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HomeMy WebLinkAbout2943the option of said Mortgagee, as fully and completely as if all of the said sums of money were originally stfpulated to be paid on such day, anything in said pxomissory notes and/or in this Second Mortgage to the contrary notwithstanding; and thereupon or thereafter at the option of said Mortgagee, without notice or demand, suit at law or in equity, theretofore, or thereafter begun, may be prosecuted as if all moneys secured hereby had matured prior to its institution. 6. That in the event that at the beginning of or at any time pending any suit upon this Second Mortgage, or to foreclose it, or to reform it, and/or to enforce payment of any claims- hereunder, said Mortgagee may apply to the court having jurisdiction thereof for the appointment of a Receiver, such court shall forthwith appoint a Receiver of said mortgaged property all and singular, including all and singular the rents, income, profits, issues and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby sECOnd mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such Receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a Receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said Mortgagor and/or of the defendar,ts, and that such rents, profits, income, issues and revenues shall be applied by such Receiver according to the lien and/or equity of said Mortgagee and the practice-of such court. 7. Anything to the contrary above notwithstanding, Mortgagor and Mortgagee expressly understand and agree that this Second Mortgage is subject to~, and is and shall remain subordinate to, a certain first mortgage (the "First Mortgage") on the property, dated October 4, 1978, and executed by Granada - 5 S'1~3K ~~~ PbGE ~~,c~•~~ s ~ ~~ ~ k ~ ,3 ~ ~Y.+.~7f1:rY%` £' ..e.-.Q ~ z .."- C ~!~ ~::i~'{.,.