HomeMy WebLinkAbout0239If this instrument is Eoreclosed by a proper suit and the Prem-
ises are sold to satisfy a decree of foreclosure, the proceeds of
any such sale or sales shall be applie~ as follows: first to'the
expenses and costs incurred hereunder, including reasonable attor-
ney's fees for such services as may be necessary with respect to
the Premises and for the collection of the Secured Indebtedness and
said foreclosure; second, to the payment of whatever sum or sums
Mortgagee may have paid or become liable to pay in carrying out the
terms and stipulations of this mortgage and security agreement, to-
gether with interest thereon; and finally, to the payment and satis-
faction of the Note. The balance, if any, shall, unless decreed
otherwise by a court having jurisdiction of said foreclosure suit,
be paid into the registry of said court, to abide the further order
of said court.
If at any time, in the discretion of Mortgagee, a receivership
may be necessary to protect the Premises, whether before or after
maturity of the Secured Indebtedness, as a matter of strict right
and regardless of the value of the security for the amounts due here-
under or secured hereby or of the solvency of any party bound for
the payment of such indebtedness, Mortgagee shall have the right to
the appointment on.ex parte application, by any court having juris-
diction, of a receiver to take charge of, manage, preserve, protect
and operate the Premises and any business or businesses of Mortgagor
located thereon, to collect the rents, issues, profits and income
thereof, to make all necessary and needed repairs and to pay all
taxes and assessments against the Premises and premiuMs for insur-
ance thereon, and after the payment of the expenses of the receiver-
ship, including a reasonable fee to Mortgagee's attorneys, and af-
ter compensation for management of the Premises, to apply the net
proceeds in reduction of the Secured Indebtedness or in such manner
as the court shall direct. All such expenses shall be secured by
the lien of this mortgage and security agreement until paid.
The receiver or its agents shall be entitled to enter upon and
take possession of all or part of the Premises, together with any
or all businesses conducted and all business assets used therewith
or thereon, or any part or parts thereof, and operate and conduct
the business or businesses to the same extent and in the same manner
as Mortgagor might lawfully do. The receiver, personallv or through
its agents or attorneys, may exclude Mortgagor and its subsidiaries,
agents, servants and employees wholly from the Premises, and have,
hold, use, operate, manage and control the same and each and every
part thereof, and in the name of Mortgag4r, its subsidiaries or
agents exercise all of their rights and powers and use all of the
then existing items of security and collateral, materials, current
supplies, stores and assets and, at the expense of the Premises,
maintain, restore, insure and keep insured the properties, equip-
ment, and apparatus provided or required for use in connection witri
such business or businesses, and make all such necessary and proper
repairs, renewals and replacements and all such useful alterations,
additions, betterments and improvements as said receiver may deem
jud ic iol~s.
Such receivership shall, at the option of Mortgagee, continue
until full payment of the Secured Indebtedness or until title to
the Premises shall have passed by foreclosure sale under this mort-
gage and security agreement.
11. Mortgagee shall have the right from time to time t~ enforce any
legal or equitable remedy against Mortgagor and to sue for any sums,
whether interest, principal or any installment of either or both,
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E~z 3~8 PacE . •
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