been given Lo MSLLON BAIVIC . N. A.: the
money collected by the Receiver shall be first applied and used for the payment of
interest and principal due and owing MBLLON BANK. N.A. . under its mortgage and
the indebtedness secured thereby. real estate taues~ water rates. sewer rates. asses5~-
ments or other governmental charges affecting the Mortgaged Property and all other
maintenance and operation charges and disbursements' incurred in connection with the
operation and maintenance of the Mortgaged Prop~rty. and if during the pendency of
any such mortgage foreclosure pYOCeeding . action is instituted for the foreclosure of
the MBLLON BANK. N.A. mortgage. and an application is made by MBLLON BANK. N.A.
for an extension of such Receivership for the benefit of MBLLON BANK . N.A .. any and
all funds collected by the Receiver prior to the date of such application shall be held
by such Receiver and applied solely for the benefit of MBLLON BANK . N. A.. and the
Mortgagee herein shall not be entitled to any part thereof ~ unless and until there is
a surplus remaining after all of the aforesaid payments and any other necessary payments;
and (iii) immediate notice of the institution of such foreclosure proceeding shall be given
Lo MELLON BANK. N.A.. and true copies of all papers served or entered in such fore-
closure proceeding shall be served upon MBLLON BANK . N. A.
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