HomeMy WebLinkAbout0811 5. RECEIVER
In any legal proceedings in which the MORTGAGEE seeks to enforce
its rights under this mortgage, the MORTGAGEE may agply to the !
• court having jurisdiction for the appointment of a receiver of !
the property, including the income, rent or revenue from whatever ~
source. The MORTGAGEE shall be entitled to the appointment of a
receiver as a matter of right, without reference to the value of
the property or the insolvency of the MORTGAGOR. ,
6. MORTGAGEE'S RIGHTS
Irrespective of any default by the MORTGAGOR, the MORTGAGEE at
any time shall have the right to:
(a) Inspect the property; ~
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(b) Require proof of the payment of any charges due ~
against said property;
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(c) Waive any right under ~his mortgage without '
affecting any other rights of the MORTGAGEE;
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(d) Release, amend or modify the terms of this mortgage
or any indebtedness secured hereby without affecting the ~
liability of any person for the payment of indebtedness secured ~
hereby;
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(f) Assign a partial interest in this mortgage or the i
note attached to a financial institution by way of a
participation agreement;
(g) Take any action that the MORTGAGEE deems necessary
to protect or preserve the property if the MORTGAGOR neglects or
refuses to take such action;
(h) Contest any proposed zoning change of the property.
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; 7. DEFAULT !
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If the MORTGAGOR fails to make any payment of money required by
; the tern,s of any indebtedness secured hereby for a period of 30 ,
; days, or breaches any obligation imposed by this mortgage, the
i MORTGAGEE may elect to declare a default of this mortgage at its
~ option. Further, if MORTGAGOR defaults in payment of any -
~ installment of, or breaches any obligation of any mortgage of
even date herewith, such default or breach shall be considered as
; a default or breach of this mortgage.
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j 8. REMEDIES ON DEFAULT
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j If the MORTGAGOR defaults in the performance of any of the terms
i of this mortgage or the instruments evidencing any indebtedness
secured hereby, the MORTGAGEE shall have the right to:
(a) Accelerate the payment of the entire principal of
any indebtedness secured hereby without notice or demand; !
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(b) Coanmence legal proceedings to foreclose the lien of
this mortgage in its awn name even if other parties have an
interest in this mortgage by reason of a participation agreement, ~
and the MORTGAGOR agrees that such other participating party is
not a necessary nor indispensable party to foreclosure ;
proceedings; .
(c) Take possession of the property to conserve the
sam~ during the pendency of foreclosure proceedings;
(d) Seek a deficiency judgment against the MORTGAGOR if
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